Quick Summary
- John Legend is experimenting with NFTs and he’s cofounded a project called OurSong. He believes NFTs will change the music industry and he calls them “Vibes”.
Grammy-winning singer-songwriter John Legend is entering the non-fungible tokens (NFTs) market with the release of OurSong, a new music platform. NFTs are digital blockchain certificates of ownership that are gaining popularity in several industries, including art and music, and now even John Legend is diving into this sphere.
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John Legend’s NFT Project
Legend is the co-founder and Chief Impact Officer of OurSong, a platform that aims to make non-financial transactions more accessible and equitable. OurSong is a mobile app that works on Android and iOS devices, however, it is not intended for use in web browsers.
John Legend said in a press release: “I helped found OurSong because I believe NFTs can change the way creators are discovered, improve how they serve their biggest fans, and reshape the industry as a whole”.
“That starts with building a platform that serves all creators, whether they have one hundred fans or one hundred thousand”.
Things you need to know about OurSong
Its NFTs are named as “Vibes“
OurSong NFTs are called Vibes. The platform aims to assist artists in earning a more equal living from their work. Musicians have discretion over how many Vibes they distribute, as well as the creation of cover graphics for their songs. Some artists may choose to link their Vibe to a specific chat room or include other elements like audio and video material.
The goal of the platform
The platform’s goal is to foster social engagement through chat rooms and clubs. Creators may utilize the platform to create communities centered on their work. Users may also use digital cards to obtain access to specific VIP areas on the site.
No need for a crypto Wallet
To be in the NFT marketplace, beginners will need an external crypto wallet to gain access to most services. OurSong aims to eliminate this obstacle.
- Vibes may only be traded with OSD. Each OSD is worth $1, and OurSong manages user deposits through Circle. One aspect of OurSong’s terms of service that is unclear is how it will assure that one OSD is always worth $1. However, Circle should be able to handle this as well. Circle developed USDC, a prominent stablecoin tied to the US dollar.
- To deposit or withdraw money with a credit or debit card, you must first complete the system’s know-your-customer (KYC) verification. You may conduct certain transactions on the platform without KYC, but it’s best to jump through the hoops right away. An account can be verified in seven to ten business days.
The service is not accessible in every state in the United States. The platform is not available to residents of New York, Minnesota, Hawaii, or Alaska.
Conclusion
NFTs have the potential to benefit the music business and its users. For example, they may assist musicians in changing their ties with record companies and earning more money for their work. It may also pave the path for further collaboration. However, this is a new market, and both makers and consumers must be aware of the risks.
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sources: fool, twitter
author: Rene Remsik, Hafiz Awaiw
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
