John Legend, whose real name is John Roger Stephens, has revealed ambitions to enter the Non Fungible Tokens (NFT) market, this time by building an NFT platform for musicians.
During a recent interview with Bloomberg, the 12-time Grammy winner revealed that they were nearing completion on the platform, which would be co-owned by Chris Lin, the founder of KKBOX, Twitch co-founder Kevin Lin, and Cherubic Ventures’ Matt Cheng.
According to Legend, the “Our Song” platform is geared at assisting musicians and entertainers in navigating the stormy waters of the NFT arena and monetizing their work through NFTs.
“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. Some of them are building that up to a place where they’re even making a living off of their art as students.“
As part of the contract, the singer also said that he will take on the role of Chief Impact Officer in the company to raise awareness and traffic for the platform. Chris Lin, on the other side, would take over as CEO, while Kevin Lin and Matt Cheng would continue to be only investors. Legend, on the other hand, refused to discuss the company’s finances.
According to Chris Lin, the platform will provide artists with a variety of benefits, including gifts, increased anonymity, and respect for copyright concerns, as well as the ability to function without a cryptocurrency wallet.
Legend has now joined a growing list of international celebrities who are dabbling in the embryonic NFT market. While most people acquire NFTs for personal reasons, a small group of artists has taken the unusual step of launching their own NFT-based enterprises.
Tom Brady, the great American football quarterback who retired after 22 years to focus on “Autograph,” his NFT platform, earned $170 million in seed funding from venture capital companies Kleiner Perkins, Katie Haun, and Andreessen Horowitz earlier this week.
Melania Trump has also recently started an NFT platform, using Solana to auction her “Melania’s Vision” NFTs. Others, such Shawn Mendes and Paris Hilton, have unveiled NFT collections that have grossed millions of dollars.