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Grammy winner John Legend enters NFT market with OurSong

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NFTs have become more than a fashionable thing in recent years. Particularly in 2021, NFT trading volume has grown to $13 billion, from $33 million in 2020. This research data from The Block reports that the NFT market grew a whopping 43,000% in just one year. After this growth, all the top players in the crypto industry have started working on their plans to integrate NFTs into their model. As of now, NFT is mainly used in gaming and the metaverse. However, there is a distinct trend towards the appropriation of decentralization for artistic productions. Recently, John Legend took to Twitter to announce his new ventures in the NFT market. This NFT platform allows artists and entertainers to monetize their artworks with great efficiency. The American singer would be the Chief Impact Officer and the face of the new platform dedicated to music. As is well known, music is in high demand in the NFT space, and several recommendations support the decentralization of the market. Startups like this are expected to reduce the influence of the few labels and pave the way for true independence in music. OurSong is a joint venture of Grammy Award winner John Legend with several prominent names such as Chris Lin of KKBOX, Kevin Lin of Twitch and Matt Cheng of Cherubic Ventures. This platform allows musicians and entertainers to monetize their artworks and original creative products through non-replaceable tokens or NFTs. NFT basically refers to the unique, indivisible items of value. These tokens act as digital certifications for the authenticity of the products and help artists determine their own value for the work. Legend said in an interview that sharing your artwork will no longer be as intimidating and expensive as it used to be. Now no one has to wait long to see how the world would react to and receive the art. He also added that there are instances where students can get the support needed to complete their education through their art, thanks to NFTs. According to CEO Chris Lin, the platform will not require a crypto wallet to participate. Users will be able to attach privileges to their digital cards and there will also be options to give gifts. This journey of Legend comes after the successful creation of Autograph, a sports NFT platform, by NFL star Tom Brady. Surprisingly, the founder went on to create his own NFTs on the platform to become one of the popular faces. We know very little about the financial aspect of this company. It is worth mentioning, however, that the pop singer has made investments in Advntr, MycoWorks, Walker & co. Beauty products, Rocean Water Pods and Thrive Market.
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