Our Happy Company, cofounded by musician John Legend, has raised US$7.5 million in its seed round, as the company looks to expand its music non-fungible token (NFT) platform OurSong.
Watch explainer: What does Music have to do with NFTs?
- The financing round was led by Infinity Ventures Crypto and Animoca Brands, the company announced on Thursday.
- The platform allows users to create or buy music NFTs with fiat or stablecoin USDC.
- OurSong was cofounded by the company’s chief impact officer John Legend, Twitch cofounder Kevin Lin, and Taiwanese music streaming service KKBOX CEO Chris Lin.
- The business of music streaming “scaled tremendously over the last decade and a half, and the unit price of a song is minimal,” Terence Leong, another OurSong cofounder, previously told Forkast, adding that music NFTs can help bring back the value, “where we can actually go back to having a unit price for music.”
See related article: NFTs and the music industry: Token gesture or transformative technology? | Part 1