MetaSing raises $3 million and plans ‘fairer redistribution’ for artists
MetaSing, which bills itself as “the first decentralized music platform to combine a gaming model with web3 music streaming,” announced the completion of a $3 million seed round.
MetaSing, a self-proclaimed “unicorn startup,” recently detailed the multi-million dollar raise via a Release. The “team” section of the entity’s website shows that former employees of Meta (blockchain developer), Spotify (software engineer), Twitch (fullstack engineer), and Amazon Music are part of MetaSing.
And according to a whitepaper that’s also live on the multi-faceted startup’s website, MetaSing functions as “a web3 lifestyle platform” and allows gamers to “gear up with NFTs in the form of microphones, headphones and a musical arena”.
In addition, the company uses two tokens, $DJC (which has an “unlimited supply”) and $BEAT (with a “total supply” of 6 billion), according once again to the MetaSing site, which relays that “the Players equipped with MetaSing NFT can earn token rewards by singing songs, listening to music, and creating NFT music.
On the artists’ side, MetaSing pointed out in the aforementioned announcement post that it plans to achieve a “more equitable redistribution of the results of artists’ work”, referring to providing a greater portion of income to professionals. responsible for creating music.
Moving past these operational specifics and refocusing on the $3m raise, MetaSing said UK-based Pleiades Capital was leading the round.
Finally, regarding the startup’s goals, the company’s statement reveals that “MetaSing seems more interested in being the first to become the opensea of the music NFT trading market.”
Either way, time will reveal the precise role of NFTs in the music industry, which has struggled amid a broader “crypto winter” in 2022.
Despite this slowdown, however, capital – and support from major record labels – continues to reach NFTs and music platforms. To be sure, Warner Records teamed up with Bose on a merch-backed NFT project in July, when Universal Music’s notoriously media-shy digital group Kingship reportedly sold an entire NFT collection.
To kick off August, OneOf announced the closing of an $8 million funding round, while Meta expanded Instagram’s NFT support to 100 countries.