VC Funding Boost for Web3 Marketplace Following Success with Rihanna's Music Rights
The advent of tokenized music assets and NFTs allowed investors to acquire rights to their favorite music, a feat that was nearly impossible a few years back.
This use case has increased investor interest in Web3 and blockchain technology recently.
In a new development, Web3 marketplace AnotherBlock has secured a new round of VC funding after successfully selling Rihanna's music rights on the platform.
The Sweden-based company raised €4 million in a funding round led by a UK-based venture capitalist, Stride VC.
AnotherBlock is a Web3 marketplace for music founded in 2022 by Michel D. Traore, Sebastian Ljungberg, and Flip Strömsten.
The firm saw a wave of success lately following a boost in music NFT sales. The marketplace for music rights uses NFTs and tokens to generate ownership-related royalties.
Artists receive payment as a royalty whenever users buy their music NFTs.
Recently, a co-producer on Rihanna's album "Bitch Better Have My Money," Jamil “Deputy” Pierre, reportedly bagged $63,000 after selling his royalties for the song as NFT on AnotherBlocvk.
That was after Rihanna's extraordinary performance of the song at the Super Bowl LVII halftime went viral.
This NFT sale boosted AnotherBlock’s exposure, attracting the attention of venture capitalists who raised new funds for the startup company.
Among the fundraising participants was the artist Axwell of the Swedish House Mafia.
Before the €4 million ($4.35 M) funding, AnotherBlock had raised a $1.2 million pre-seed round from angel investors and venture capital firm J12.
It is worth noting that AnotherBlock’s NFT ownership agreement permits secondary sales.
However, the rights owner must pay NFT holders a percentage of all streaming royalties earned at least twice a
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