John Legend to start NFT platform for musicians and entertainers

JOHN Legend is starting an NFT platform for musicians and entertainers who are trying to navigate the frenzy around digital collectibles.

The 12-time Grammy Award winner is working with Chris Lin, who runs Taipei-based digital music service KKBOX, Twitch co-founder Kevin Lin and Matt Cheng of early-stage venture firm Cherubic Ventures as part owners of the new business.

The platform, called OurSong, allows artists to monetise their work through non-fungible tokens (NFTs), which are digital certificates of authenticity that can be bought or sold.

Legend will serve as chief impact officer to attract up-and-coming artists and their fans.

“It can be really intimidating for an emerging creative who wants to share their art, their work with the world, share their creativity with the world, but they feel like they can’t possibly do something that’s going to be worth that much money,” Legend said in an interview. “Some of them are building that up to a place where they’re even making a living off their art as students.”

Chris Lin, the new company’s CEO, said the service doesn’t require a cryptocurrency wallet and will be easy to use. Digital cards allow users to attach privileges, such as access to unreleased music or private chat rooms. The platform also has gifting options, where no money changes hands.

Most celebrities have chosen to make and sell their own NFTs rather than build their own platforms.

Retiring National Football League quarterback Tom Brady is a prominent celebrity in this space after co-founding Autograph, an NFT platform that specialises in sports collectibles such as virtual Wayne Gretzky statues and Tony Hawk skateboard tricks. Autograph raised $170 million (R2.6 billion) in January in a funding round led by Silicon Valley investors Andreessen Horowitz and Kleiner Perkins.

Legend and his co-founders declined to give financial details about their new business. The musician has previously made investments across several industries, including the interactive streaming platform Adventr,

vegan leather manufacturer MycoWorks, organic grocer Thrive Market, Rocean water pods and Walker & Co

beauty products.

“I’ve always been so focused on music and I still think of music as, far and away, my first love and my first job and the thing I spent most of my mental energy thinking about,” said Legend. “When I think about what I want to do, I try to get involved with projects that I think will make the world more connected.” |

The

SHARING creativity in the NFT craze.

MUSICIAN John Legend. | AP