Los Angeles, California USA headquartered NFT marketplace, Openlake, on Wednesday, June 16th, launched in Hong Kong, China. The world’s first AI, IoT, and Blockchain powered NFT marketplace has partnered with music companies in the Asian nation, in a bid to reshape the local Chinese Pop-Music industry.
China’s Pop scene has suffered a severe degradation of quality since the proliferation of the internet in the 2000’s. The nation’s music industry, through the nineties, produced high-quality pop-music, but the internet, and local streaming services have created a culture of high-output, low quality pop music.
Openlake has officially entered the local Chinese music scene, in a bid to inspire innovation, and secure intellectual property in the digital age. Leveraging distributed ledger technology, Artificial Intelligence, and Virtual Reality Technology, the firm’s aim is to drive the democratization of the distribution, and use, of digital content.
The Openlake platform directly connects the song producer, directly with their audience, and facilitates all legal distribution of music, ensuring fair compensation for one’s intellectual property. The marketplace ensures the protection of one’s intellectual property rights in the digital realm, through all forms of dissemination; broadcasting, performance, transmission, adaptation, and what have you?
The OpenLake platform’s smart contracts, which support Ethereum ERC721, ERC1155, Matic, BSC, and Flow NFT protocols allow for the tracabilty of musical, film, and gaming content, through the internet, minimizing the effects of piracy, which has dogged the local music scene for over a decade. The introduction of NFT technology to the Chinese music industry will make it easier for artists to reach wider audiences, the company also believes their platform will drive a revival of quality music within the local industry.