Tune.FMa music streaming platform Web3, revealed that it has secured a $20 million investment from LDA Capital to increase artists' earnings by up to 90%.
The company expresses a strong desire to improve the current revenue distribution model employed by contemporary streaming platforms, stating that it is currently disadvantageous for artists.
Among other Web3 music streaming platforms, Tune.FM stands out for offering artists micropayments every time their music is played on the platform using Hedera Hashgraph blockchain technology.
Artists also have the significant opportunity to earn money with Tune.FM's exclusive JAM token ($JAM) by creating digital music assets, such as NFTs.
Congratulations @tunefmofficial In a massive $20 million funding round!
You can buy their $jam token directly in the wallet, thanks to our integration with @c14_team.
Simply press the Buy/Sell button on HashPack! https://t.co/4h1AVZc8Dt pic.twitter.com/wJ48eh0tYp
– HashPack Wallet (@HashPackApp) January 11, 2024
LDA Capital's Past Web3 Investments
LDA Capital, a global alternative investment firm, has substantial experience investing in Web3. In July 2022, this group invested a whopping $100 million in the layer 1 blockchain protocol, Rubix.
Several weeks later, he pledged $25 million to Aftermath Islands. In December of the same year, $10 million of its funding was allocated to Digital Entertainment Asset's blockchain gaming initiative PlayMining, before committing another $10 million in September 2023 to Seedify, a Web3 incubator and launch platform. of blockchain, to drive its progress.
The specific nature of LDA Capital's investment strategy remains opaque. It is unclear whether these funds were given entirely in cash upfront or were pledges related to the respective projects' native tokens.
However, LDA Capital's continued financial support in various Web3 companies, including Tune.FM, underscores its commitment to fostering innovation and growth within the blockchain digital asset space.
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*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
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