After launching an artist/fan-centric NFT platform last year, Australian music technology company Serenade has now announced its raising of US$6 million in a round of funding backed by several high-profile investors, including Australian actor Hugh Jackman:
Still Early Days For Music NFTs
The funding round was led by Bain Capital Ventures, with participation from AngelList, Boost VC, and others. Serenade was launched with the aim of allowing musicians to retain the copyright to their work. The platform allows artists to upload their music and mint it as an NFT, which can then be sold on the platform.
As the artists retain the copyrights, they can also set the price. Proceeds from sales on the platform are split between Serenade and the artist, with the company taking a 10 percent cut of each sale.
Serenade founder Max Shand has said the mission of the platform is to “enable artists to build closer relationships with fans while creating dynamic new revenue streams”.
Serenade has already collaborated with music bigwigs at the Brit Awards 2022. The result is the Genesis NFT collection, 13 NFTs that celebrate the Awards’ 13 winners:
NFTs are a new and exciting way for artists to monetise their work. Serenade provides artists with a simple and efficient way to mint and sell their NFTs, while also providing buyers with a one-stop shop for buying NFTs.
Hugh Jackman, actor
In the words of Serenade CEO and co-founder John Palfreyman, “We believe that NFTs are going to be a key part of the music ecosystem.” Echoing a comment made by A-list actor Hugh Jackman, he added: “They provide a new way for artists to monetise their work and connect with their fans.”
The seed funding will be used to grow the team at Serenade and launch new features on the platform. Although Serenade is still in private beta, it plans to launch publicly later in the year.
NFT Marketplaces Popping Up Left, Right, and Centre
As the NFT market continues to boom, many are trying to cash in on the craze while it lasts, and this has led to the proliferation of new NFT marketplaces. In January, Crypto News Australia reported on the launch of LooksRare, which has since exploded in sales volume. Even the New York Stock Exchange is considering getting on board the NFT train.
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