John Legend’s NFT music platform raises $7.5 million in first investment round
Music and NFTs seem to go hand in hand perfectly. OurSong, an NFT music platform, has raised $7.5 million (£5.96 million) in its first round of investments. Despite the many euros in the NFT market, this is still a huge amount.
Two famous founders
OurSong is a derivative of Our Happy Company. This is a company co-founded by musician John Legend. A musician with 21.5 million monthly listeners on Spotify, and no less than 1.7 billion streams on his number 1 hit ‘All Of Me’ on the same platform.
In addition, it is striking that he did this together with the founder of Twitch; Kevin Lin. Together, these two have a huge reach, and that’s probably where a large part of that $7.5 million comes from. Enough about Mr. Legend and Lin, back to crypto.
Make your own music NFTs
In its first investment round, OurSong has raised $7.5 million as the company strives to expand the music non-fungible token (NFT) platform OurSong. “The funding round was led by Infinity Ventures Crypto and Animoca Brands,” the company said this week. “The platform allows users to create or buy music NFTs using fiat or stablecoin USDC.”
So if you have a band, or are an artist, it would be easy to make your own music NFT via OurSong. Once you’ve completed it, you can then distribute it through the platform and sell it for fiat or USDC.
Streaming services pay little
The reason they decided to develop this platform, is because the current music streaming services pay too little. It is almost impossible for an average artist to live on the ‘fees’ of these platforms.
“The music streaming business has scaled tremendously in the last decade and a half, and the unit price of a song is minimal,” Terence Leong, another OurSong co-founder, told Forkast. He added that music can help NFTs bring value back. “We’re actually going back to having a unit price for music.”