1confirmation, the funding agency backed by Peter Thiel and Mark Cuban, introduced Thursday an funding in non-fungible token (NFT) mission Catalog.
The elevate, which formally closed in late June, injects $2.2 million of contemporary capital into the mission. Different buyers within the spherical embody Inflection and Delphi Digital. The funding is a part of 1confirmation’s second fund. The agency just lately raised $125 million for its third fund to again early-stage crypto corporations.
Catalog goals to serve a selected nook of the NFT market: unbiased music artists. The startup says it has lined up over 100 unbiased artists, who’ve earned in mixture greater than $213,234 promoting data by means of the platform.
Powered by Zora, Catalog presents a market particular for music.
“We predict music wants it is personal house each aesthetically & functionally – artists wish to drop their music the place persons are coming to hearken to music, on a platform constructed for it, not amongst hundreds of pengus and apes and deviant artwork,” mentioned Michael McKain.
In a way, it’s a blockchain-based model of Bandcamp, a platform by means of artists can add music without spending a dime and have extra management over gross sales. The Web3 format goals to present artists much more management over these gross sales and permits them to gather extra in proceeds, the corporate says.
“Artists accumulate 100% on major gross sales and accumulate the creator share (Zora characteristic), set by them, on secondary gross sales,” McKain added.