Japanese-based tech giant LINE Corporation announced that the firm will be working with Opulous – an artist-focused platform that is developing NFT products.
The team will extend the ability of NFTs to be used music industry, which may be a great thing for recording artists.
The NFT market has been focused on artworks in 2021, but the format can be used for any kind of digital media. It looks like LINE is picking up on this potentially massive market.
LINE And the Music Industry
As part of the strategic partnership, LINE TECH PLUS – LINE’s subsidiary focusing on cryptocurrency and blockchain will work directly with Ditto Music to integrate Opulous services solution for music copyright.
LINE’s NFT Market will feature Opulous Music NFTs, according to the announcement, in order to offer multiple NFT options to LINE users. This move is expected to stimulate the development of the NFT market, and may drive more adoption of the new format in the NFT ecosystem.
Apart from its focus on the big picture, the partnership will see Ditto Music’s blockchain-based services receive help from LINE Tech Plus. The agreement is part of LINE’s strategy to continue growing its token economy while also expanding into other areas.
CEO of Opulous, and Ditto, Music Lee Parsons, shared his thoughts on the partnership:
“Being the first mover in the Music NFT space, it is important to us to work with high caliber partners. I’m proud to say that we have found one in LINE Tech Plus. We are looking forward to reshaping the music industry and NFT markets with the opportunities blockchain technology provide.”
Crypto-focused subsidiary LVC Corporation has partnered with Yahoo! Japan to launch NFT trading and enable NFT secondary trading to be possible on Line’s proprietary blockchain.
Put The Power In The Hands of the Artists
Unlike most other digital works, which may be widely shared and easily replicated on the Internet, NFTs can be much harder to copy.
NFTs have helped many artists prosper in 2021. This may hit the music markets next. There’s been a lot of talk recently about NFTs and how recording artists from all around the world are joining the market .
In essence, NFTs enable artists to add a permanent and unique digital signature to digital artwork before transferring it to the blockchain.
NFT owners have the option of keeping their artwork, selling it or giving it away to someone else. The original file of the work, on the other hand, is the intellectual property of the person who created the artwork in the first place.
New Ways to Sell Music Online
Artists can freely share their work with NFT without worrying about losing ownership of the replica. In the history of digital art, this concept has never existed.
The concept of digital security is a major component of what blockchain is all about.
A digital file linked to a blockchain has a comprehensive record of ownership tied to it, unlike an MP3 file, which can be shared millions of times.
With NFTs, artists have more protection from unauthorized sharing, and fake NFTs of an album would be almost impossible. In addition, artists would no longer need a record label, or streaming platforms.
Of course, widespread adoption of music NFTs is still a way off. There are no major distribution platforms that are aimed specifically at music NFTs, which need to exist in order for the format to thrive.
On the plus side, the massive interest in NFTs will likely spur development in other areas. It is clear that music and NFTs would work together. As more organizations look at this sector, it is likely that new platforms will emerge.