Hong Kong famous musician Joanus Lam’s single music NFT auctioned 520 ETH at Openlake, which was about US$1.2 million. It is the world’s highest record for a single music NFT. The world record-breaking NFT transaction occurred in block 12729915, and the transaction hash is 0xd8cb40df37f5be9f3e472f2db24726eb62df20cb20c4ca206c100484e3a142d7.
The music NFT collection “Traces of Love” is composed of 5 music DEMOs, namely “Too Late”, “Share Happiness”, “Broke Up”, “I used to love you like this” and “Traces of Love”. These music demos were created by Joanus Lam from 1995 to 2005 and have never been made public. The one sold this time is one of them. The collection ran through the peak period of the Chinese music industry and has a very high collection value. Joanus Lam releases this collection as a salute to the NFT era.
Joanus Lam was the director of music and artist in Gold Typhoon Group, one of the most successful independent music companies operating in the Greater China Region(China mainland, Hong Kongand Taiwan). Gold Typhoon Group was acquired by Warner Music Group in 2014.
As a well-known musician in Greater China Region, Joanus Lam started composing at the age of fourteen and entered the music industry with the Blackbox Orchestra in 1995. He has composed and produced more than 350 songs, including Eason Chan’s “Stay with Me” and “My Happy Times”,Leo Ku’s “Fatal Trick”, “Eyes Must Be Tears”, “Diamond Queen”, Jacky Cheung’s “Illness Moaning”, Twins’ “Floating Swallows”, Alex To’s “Lover”, Karen Mok’s”Suddenly” “, Aaron Kwok’s “Fate”, etc.
Openlake is the first NFT marketplace to integrate NFT with HLS streaming protocol and AES-128 to encrypt music and video content with secure streaming. It provides one-stop service for secure storage, encrypted playback, distribution and sales of music or video works.
Openlake uses the smart contracts built into NFTs to help manage the rights for music. Publishing, authorship, reproduction, rental and performance rights are just some of the elements covered. Openlake also supports trickle-down rights management, where secondary creations have rights auto-generated by smart contracts.
But more than that, Openlake is giving users more control. By working around 3rd party streaming platforms, they are giving artists direct access to their fans. And since fans will reward good-quality music, this will help the music industry to start investing in itself again.
NFT’s involvement is a brave innovation for the music industry, and will provide a wider arena for new musicians entering the field. With the aids of NFT and other technologies such as AI and IoT, the music industry will be revitalized and even pushed to new heights.