Quick take:
- Ideo CoLab Ventures led the funding round.
- Original artists of the music stems receive royalties from sales of remixed tracks that use their stems.
- The Stems platform will be launched on October 6.
Decentralised music NFT platform, Stems, has raised $4 million in a pre-seed round led by investment firm, Ideo CoLab Ventures. Additional participants include Collab+Currency, Village Global, Polygon Studios, Merit Circle, Yield Guild Games, FireEyes, NoiseDAO, Jump, GSR, Akatsuki and others.
Stems creative social hub for music makers and listeners to collaborate and connect with emerging and major artists around the globe. Artists can release music stems or components that make up a track such as drums, bass, and guitar to the Stem community. Members of the community can then use the stems to create remixes and turn them into music NFTs. The original artists of the stems will receive royalties from sales of the remixes featuring their stems.
Launching on Oct 6, the Stems platform is hosted on the Polygon blockchain. To start using it, users would have to purchase and deposit MATIC into their crypto wallet and connect the wallet to the platform. At launch, seven NFTs will be minted at 100 MATIC each.
Music NFTs and Web3 music platforms have been sprouting up lately. In March, LimeWire announced its relaunch as a music-focused NFT marketplace, and closed its private sale for the LMWR token at $10.4 million the following month. Indian music NFT platform FanTiger raised $5.5 million in May.
In September, crypto influencer Cooper Turley launched a $10 million Web3 fund called Coop Records Fund I to invest in music. In the same month, Arpeggi Labs, a new Web3 music creation platform, raised $5.1 million in a seed round led by a16z.
The idea for Arpeggi is similar to Stems’ as it is inspired by sampling, a process in which musicians reuse elements of other artists’ songs to create new ones. Platforms like Stems and Arpeggi aim to break down the barrier to collaborations between artists.
Also hosted on the Polygon blockchain, Arpeggi allows musicians to mint sounds and make them available for reuse by others.
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