John Legend's new NFT platform for art and music won’t require users to have a crypto wallet and is set to make NFTs mainstream.
NFTs hit the headline once again as the American singer-songwriter and 12-time Grammy winner John Legend announced the launch of a new NFT platform for music and art.
This move brought the singer into the league of celebrities jumping on the nonfungible tokens (NFTs) bandwagon.
OurSong to Become Legendary?
Legend’s platform called NFTs is set to allow artists to tokenize and sell their work, granting buyers privileges like access to unreleased music and private chatrooms.
Founded by John Legend, Chris Lin, Ken Cheung, and a group of reputable media technologists and futurists, the platform aims to bring creators together by making the NFT-generation process simpler.
Legend is the Chief Impact Officer, while Chris Lin the cofounder of digital music streaming service KKBOX, will serve as the new company’s CEO.
OurSong, is the first project by the team and it is deemed as a social commerce platform where users can turn their ideas into tradable assets. The most interesting feature for now, however, continues to be the fact that the platform won’t require users to have a crypto wallet. The platform lays down its functions as:
“We made creating and buying NFTs super easy. Everyone can now turn stories, music, photography, and any kind of art into NFT trading cards called Vibes.”
These trading cards will allow users to unlock exclusive updates and access private chat communities where creators can meet other community members, buyers, and like-minded people.
The platform also introduces OurSongDollars (OSD) which is the only way one can buy Vibes. OSD on OurSong can be purchased with a credit card, debit card, wire payment, or USD Coin deposited in a wallet on Circle’s blockchain, as per the Terms of Service.
Celebrities and the NFT Craze
While many celebrities including, Justin Bieber, Leo Messi, K-pop supergroup BTS and others have dipped their hands in the NFT wave, Legend is one of the first to launch an NFT platform.
That said, this isn’t the first time Legend has made his entrance in the world of NFTs, in May last year Legend was announced as a partner of the ‘OneOf’ NFT platform alongside other celebrities like Doja Cat and Whitney Houston.
However, not all stars are pro-NFT earlier this week, Kanye West gave his disapproval for NFTs in an Instagram post, writing ‘Do not ask me to do a f*cking NFT.’ That said, the NFT space got some criticism recently after HitPiece was accused of creating and selling NFTs without permission, raising the prospects of a regulatory clampdown.
A Journalism post-graduate with a keen interest in emerging markets across South East Asia, Varuni’s interest lies in the Blockchain technology. As a financial journalist, she covers metric and data-driven stories with a tinge of commentary, and strongly believes in HODLing.