Here’s an exclusive look at the pitch deck that OurSong’s cofounders — which include John Legend and Twitch cofounder Kevin Lin — used to raise a $7.5 million seed round
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
- OurSong, a social NFT platform, wants to help creators and musicians monetize their work.
- One cofounder said the startup wanted to address investor concerns about the NFT market.
- After addressing those concerns in a pitch deck, OurSong raised a $7.5 million seed round.
OurSong, a social platform for non-fungible tokens or NFTs, wanted to quickly grab investors’ attention with its pitch deck and led it with four slides on why the current NFT market is not sustainable, volatile, and may have no market value.
Terence Leong, one of OurSong’s six cofounders — which include 12-time Grammy winner John Legend and Twitch cofounder Kevin Lin — said they took this unusual approach because they wanted to differentiate OurSong from the hype and “short-term greed” of the current NFT market.
“We’re going for the long term,” Leong said.
OurSong is a social, music NFT platform for emerging creators and their audiences. With its mobile app, the startup wants to make NFT creation as easy as making a TikTok video. It recently closed a $7.5 million seed round led by Infinity Ventures Crypto and Animoca Brands
On the startup’s platform, creators are able to monetize their work by letting fans purchase and build communities by giving followers access to chat rooms and exclusive content.
“It’s about encouraging creators to use NFTs as a membership pass,” Leong said. “It’s a new way of bringing people who support you or your superfans into your own communities.”
In one use case, Taiwanese singer Julia Wu, under the name ChynaTown on OurSong, released her album through the app and has since gained over 2,000 followers. In preparation for her concert, Wu sent updates in her OurSong chat room. Fans also messaged where they were in line and helped each other get food and water.
“They were forming communities helping each other,” Leong said.
OurSong officially launched in February and already has 150,000 registered users, a majority of which are in Taiwan, where the company launched testing its platform. It plans to get American creators and followers using OurSong.
Read the 15-page pitch deck that OurSong used to raise $7.5 million.