Grammy Award winner John Legend is launching an NFT platform that will help artists monetize their products.
As per Bloomberg, the platform called OurSong is already supported by Twitch co-founder Kevin Lin, Matt Cheng of early-stage venture firm Cherubic Ventures and KKBOX CEO Chris Lin.
The 12-time Grammy Award winner — who will serve as chief impact officer at OurSong — told Bloomberg the platform will help artists with content monetization for emerging artists. Legend added:
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 financial details of the initiative remain undisclosed. Legend's project comes after Sound.xyz, a web3-focused music startup, raised a $5 million seed round led by a16z to change the way artists can make a living off their music “with true fans.”
The startup claims the economic model for streaming isn’t just broken; it is "failing to unlock the full value of music and facilitate listeners’ desire to directly support artists and discover music as a community."