LOS ANGELES, June 16, 2021 /PRNewswire/ — Openlake is the first NFT marketplace which is deeply integrated with AI, IoT and Blockchain technologies. Openlake focuses on Music, Film, Game and Art, and has partnered with top entertainment companies worldwide. With AI and IoT, Openlake supports the streaming of Music NFTs to hardware players and wearable devices which can provide unprecedented experiences. One of the main objectives of Openlake is to reshape the distribution of the pop music songs with the new technologies.
Openlake now officially enters the Hong Kong market and works with local music firms in Hong Kong. Hong Kong used to produce quality pop music in early 90s. However, the pop music in Hong Kong today is much worse due to the impact of Internet. In the Internet era, music is vulnerable to piracy issues as Internet is notorious in the protection of intellectual property.
In addition, Internet online streaming platforms from Mainland China dominate the market. These platforms don’t need quality music songs as they own most of the internet traffic, which had a huge negative impact on the pop music industry in Hong Kong and Mainland China. As a consequence, the song producers are reluctant and unable to produce quality songs and the users have been suffering from not enough choices.
Openlake believes NFT technology is a game changer in the music industry. By leveraging Blockchain, AI, VR, and IoT technologies, Openlake democratizes the pop music distribution process. It directly connects the song producers with its subscribers without having to rely on any 3rd party online streaming platforms. The users can now have a say by voting in the quality songs with the money or crypto they can spend. The musicians have enough incentives to produce quality songs to meet the market needs.
Openlake divides the IP of music into more than a dozen rights of use, including publishing rights, authorship rights, reproduction rights, rental rights, performance rights, projection rights, broadcasting rights, network transmission rights, and adaptation rights, etc. These copyrights are all encapsulated through smart contracts. After Artists release music NFTs, they can permanently enjoy the multi-layer copyright benefits brought by commercial activities.
Openlake supports ERC721 and ERC1155 with ETH, MATIC, BSC and Flow. It provides exclusive smart contracts for music artists. It also supports cover tree of a song through smart contracts. All the secondary creations surrounding the work, including covers, adaptations, etc., are automatically generated through smart contracts to facilitate the search and traceability of the cover tree. Any music reproduction not in the cover tree is considered piracy.
NFT’s involvement is a brave innovation for the music industry, and will provide a wider arena for new musicians entering the field. Openlake believes that with the aids of NFT and other technologies such as IoT, the mandarin music industry will be revived and even pushed to a fresh high level.