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Decentralized music streaming platform Tune.fm raises $50 million, with Animoca Brands and others participating
2024-09-12 03:03
Odaily News Decentralized music streaming platform Tune.fm announced a $50 million financing, with participation from LDA Capital, Alpha Token Capital, Block Alpha, Animoca Brands, The HBAR Foundation, and GDA Capital, bringing the total financing to $80 million to date. The new funds will be used to provide liquidity for the protocol's JAM token, which is used within the platform to reward artists and users. The platform provides music streaming services through an integrated NFT marketplace. Artists receive small payments for every second their music is played, while users can earn tokens by discovering and listening to newly promoted songs. The platform is powered by the Hedera blockchain. (Cointelegraph)