Biz / Tech

Spark to debut NFT-featured music platform

Zhu Shenshen
Copyrights management startup says its new brand will help music artists protect their intellectual property rights, the first platform in its kind on the Chinese mainland.
Zhu Shenshen

Spark, a copyrights management startup, is establishing a new brand to help music artists protect their intellectual property rights, the first platform in its kind on the Chinese mainland, it announced on Wednesday.

The new brand – Free Spark Crypto Music – adopts blockchain-based NFT or non-fungible token technology. Some NFT products are being sold via Alibaba's auction website, but bidding with yuan, not with cryptocurrency. 

"Water Know," by Chinese artist A Duo, has been sold for 304,271 yuan (US$47,699) on Tuesday.

A non-fungible token is a unit of data stored on a blockchain that certifies a digital asset as unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio and other types of digital files.

A digital NTF artwork sold earlier this year for cryptocurrencies valued at US$69 million.

Spark, founded in 2020 with a music library over 600,000 works, said it would conduct NFT business in compliance with Chinese laws. It said the new platform will help Chinese music artists gain recognition overseas.

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