Stem’s funding round was managed by Ideo CoLab. Additional participation came from Merit Circle, Yield Guild Games and others. Stem promotes music collaboration between musicians and fans via NFTs, and other web3 tools.
Collab+Currency and Village Global were also involved in the round. Notable crypto firms like Merit Circle, Yield Games, and FireEyes, NoiseDAO and Jump also participated, as did GSR, Akatsuki, and others.
Stems is a decentralized music platform using web3 tools that encourages fan and artist engagement. An artist can upload their music stems (or a combination of drums, bass and guitar) to the Stem community.
The audio can be remixed by other users to create brand new music NFTs. Original artists also receive royalty upon their sale.
Stems, a platform for decentralized music, has closed a pre-seed round of $4 million.
On Oct. 6, the startup will launch its platform. Seven NFTs each costing 100 MATIC will then be issued.
In 2022, music NFT platforms are expected to gain more interest. After a rough beta period, the music NFT platform HitPiece was launched in August. , a major American record company, partnered last month with OpenSea to facilitate music NFT sales.