How we set creators up for success to monetize their work and engage with fans through NFTs during the Beta Test
At OurSong, we’re looking forward to a fruitful year. After announcing John Legend as our Co-founder and Chief Impact Officer, we’re gearing up for the launch of OUR token, a new governance token of our ecosystem. Meanwhile, we conducted a beta test to showcase how OurSong and our Vibe NFTs can empower creators of every stripe as well as any type of business that seeks to engage customers in new ways.
First, here are the overall results of our beta test:
- Number of registered users: 75,000+
- Number of users who created Vibes: 6,613
- Number of Vibes created: 33,940+
- Average price of a Vibe: US$5
- Almost 70% of the amount that was deposited for the Vibes was in USD
A Recap: What Exactly Are Vibes?
Vibes are NFTs that are created and issued through OurSong’s platform. While they were originally designed for musical artists, they can also be applied in any other contexts where creators or businesses need to engage fans or a community of followers.
Like any other NFTs, Vibes can be bought, sold, and traded between OurSong’s users, meaning the access or perks offered by each Vibe will be transferred from one individual to the next. By defining the scarcity of a Vibe — and depending on consumer demand — the value of that Vibe may fluctuate.
In short, OurSong’s Vibes are “easy peasy NFTs” that function like digital trading cards. Anyone can turn their original stories, music, photography, and other types of media creations, such as MP4, MOV, JPG, PNG and GLB (a 3D file format) into Vibes. Each Vibe can give its holder exclusive updates and access to private chat communities where like-minded individuals can meet and mingle.
For a detailed look at the simple process of creating Vibes, check out this YouTube video.
Case Study #1: NICKTHEREAL’s Active Fan Engagement Through Vibes
OurSong has had the welfare of musicians in mind since our inception. Our project aims to empower musicians to engage their most loyal fans.
Vibes are meant to represent more than ownership of the music you release. They can also be a way to deliver exclusive content, perks, and social interaction opportunities. That means Vibes can be a special package that gives your fans multiple ways to enjoy the media and content that you produce, adding new layers to the way they interact with your creative practice.
Consider the example of NICKTHEREAL, a Taiwan-based hip hop and R&B artist who was previously signed with Sony Music Entertainment. In recent years, NICKTHEREAL’s musical career has skyrocketed, and he has developed followings on Facebook and Instagram that are constantly growing.
However, these channels limited the contact that NICKTHEREAL could have with his core fan base. He wanted to explore direct and immediate engagement opportunities to promote his upcoming releases, concert tours, and merchandise. Also, NICKTHEREAL wanted to set up a fan club — one that fit the contemporary context where fans are accustomed to on-demand media entertainment.
NICKTHEREAL issued a Vibe called What A Life. It was capped at 2,500 editions, and each cost 0.5 $OSD, roughly US$0.50. What A Life gave holders exclusive photos, videos, stories, and privileged access to events and merchandise. Some free redemption codes were bundled in with the limited-edition print that came with his What A Life CD.
Within a week after the album’s release, nearly 70% of NICKTHEREAL’s fans who had bought a limited-edition CD redeemed a Vibe. This gave the artist and Sony Music direct communication channels with this set of fans. Then, the value of this Vibe increased by 1,900%, and it is still being traded today.
Case Study #2: Vibes Issued for F&B Redemptions
Vibes were designed for anyone to create with ease. When we were implementing our beta test, the convenience of minting and releasing Vibes even attracted the attention of businesses in Taiwan.
One example is Shiyun, a fried chicken chain that created and released a series of Vibes through OurSong in late November 2021. Each Vibe cost roughly US$1 and allowed holders to redeem menu items. The drop made headlines in Taiwan after the values of the NFTs went up by 100x within a day, and then continued to climb to a value of US$350.
With the success of Shiyun as a reference, other restaurants in Taiwan followed suit, introducing NFTs as a means for holders to redeem menu items. These applications surpassed our expectations for the scope of OurSong, demonstrating the potential for commercial viability and utility of OurSong in many scenarios beyond music and entertainment.
What’s Next?
OurSong will be implementing a dual token system.
Very soon, we will be launching OUR token, our community and governance token that provides the right to participate in OurDAO and have a say in the decision making processes of the OurSong platform.
Also, our community members will have a chance to earn our $GMI social reward token — named so because we’re all gonna make it.
We are also running a Gleam campaign to generate rewards for our community of music and media lovers.
Keep an eye out for updates and announcements about OUR token and $GMI, as well as our Gleam campaign. In particular, join our new Telegram channel so you’ll be the first to find out about our developments as we move forward!
About OurSong
OurSong began as a blockchain research project at the Ideation Lab of KKCompany, Asia’s leading media technology company, which launched the world’s first on-demand music streaming services in 2004. OurSong is constantly exploring ways to discover and develop new business models, and is expanding its scope of business to include music streaming, live events, technology services, content, investments, and more in the digital entertainment space. OurSong is part of Our Happy Company.
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