NEW YORK CITY, 22nd June 2022 Social audio company Logcast today launches its highly-anticipated new feature “Non-Fungible Memories”, making it the world’s first platform to create and sell spoken-audio NFTs.
The new feature allows anyone with a smartphone to create voice-based NFTs with just one-click; you simply record your voice, add a picture and title, set a price and list them for sale as limited-edition digital collectibles, coined by Logcast as “NFMs” or “Non-Fungible Memories”.
The company will unveil the platform today for the first time in Times Square, with its CEO Leni Andronicos holding a keynote address at the popular NFT.NYC conference.
Described as “if Spotify, Instagram and Opensea had a baby”, the app allows fans to collect moments from the lives of their favorite music artists and creators, not only the final product like a song or album, but also moments from the creative process.
“In the first year since we launched Logcast, we have seen a massive demand from fans wanting to get access to intimate moments — the unscripted, unedited, raw and unfiltered moments from a creator’s life. Blockchain technology allows fans to own that moment. It gives them a chance to be a part of the creator’s journey for real.”
Examples of NFMs include music artists discussing the inspiration behind their new song, recording important moments and conversations in the studio, and bonus content like voice notes recording melodies for songs.
Creators of NFMs will have access to set permanent royalties and other incentives, and owners of NFMs can soon unlock special rights like monetization and licensing.
With the goal to make it as easy as possible for everyone to create and buy NFMs, users don’t need a cryptocurrency wallet to interact with Logcast, the platform automatically sets users up with their own fully-custodial mobile wallet associated with their Logcast account.
There’s also no need to top up your wallet with cryptocurrency to buy NFMs, you can simply pay for them using your debit or credit card. There aren’t any fees associated with creating NFMs, Logcast absorbs the costs to make the platform accessible to the largest audience possible.
“We want to make it as easy as possible for creators to monetise their creativity using NFT technology,” says Andronicos. “By sharing your thoughts, experiences or memories as NFMs, you remain in control. You own your experiences, where you share them, how you share them, and even how you make money from them.”
The Swedish startup has beat tech giants like TikTok and Spotify to the audio NFT race, but insists they see these platforms as strategic partners, not competitors.
“We are a young startup with a fast-moving team of the most talented blockchain engineers in the world, and we see it as our responsibility to help the giants of web2 on their journey forward in web3,” adds Andronicos. “We look forward to working with partners like Spotify to offer new tools to artists, allowing them to plug our technology into other social and streaming platforms. The days of closed-garden networks are over.”
According to market tracker Nonfungible, most of the $17.7 billion of NFTs generated in 2021 were in visual arts, games and collectibles. Logcast plans to leverage its first-mover advantage and capture the spoken-audio segment of the NFT market, which is predicted to reach a volume of $80B by 2025.
The company chose the Polygon blockchain for its eco-friendly nature and low gas fees, and has allocated a portion of its profits to buying Carbon Removal Credit on the blockchain to combat climate change.
To accelerate the launch, the company has taken in new growth capital from the world’s largest consumer tech VC and Silicon Valley giant Goodwater Capital, early investors in Facebook and Twitter, with $5b+ under management. The investment marks the fund’s first investment in a Swedish company.
The platform is currently live on the Polygon Mainnet, with NFMs tradable on the Logcast app and on secondary marketplace Opensea. Users can either download the latest version or update Logcast to version 1.81.1 to experience the latest feature.
Since the launch of its public beta in November, Logcast has attracted thousands of creators in over 60 countries, including activists, journalists, musicians, writers, gamers, fashion and beauty experts, comedians and sports stars.
Learn more about Logcast by visiting their website or downloading the Logcast app in the App Store.
