A historic deal has been made in crypto news. One that has the potential for far reaching implications for cryptocurrency, NFTs, the music industry and copyright law.
The union of music NFT distributer Opulous and Japanese messenger app LINE is sure to make waves in 2022. The implications as yet are unclear, but this year-old startup dealing in crypto and NFT matching up with the most popular messenger app in east Asia is bound to disrupt a variety of digital industries, and only boost the NFT and cryptocurrency industries.
For all the details of the deal, read our guide.
Who is LINE?
LINE is Japan’s equivalent of Whatsapp, but on a much larger scale. It is Japan’s most popular messaging app, as well as being the most popular platform in Thailand and Taiwan.
It is hard to overstate just how big LINE is. Its over 188 million monthly active users log in to converse with animated emojis, play games, and absorb the information from a lot of advertising opportunities, leading to a $11 billion value as of September 2021.
The app itself is very straightforward. Created using South Korea’s internet giant Naver as a quick and simple means of communication when the 2011 Japanese tsunami destroyed every traditional means of communication, the app is a messenger app with a few cute touches at its core concept.
It incorporates elements and features we in the west have seen in Snapchat, Kindle, Netflix, PayPal (News - Alert) and more. There is LINE Pay, which is a means of paying for online buys through the app, there is a collection of games called LINE Games, there is a catalogue of mangas called LINE Manga and an online streaming platform called LINE TV.
But what is important to remember, is that LINE is also known for its involvement in cryptocurrency. The app recently launched their beta NFT market, the LINE BITMAX Wallet, which allows users to manage and trade cryptocurrency, NFTs, and other digital assets as an extension of their platform.
Who is Opulous?
Opulous is the first copyright NFT platform. To put it plainly, it’s the same concept as OpenSea but for music rather than digital visual art. The idea is that indie artists can create a payline for themselves, in cryptocurrency, by allowing buyers to own a share of a song or recording’s future royalty earnings.
The platform was launched in February 2021 by Ditto Music, a music distribution and services platform, with the names of Lil Pump and Lil Yachty attached as partners through deals with Binance and Republic. It’s built on the Algorand blockchain, having raised millions of dollars, which is attractive to its users on the platform.
Opulous founder Lee Parsons (News - Alert) is confident that the platform will only continue to grow. With more and more artists signing up to the platform, Parsons is making grand statements about Opulous being the “biggest music platform since Spotify (News - Alert)” - It’s an ambitious idea and will surely make waves in the music industry if it is to come true.
What does the partnership mean?
It seems that LINE is getting deeper into the NFT market. The company’s Tech Plus division (LTP) already handles all the company’s dealing in cryptocurrency and blockchain business and a strategic partnership has been inked between them and Opulous.
The deal says that the two will incorporate, integrating Opulous’ music NFTs into LINE’s NFT marketplace. The idea is to offer LINE users with additional NFT choices on the app and expand the token economy and further reach into NFT markets.
It’s possible the boost of NFTs in the east can affect music in the west. Issues of NFT’s versus royalty free music could soon be on the tongues of industry peers as this new industry expands due to a lot of new and stable musicians making their way and the industry is ironed out.
LINE is a platform that can definitely make that a reality. They don’t seem adverse to throwing everything at the wall and seeing what sticks, but with a user base so wide it would be impressive if something didn’t stick.
What are the two companies saying?
Reactions from the LINE and Opulous has been generally positive. They both seem excited to move forward with these plans and it will be interesting to see how this partnership pans out.
Woosuk Kim, CEO of LINE Tech Plus said, “We look forward to providing interesting NFT products to music lovers everywhere, utilizing our blockchain technology along with Ditto Music’s NFT services.”
Lee Parsons, CEO of Opulous and Ditto Music, said, “Being the first mover in the Music NFT space, it is important to us to work with high caliber partners.”
“I’m proud to say that we have found one in LINE Tech Plus” he added. “We are looking forward to reshaping the music industry and NFT markets with the opportunities blockchain technology provides.”
