A $4 million investment has been raised by Music NFT Platform Stems, led by Ideo CoLab Ventures.
Stems is a platform designed for creators and fans of music. The main idea: the possibility to create parts of musical compositions and publish them for the community. In the future, if these parts were used to create tracks or NFT, the authors will be remunerated %. Also, the platform provides an opportunity to contact and conclude cooperation with the authors, whether they are beginners or pros of their business.
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What is noteworthy, you can start using Stems only by connecting and recharging your wallet, because 7 NFT of 100 MATIC each will be minted at the first login. Stems itself is located on the Polygon blockchain.
However, this is not the only such development on the site. There is also a similar Arpeggi, which is also aimed at eliminating the barrier between the authors and reusing parts of music in different works.
There have been a lot of new projects in general recently, such as Music NFTs and Web3 music platforms. LimeWire announced a relaunch and became an NFT music marketplace. It successfully completed the sale of its token, as did music NFT platform FanTiger from India. Even crypto investor Cooper Turley launched a Web3 fund called Coop Records Fund I.
Such activity gives hope for the future of NFT and music, the development and expansion of direction.
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