Blockchain-based music streaming startup Tune.fm raises $50M

Blockchain-based music streaming platform Tune.fm today announced it has raised $50 million in new funding led by Global Emerging Markets intending to reward artists for the time their music is listened to.

The new investment follows $20 million injected into the company led by LDA Capital in January bringing Tune.fm has raised a total of $80 million. Previous investors in Tune.fm include Animoca Brands, Alpha Token Capital, HBAR Foundation and Broad Street Angels.

The platform uses Hedera Hashgraph LLC’s blockchain technology to provide musicians with micropayments for streaming using its native token JAM, a cryptocurrency that artists receive for every second their music is played by listeners.

Music and other assets are integrated in a non-fungible token market, which allows Artists must provide blockchain-based tokenized proof of their ownership of their music. NFTs are a cryptoasset that represents songs, albums, artwork, videos, and other experiences. On the market, These NFTs can be sold directly to fans or auctioned for additional revenue.

Fans themselves can earn JAM tokens by discovering and listening to songs that have been promoted by artists to help musicians grow their audience.

“Users can create an account and start listening to music immediately; no third-party wallet is required beforehand,” a spokesperson said. said Cointelegraph.

When we joined, The website automatically creates a blockchain wallet and manages tokens. The goal is to allow users who are not familiar with the cryptocurrency landscape to join the website and immediately Get on board and start using the platform.

Similar blockchain-based music royalty platforms have explored the technology to connect fans and music artists. Music ANotea European walk allows people to invest in music, own the rights of content creators and earn returns. Music-focused NFT platform OneOf has created a blockchain marketplace to connect fans and musicians using the Tezos blockchain. Music streaming platform Spotify AB has also acquisition of Mediachain Labsa blockchain-based media rights certification network that examines the technology.

Tune.fm says one of the biggest problems in the industry is that streaming platforms take exorbitant percentages of artists’ royalties. According to the company’s website, not only are micropayments instant, but musicians can earn 10 to 100 times more than those paid by Spotify or Apple Music.

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