Enjin has announced a partnership with George Murphy and The Rising Suns. The goal is to expand reach to one billion NFT users via the Enjin ecosystem. This marks the first time for George Murphy to venture into the non-fungible token segment. They will work collectively to offer tokenized vinyl records.
Two other partners are involved in the development: New York Culture Club and The Squirrel. The first specializes in integrating NFC chips into items while the second is NFT.io hosted by Kevin and Bob.
The partnership mechanism is quite simple. The vinyl will feature several artworks including those of George Murphy and The Rising Sons. Owners of the digital piece can first tap their NFC-enabled phones to verify ownership and then unlock the tokenized assets. The Enjin NFT certificate is hosted by NFT.io to prove authenticity.
The fundamentals of RWAs are also at the core. The idea behind creating the partnership is to tokenize vinyl, increasing digital ownership and real-world assets, popularly known as RWA. They are basically tokens that symbolize a specific physical asset in the digital world.
What attracted George Murphy to NFTs is the opportunity to connect with fans around the world. He essentially serves two purposes: facilitates cross-border engagement and expands reach beyond the current base of over 600 million listeners. Murphy hailed this development by saying that they are now able to get closer to their audience through NFTs.
Offers are likely to include concert tickets, song ownership trials, exclusive previews, and live digital concerts, among others. The development is in line with their goal of always looking for ways to connect with diverse fans. Owning tokens works like a subscription. By doing so, it allows community members to access features that no one else can see.
More importantly, entering the NFT sphere allows George Murphy to increase economic opportunities for his artworks.
You will be solely responsible for how your content is distributed, monetized and shared. It is safe to assume that the practices adopted by NFT holders should fall within the predefined criteria to avoid any kind of conflict. This will help preserve the integrity of the artwork while expanding its reach to more audiences. There is no direct criticism of traditional methods, but it is believed that they can often leave too much on both sides as well as not facilitating direct involvement.
Enjin brings on-chain royalty functionality to the table. It draws a fixed percentage for artists every time their work is traded or sold in the digital marketplace – in this case the Enjin marketplace.
This isn’t the first time NFTs have gone mainstream. Several companies have successfully explored the landscape in the past. There’s just the problem of being too early in the NFT, because it has yet to gain mass adoption. The current number of community members does little justice to what is out there. Seizing this opportunity now could be profitable in the future as Enjin and other platforms invest efforts to onboard a billion users.
