Tune.FM, a Web3 music streaming platform, revealed that it has secured a $20 million investment from LDA Capital to increase artist earnings by as much as 90%.
The company expresses a strong desire to improve the current revenue distribution model employed by contemporary streaming platforms, stating it is currently disadvantageous to artists.
Among other Web3 music streaming platforms, Tune.FM stands out for offering artists micropayments each time their music is played on the platform using Hedera Hashgraph’s blockchain technology.
Artists also have the significant opportunity to earn from Tune.FM’s unique JAM token ($JAM) when creating digital music assets, like NFTs.
LDA Capital’s Past Web3 Investments
LDA Capital, a worldwide alternative investment firm, has substantial experience in investing in Web3. In July 2022, this group invested a tremendous $100 million in the Layer-1 blockchain protocol, Rubix.
Several weeks later, it 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 then committing another $10 million in September 2023 to Seedify, a Web3 incubator and blockchain launchpad, to boost its progress.
The specific nature of LDA Capital’s investment strategy remains opaque. It isn’t apparent whether these funds were delivered wholly in cash upfront or were pledges connected to the respective projects’ native tokens.
Nonetheless, LDA Capital’s consistent financial backing in diverse Web3 ventures, including Tune.FM, underscores its commitment to fostering innovation and growth within the blockchain digital asset space.
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- Source: https://cryptoinfonet.com/nft-news/tune-fm-lands-20m-for-90-boost-in-web3-artist-earnings/
