Hong Kong company Openlake is hoping to change the music industry through the new NFT smart contracts. Their new marketplace, which combines AI, IoT and blockchain, is aimed at upgrading the push for artists to release high-quality music.
According to a recent press release, Openlake sees the Hong Kong music scene as having stalled out in the early 1990s. The reason, they say, is because piracy on the internet made it harder for artists to invest in their craft. This produced a flood of sub-par music, which was easily drowned out by songs from mainland China.
Openlake uses smart contracts to reverse the damage
The solution, according to Openlake, is to use the smart contracts built into NFTs to help manage the rights for music. Publishing, authorship, reproduction, rental and performance rights are just some of the elements covered. By tying these ideas to the blockchain, they are making the process better.
But more than that, Openlake is giving users more control. By working around 3rd party streaming platforms, they are giving artists direct access to their fans. And since fans will reward good-quality music, this will help the music industry to start investing in itself again. It’s an idea that has been tried before, but never quite like this.
A platform-agnostic NFT solution
One of the interesting aspects of Openlake is its use of Ethereum, Polygon, BSC and Flow at the same time. This makes it easier to access for all users. They also have trickle-down rights management, where secondary creations have rights auto-generated by smart contracts. This exciting combination means that no matter who you are or what your crypto preferences, Openlake will have something that fits you perfectly.
Check out more at the Openlake website.