2021 is the year of NFT. NFT is used in areas of music, art, sports and game etc., while it’s trading volume is growing. NFT represents ownership of online-only things like digital art, trading cards and the online world, thus Speculators and cryptocurrencies enthusiasts have flocked to buy this new breed of asset.
Speaking of NFT project, The KOLO platform which combined with classical music has to be mentioned. KOLO is a brand new NFT platform which focuses on classical music works and own many legitimate copyrights. KOLO is committed to digitizing the master pieces of classical music works, and providing functions such as NFT creation, trading and auction etc. On KOLO, users could discover value of NFT and maximize it. The platform also provides NFT application scenarios for the future Metaverse.
KOLO is considered as the first NFT platform in the world which combines with classical music works. Users could share, collect and purchase NFT on KOLO. At the same time, users could financially support their favorite artists and works by sharing the copyright revenue. Artists and labels could release their works on KOLO and make secondary sales to gain the benefits.
Regarding the technical aspect, KOLO provides smart contracts on multiple public chains, forming a Layer2 network to ensure that all the NFTs support the cross-chain circulation. On KOLO, the information and the audio files of the works will be recorded on multiple blockchain networks to ensure eternal storage.
In addition to that, KOLO creates a brand-new market for classical music. After a NFT has been minted, the publisher has the option to sell it in lots of the different ways, such as auction (English/Dutch)，blind boxes and lucky draw/Lottery etc. If a user holds a NFT on KOLO, it means that he/she has obtained the profit generated from sharing the NFT in the Metaverse, and also could charge a certain amount benefits for people who want to listen to it. In general, KOLO maximizes the role of NFT with its own characteristics and advantages, creates better ecosystem of classical music, and contributes to the prosperity and development of NFT market.