While the hype surrounding Web3 seems to have been dying down as of late, some in the music industry still use the space to their advantage.
As previously reported by AfroTech, Jamil “Deputy” Pierre, co-producer of Rihanna’s “B–ch Better Have My Money,” sold his royalties of the song as non-fungible tokens (NFTs) on AnotherBlock before her Super Bowl LVII halftime show. The sold-out collection earned Pierre $63,000 in revenue.
Reportedly, 0.99% of Pierre’s streaming royalty rights for the hit record were redistributed to 205 people through 300 Ethereal NFTs on crypto startup AnotherBlock.
Now, AnotherBlock has secured its own win thanks to the success of Rihanna’s music rights.
TechCrunch reports that the Sweden-based blockchain marketplace for music has raised a funding round of 4 million euro, or $4.3 million USD.
The round was led by U.K. -based Stride.VC and included artist Axwell of Swedish House Mafia. The funding follows AnotherBlock’s $1.2 million pre-seed round, the outlet further details.
“I have followed AnotherBlock since the beginning, and it is clear that their work aligns with their vision,” Axwell shared in a statement, per the outlet. “Enabling greater rights flexibility is the future of the industry. It creates a whole new freedom for creators to share the financial incentives with fans, which are the most important thing we have.”
In 2022, Michel D. Traore, Sebastian Ljungberg, and Filip Strömsten founded AnotherBlock, which works to not only use NFTs to generate royalties but also gives artists a transaction payment/trade-royalty when an NFT is traded.
The platform features artists such as The Weeknd, Offset, Metro Boomin, and more.