Swedish blockchain platform that lets you co-own piece of music tracks, anotherblock has raised $2.5 million from notable names in the music and crypto fraternity to launch its NFT later this year.
The round was led by Nordic VC Inventure, Dune.xyz’s Fredrik Haga, Centrifuge.io founder Maex Ament, and blockchain research and investment company StableNode. Other participants backing the round included producers and artists, most notably Grammy-winning producer DannyBoyStyles, and labels and publishers who participated in the startup’s previous round.
Founded in 2021 by Michel D. Traore, Sebastian Ljungberg and Filip Strömsten, anotherblock was built upon the idea that accessing music rights should be easy and democratic. By connecting music rights to NFTs, the platform is creating a hassle-free way to both buy and sell music rights.
Michel D. Traore, CEO and co-founder of anotherblock said: “In this market, we see this as a highly encouraging sign we’re offering real value to the music business.”
“Offering solutions in the music ownership and NFT space, anotherblock aims to democratise the ownership of music for everyone,” Lauri Kokkila, partner at Inventure added.