CEO Zendyll talks about music NFTs, about paying artists in cryptocurrency – Wired PR Lifestyle Story

On January 16, Jonathan Chua (or simply known as Jon Chua) changed his Twitter screenshot to a pixel of a bull wearing a hat, a nose ring and sunglasses.

Among the many actors in Singapore, Chua is the CEO of the music agency Zendyll and a member of the local band The Sam Willows – NFT has taken over the trend over the past year.

Chua was introduced for the first time by musician and rapper friend Yung Raja.

“He was the one who encouraged me to explore and research him,” says Chua. “I bought a couple of NFTs, I learned a few lessons in a hard way, that is, they cheated on me, and I realized that education is very important in this space.”

More than a speculative investment

While some seek to pay for what they might call “transient fashion,” Chua’s intentions can’t be further from the truth.

NFT sees the creative industry as a disruptive force that will change forever. “I think the NFTs are reshaping the economy of art and culture,” he says.

Take Bull Empire, the collection responsible for Chua’s Twitter avatar, as an example. Each NFT in the collection was designed to showcase cultural features found in East Asia. Renowned artists from across the region, including Flizzow, Jessica Jung and Chua herself, have progressed to become ambassadors for the project.

With nearly 40,000 members in the Discord group, Bull Empire has become a thriving community of founders. All of this was summed up in this collection and the values ​​it represents.

“Being on a decentralized platform, factors such as race, religion, ethnicity, politics, and socioeconomic status are less emphasized and are built with the intention of growing communities,” Chua explained. “The community is becoming active and the creators have a new way to grow their art.”

Chua NFT attracts people’s ability to come together. “I don’t buy NFTs to flip for money. One of my favorite collections is the Solana Blockchain Barkclub. It is made up of a community of dog lovers. Another is Edgar Plans ‘Lil’ Heroes. It’s beautiful art and I love it. ”

Are Music NFTs the Next Wave?

Within the NFT space, there have been some notable trends.

It began in early 2021 with a record $ 69 million worth of Beepler artwork. It was a time when NFTs were associated with memes and with this auction, they came across a new legitimacy.

From rare NFTs in digital art, the focus shifted to blockchain games. The play-to-earn model saw a meteoric rise and games like Axie Infinity and DeFi Kingdoms were created.

Moreover, it is fashionable to use NFTs as an entry point for decentralized autonomous bodies (DAOs). But what comes next?

Chua believes that music is a wave coming from the NFT. “There are so many musicians who are somehow exploring this space – (for example) Snoop Dogg, Steve Aoki and DJ Khaled, to name a few,” he says. “With collections like the Bull Empire, you also find a strong community of top Asian musicians.”

Perhaps this could be a way for the industry to evolve. “We’ve gone from vinyls to cassettes to CDs, streaming platforms. I think NFT will change the way artists release their music, connect with fans, and spread the word. Fan clubs will be more organized, and fans will be more involved in the artist’s content. ”

The future of Zendyll Music

With that in mind, Chua wants his music agency, Zendyll, to be at the forefront of the movement. The company is currently exploring ways to integrate blockchain technology into its operations.

Zendyll is working on a number of upcoming projects that will use blockchain contracts, growing artist followers through NFT versions and community building and management through Discord. We also intend to help educate students and partners in this area.

– Jon Chua, founder of Zendyll

In the future, Chua predicts that more and more artists will be willing to accept payments in cryptocurrencies.

However, he also knows that work has to be done to get there. “I believe that at this stage, our systems are not ready to be traded on the blockchain alone. Slow and stable integrations will be our strategy for the time being.”

Speaking about Zendyll’s next decade, Chua believes that “building community in parallel with the use of blockchain” will be key to the company’s growth.

Singapore’s cryptographic regulations will not hinder its growth

Of course, Chua’s plan is for Singapore to maintain its stance on blockchain innovation. Businesses need the freedom to innovate and explore this technology.

Speaking about the latest guidelines by the Singapore Monetary Authority (MAS) banning crypto exchanges from the public, Chua says: “I understand why MAS has issued these guidelines. ».

Despite the regulations, Chua believes that the country’s crypto scene could still go in the right direction.

“I do not think the regulations will slow down the growth of this technology. I believe that the crypto scene will continue to grow if there is open and transparent communication between the different sectors that choose to participate in this space. ”

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Featured Image Credit: Jon Chua JX