GSR Invests in KuCoin-Backed Music NFT and SocialFi Platform MetaBeat

GSR Markets has joined a growing list of web3 VCs and blockchain companies backing music NFT and SocialFi platform MetaBeat.
Image source: MetaBeat

Quick take:

  • MetaBeat has received an investment from GSR Markets.
  • The Music NFT and SocialFi platform revealed Tuesday that the global crypto fund and market maker participated in its ongoing fundraising on October 5.
  • The platform is also backed by KuCoin Labs and Global Blockchain Innovative Capital (GBIC) among others.

GSR Markets has become the latest crypto venture fund to invest in MetaBeat. The global crypto fund and market maker has joined KuCoin Labs and Global Blockchain Innovative Capital (GBIC) and other web3 VCs backing the music NFT and SocialFi platform’s ongoing fundraising.

According to the announcement, GSR made its investment in the web3 startup on October 5, while GBIC preceded it at the start of the month. NGC Ventures, KuCoin Labs, AC Capital, Nexus One, Finngram, BCi, Alchemic, Alphanonce, and DigiFinex invested at an earlier stage in fundraising.

GBIC is one of the leading blockchain investment companies with positions in more than 50 web startups. Some of its notable portfolio companies include Aelf, Cortex, Thunder Token, Oasis, DATA, and IoT Chain, among others.

On the other hand, GSR has invested in more than 70 projects through its crypto exchange and market-making ecosystem. 

MetaBeat is built on the Ethereum scaling Layer 2 protocol, Polygon. The company has joined Polygon Studios, the developer arm of the blockchain company, to strengthen its position in the ecosystem.

MetaBeat will use the fundraising to accelerate the launch of the platform listing of its governance token $BEAT in October.

Commenting on the strong backing from leading web3 VCs, Stephanie Kim, CEO of MetaBeat, said, “The motivation to invest in MetaBeat, by top domestic and foreign investors, means that MetaBeat’s unique Web3-based business model has been acknowledged and highlighted. Based on this, we will create various enjoyable services on MetaBeat for the global fandoms to expand into a Web 3.0 ecosystem.”

The platform is built with the fans at the centre of its ecosystem, which is powered by music IP-backed NFTs, which are also offered to fans for their contributions.

Unlike several NFT ecosystems that offer only digital collectibles, MetaBeat’s NFTs are backed by real assets and music IP owned by the company.

The music IPs are secured via partnerships with Korean music and entertainment companies including RBW, Content X, WM Entertainment, DSP Media, Studio Jamm, Woori Net, TR Entertainment, Beats Entertainment, and J-Storm, which give MetaBeat access to over 4,000 music IPs.

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