Hong Kong producer and songwriter Joanus Lam sells NFT single for $ 1.2 million
Famous Hong Kong musician Joanus Lam’s NFT single sold at auction for 520 ETH at Openlake, which is worth around $ 1.2 million. The NFT “Traces of Love” musical collection is made up of 5 musical DEMOs, namely “Too Late”, “Share Happiness”, “Broke Up”, “I used to love you like this” and “Traces of Love”. These musical demos were created by Joanus Lam from 1995 to 2005 and were never made public. The one sold this time is one of them. The collection has passed through the peak period of Chinese music industry and has a very high collection value. Joanus Lam is releasing this collection as a tribute to the NFT era.
This is the world’s highest record for a single NFT music. The world record NFT transaction occurred in block 12729915, and the hash of the transaction is 0xd8cb40df37f5be9f3e472f2db24726eb62df20cb20c4ca206c100484e3a142d7.
Joanus Lam was the Music Director and Artist of Gold Typhoon Group, one of the most successful independent music companies operating in the Greater China region (Mainland China, Hong Kong and Taiwan). Gold Typhoon Group was acquired by Warner Music Group in 2014.
As a well-known musician in the Greater China region, Joanus Lam began composing at the age of fourteen and entered the music industry with the Blackbox Orchestra in 1995. He has composed and produced more of 350 songs, including “Stay with Me” by Eason Chan. and “My Happy Times”, “Fatal Trick” by Leo Ku, “Eyes Must Be Tears”, “Diamond Queen”, “Illness Moaning” by Jacky Cheung, “Floating Swallows” by Twins, “Lover” by Alex To, “Suddenly” “,” The Fate “of Aaron Kwok, etc.
Openlake is the first NFT marketplace to integrate NFT with HLS and AES-128 streaming protocol to encrypt music and video content with secure streaming. It provides a single service for secure storage, encrypted playback, distribution and sale of musical or video works.
Openlake uses smart contracts built into NFTs to help manage music rights. Publishing, authorship, reproduction, rental and performance rights are just a few of the items covered. Openlake also supports spillover rights management, where secondary creatives have rights generated automatically by smart contracts.
But more than that, Openlake gives users more control. By working around third-party streaming platforms, they give artists direct access to their fans. And since fans will be rewarding good quality music, it will help the music industry to start investing in itself again.
NFT’s involvement is a courageous innovation for the music industry, and will provide a wider arena for new musicians entering the field. With the help of NFT and other technologies such as AI and IoT, the music industry will be revitalized and even pushed to new heights.