Tune.FMa Web3 music streaming platform, revealed that it has secured a $20 million investment from LDA Capital to increase artists’ revenues by as much as 90%.
The company expresses a strong desire to improve the current revenue distribution model used by today’s streaming platforms and states that this is currently detrimental to artists.
Among other Web3 music streaming platforms, Tune.FM stands out by offering micropayments to artists every time their music is played on the platform using Hedera Hashgraph’s blockchain technology.
Artists also have the significant opportunity to monetize Tune.FM’s unique JAM token ($JAM) when creating digital music assets, such as NFTs.
Congratulations @tunefmofficial on a massive $20 million funding round! ????
You can buy them $JAM token directly into the wallet, thanks to our integration with @c14_team.
Simply press the Buy/Sell button in HashPack! https://t.co/4h1AVZc8Dt pic.twitter.com/wJ48eh0tYp
— HashPack Wallet (@HashPackApp) January 11, 2024
LDA Capital’s previous Web3 investments
LDA Capital, a global alternative investment firm, has significant experience investing in Web3. In July 2022, this group invested a whopping $100 million in the Layer-1 blockchain protocol, Rubix.
A few weeks later, it pledged $25 million to Aftermath Islands. In December of the same year, $10 million of the funding was allocated to Digital Entertainment Asset’s blockchain gaming initiative, PlayMining, before a further $10 million was then allocated to Seedify, a Web3 incubator and blockchain launch pad, in September 2023, to to encourage its progress.
The specific nature of LDA Capital’s investment strategy remains opaque. It is not clear whether these funds are fully cash upfront or are pledges tied to the respective projects’ initial tokens.
Nevertheless, LDA Capital’s consistent financial backing across several Web3 ventures, including Tune.FM, underlines its commitment to fostering innovation and growth within the blockchain digital asset space.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational materials only. Individuals are required to fully research any product before making any form of investment.