Decentralized music platform Stems raises $4 million pre-seed round
10/04 01:25
According to TheBlock, Stems, a decentralized music platform, closed a $4 million pre-seed funding round.
The investment firm Ideo CoLab Ventures led the funding round, with additional participation from Collab+Currency, Village Global and Polygon Studios. Notable crypto firms such as Merit Circle and Yield Guild Games participated as well, along with FireEyes, NoiseDAO, Jump, GSR, Akatsuki and others.
Stems is a decentralized music NFT platform that encourages artist and fan engagement through web3 tools. For instance, an artist can release their music stems — or a composite of drums, bass, guitar and other individual musical tracks — to the Stem community. Users can then remix the audio into new music NFTs, and the original artists receive royalties upon sale.
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