Enjin has announced a partnership with George Murphy and The Rising Suns. The objective is to expand the reach to a billion users of NFT via the Enjin ecosystem. This marks the first time for George Murphy as he ventures into the segment of non-fungible tokens. They will collectively work to offer tokenized vinyl records.
Two more partners are involved in the development – New York Culture Club and The Squirrel. The former specializes in integrating NFC chips into items while the latter is the NFT.io hosted by Kevin and Bob.
The mechanism of the partnership is pretty simple. The vinyl will have several artworks including those of George Murphy and The Rising Sons. Owners of the digital piece can tap their NFC-enabled phones first to verify the ownership and then unlock tokenized assets. The Enjin NFT certificate is hosted by NFT.io to prove authenticity.
At the core lies the fundamentals of RWAs as well. The idea behind setting up the partnership is to tokenize vinyl – boost digital ownership and real-world assets, popularly known as RWAs. They are basically tokens symbolizing a specific physical asset in the digital world.
What attracted George Murphy to NFTs is the opportunity of being able to connect with fans across the globe. It essentially serves two purposes – facilitates cross-border engagement and expands the reach beyond its current base of more than 600 million listeners. Murphy has hailed this development by saying that they are now able to get closer to their audience through NFTs.
The offerings are likely to include concert tickets, proof of ownership of tune, exclusive sneak peeks, and live digital concerts, among others. The development aligns with their aim of always looking for ways to connect with several fans. Holding tokens works as a membership. Thereby, allowing community members access to features that no one else can look at.
Most importantly, entering the NFT sphere enables George Murphy to boost the economic opportunities for his artwork.
He will be the sole manager of ways of how his content is distributed, monetized, and shared. It is safe to assume that practices adopted by NFT holders should be within the pre-defined criteria to avoid any kind of conflict. This will help preserve the integrity of artwork as it expands its reach to a larger number of audiences. There is no direct criticism of traditional modes but it is believed that it can often leave both sides too much in addition to not facilitating direct engagement.
Enjin brings to the table the functionality of on-chain royalties. It draws a set percentage for artists every time their work is traded or sold in the digital marketplace – Enjin marketplace in this case.
This is not the first time that NFTs have gone mainstream. Several companies have successfully explored the landscape in the past. There is only the challenge of being too early in NFT, for it has yet to gain mass adoption. The current number of members in the community does little justice to what is out there. Landing this opportunity at this time could be lucrative in the future as Enjin and other platforms invest efforts to onboard a billion users.