What do you want to know

We take a look at the fine print of OurSong, a new NFT music platform.

Key points

• John Legend co-founded an NFT platform called OurSong.
• The platform uses OurSong Dollars and prioritizes accessibility.
• With over 50 NFT platforms in the market, OurSong is entering a competitive space.

Grammy-winning singer-songwriter John Legend is turning to the non-fungible token (NFT) market with the launch of a new music platform called OurSong. NFTs are digital blockchain ownership certificates that are gaining traction in various industries, from art to music.

Legend is the co-founder and Chief Impact Officer of OurSong, a platform that promises to make NFTs more accessible and fairer. OurSong is a mobile app that works on Android and iOS devices, but is not designed for web browsers.

“I helped found OurSong because I believe NFTs can change the way creators are discovered, improve how they serve their biggest fans, and reshape the industry as a whole,” Legend said in a post. Press release. “It starts with building a platform that serves all creators, whether they have a hundred fans or a hundred thousand.”

Here are three things you need to know about OurSong:

1. His NFTs are called Vibes

OurSong NFTs are called Vibes. The platform wants to help artists generate income from their work in a fairer way. Musicians can control the number of Vibes they release and also create covers for their music. Some artists may decide to connect their Vibe to a specific chat room or add additional features such as specific audio and video content.

Part of the idea behind the platform is to promote social engagement through discussion forums and clubs. Creators can use the platform to build communities around their art. Users can also access special VIP areas on the site through digital cards.

2. You don’t need a crypto wallet

The NFT market can be confusing and difficult to navigate for newbie investors. To get started, you will need an external crypto wallet to access most platforms. You will also need to own a cryptocurrency – usually Ethereum (ETH) as many NFTs are minted on its blockchain. OurSong wants to remove this barrier to entry.

You can deposit US dollars directly on the platform. OurSong converts it into its own token called OurSong Dollar (OSD) which you can use to buy Vibes.

• You can only trade Vibes with OSD. Each OSD is worth $1 and OurSong works with Circle to manage user deposits. One thing that is unclear in OurSong’s Terms of Service is how it will ensure that an OSD is always worth $1. But hopefully this is also handled by Circle. Circle created USDC, a major stablecoin pegged to the US dollar.
• You will need to complete the Know Your Customer Verification (KYC) system to deposit money by credit or debit card and to make withdrawals. You can perform some transactions on the platform without KYC, but it is advisable to skip the steps from the start. It can take seven to 10 business days to verify an account.
• The service is not available in all US states. Residents of New York, Minnesota, Hawaii and Alaska cannot use the platform.

It’s also worth noting that if you don’t log into your account for a while, the company may claim your money as “unclaimed property.” It may also deduct dormancy fees and other costs.

3. There are many NFT music platforms

According to music industry site Water & Music, there are over 50 music platforms on the market with more arriving every day. He says some are scams, and several use partnerships with big-name artists to boost their reputation. With such a proliferation of sites, it’s a good idea to understand what could happen to any NFT you’ve purchased if a platform fails – as many will.

NFTs could have a positive impact on the music industry. For example, they could help musicians change their relationships with record labels and earn more for their work. It could also pave the way for more collaboration. But this is a new space, and creators and buyers should be aware of the risks.

NFT music is evolving

The NFT market has grown dramatically in a short time, and it’s worth doing your due diligence before depositing money on a new platform. Watch how they will store your money and NFTs, how they protect your data, and what processes are in place to protect copyrights.

Here are some issues investors should be aware of:

• Copyright infringement. Just weeks before the launch of OurSong, another NFT music platform called HitPiece was shut down. Users could turn any song into NFT, without permission from the original artist.
• Hacking and other scams. As the NFT industry has grown, platforms have been increasingly targeted by criminals. More recently, hackers stole $1.7 million from OpenSea users in a phishing scam.
• Environmental costs. Many NFTs are minted on the Ethereum network, which has a huge carbon footprint. There are more sustainable options, but it’s a good idea to check how your NFTs are made if you’re concerned about the environmental cost.

As with many things in the crypto world, don’t sign up for a project just because there’s a celebrity involved. In the case of OurSong, it has great features, but the verification process was time consuming. Some of the site’s help pages are in Chinese, like many of its users, so it wasn’t easy to find out what security measures it has in place, or how its OurSong Dollar is backed up.