American singer-songwriter John Legend is solidifying his place among the many ranks of celebrities flocking to the world of nonfungible tokens (NFTs), serving to to launch a brand new NFT platform for musicians and different entertainers.
The platform, known as OurSong, permits artists to tokenize and promote their work, awarding consumers with privileges like entry to unreleased music and personal chatrooms.
“Everybody can now flip tales, music, images and any form of artwork into NFT buying and selling playing cards known as Vibes,” the platform states. “Vibes enable you to unlock unique updates and entry non-public chat communities the place you may meet like-minded others.”
Legend will act as chief affect officer, tasked with attracting up-and-coming artists and their fan bases.
In an interview with Bloomberg, Legend said that though he spends most of his psychological vitality excited about music, he hopes the platform will assist to attach folks.
“After I take into consideration what I wish to do, I attempt to become involved with tasks that I feel will make the world extra linked.”
Well-known names connected to the challenge, together with the cofounder of digital music streaming service KKBOX, Chris Lin, who will function the brand new firm’s CEO. Cofounder of the dwell video streaming platform Twitch, Kevin Lin, and founding father of early-stage enterprise capital agency Cherubic Ventures, Matt Cheng, may even be becoming a member of the staff.
In accordance with Lin, the platform gained’t require customers to have a crypto pockets. In accordance with the Phrases of Service, you may solely purchase Vibes with OurSongDollars (OSD). “You’ll be able to deposit OSD in OurSong by buying it with a bank card, debit card, wire fee or USD Coin deposited in your pockets on Circle’s blockchain,” it states.
The musician and his co-founders didn’t present any extra monetary particulars in regards to the challenge.
This isn’t Legend’s first foray into the world of NFTs. In Could 2021, Legend was introduced as a accomplice of the “OneOf” NFT platform together with the likes of Doja Cat and Whitney Houston.
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He isn’t the primary superstar to dip his toes on this planet of NFTs and cryptocurrency both, though most celebrities choose to mint their very own assortment reasonably than creating a whole platform.
One notable exception is the Tremendous Bowl champion Tom Brady, who launched a sports-focused NFT platform known as “Autograph” in April 2021.
Though many huge names are eager to become involved within the house — reminiscent of Paris Hilton, who not too long ago introduced she could be dropping her first NFT assortment with Superplastic — others aren’t so impressed.
Most not too long ago, Kanye West dragged the NFT world in an Instagram submit, writing, “Don’t ask me to do a f*cking NFT.”