Music NFT start-up anotherblock raises $2.5 million as investment
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A web3-based music sharing start-up anotherblock will drop its first NFTs this year after raising $2.5 million in an investment round.
The company, founded a little over a year ago by Michel D. Traore, Sebastian Ljungberg, and Filip Strömsten, already raised $1.2 million as part of its pre-seed funding round back in January. anotherblock’s key investors include a Nordic VC Inventure, founder of Centrifuge.io Maex Ament, and a blockchain investment company StableNode. Artists, producers, music labels, and publishers also invested in anotherblock.
The royalty-based music-sharing company wishes to reinvent music ownership. It holds the belief that “Investing in music should be easy.” The company aims to connect music streaming rights to NFTs to create a more secure way of buying and selling music rights.
Investors envision anotherblock as the path toward the future
Lauri Kokkila, an investing partner at Inventure, has recently tweeted, “We believe anotherblock is truly democratizing the ownership of music for everyone.”
Grammy-winning producer DannyBoyStyles, an investor of anotherblock, also believes the company is doing something special. “I see an investment in anotherblock.io as an investment in another future, where power is back in the hands of creators,” he said.
anotherblock will join other fractional music investment businesses like Royal, which raised $55 million in November 2021. While distribution dates have yet to be announced, anotherblock claims that the first NFTs will be accessible later this year.
The company will make its appearance at NFT.NYC, an annual NFT event, later this month.
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