LiveOne, a creator-first, music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships, subscriptions with live and virtual events, having a broad paid subscriber base of over 1.35 million, streaming well over 2,900 artists, having a library of 30 million songs, 600 curated radio stations, 268 podcasts/vodcasts and personalized merchandise, announced today that it plans to launch its own membership token in partnership with Polygon and Cere Network.
What are NFTs and Utility Tokens
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain. NFTs are different. Each has a digital signature which makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).
Utility tokens on the side are simply user tokens enabling future access to products and services offered by an organization. Utility tokens, unlike security tokens, were not created as an investment. Utility tokens are a form of digital assets created for spending within a particular blockchain ecosystem. These tokens however serve another purpose apart from simply raising funds.
LiveOne’s New Web3 Platform is set to provide creators with a Suite of NFT and Token Offerings. Meanwhile, it also has a broad fan base at heart. For its fans, LiveOne will provide Play-To-Earn experiences. In order to get this done, LiveOne will be leveraging DaVinci (a joint venture of Polygon and Cere Network). With the potential to transform the creator economy, LiveOne will be offering a more equal-based route for artists to securely monetize their content while encouraging direct-to-fan interaction. Supported by Polygon, LiveOne creators will be able to mint, transfer, and sell their creations in a low-cost, efficient, and ecologically sound manner.
According to Sandeep Nailwal, Co-Founder of Polygon, the new LiveOne membership token will become available to over 2 million LiveOne paid and free members (via play to earn), shareholders and artists. Prospectively, It will be earned and redeemed across a multitude of activities which will include; Staying up on LiveOne’s platform, listening to music and podcasts/vodcasts, attending events/festivals, virtual and in-person meet and greets, purchasing merchandise, as well as interacting across the LiveOne platform and metaverse. Having built this sound eco-friendly system, LiveOne also expects to offer airdrop discounts and unlock benefits to holders of its tokens and NFTs.
What NFT holds for the future
Unlike before, pieces of art were seen as some form of a random collection, but today, this narrative has changed drastically. Prior to the “NFT art” paradigm, people tended to belittle the value of digital art due to its intangible and non-exclusive nature. An Internet surfer can screenshot, save or copy and paste the digital art onto their personal devices and end up with a piece identical to the original work.
The current trend of endless technological disruption thus implicates a demand for systematic protection of transactional activities relating to the commercialization of digital art. Such protection is now made possible with non-fungible tokens (NFTs) through blockchain, smart contracts, and cryptocurrency technology.