Tune.FM Secures $20M to Develop Artist-Friendly Web3 Music Platform on Hedera

• Web3 Music Platform Tune.FM Secures $20 Million Investment from LDA Capital
• Hedera Hashgraph's Technology and Tune.FM
• The Issue with Current Major Streaming Platforms
• Blockchain Technology and The Decentralization of Industries
• Current Investors in Tune.FM
• Related News: Wormhole's Capital Raise

Web3 Music Platform Tune.FM Secures $20 Million Investment from LDA Capital

Tune.FM, a Web3 music platform, has secured a $20 million investment from LDA Capital, an alternative investment group. This investment will support Tune.FM's objective of amplifying musician's earnings through a larger share of royalties from their music.

Hedera Hashgraph's Technology and Tune.FM

Tune.FM leverages blockchain technology provided by Hedera$0.089 -1.07% Hashgraph. This technology creates a platform where musicians can obtain micropayments for their streamed music. Payments are facilitated through the platform's native JAM token (JAM). Furthermore, the platform supports the minting of non-fungible tokens (NFTs) related to digital music assets and collectibles.

The Issue with Current Major Streaming Platforms

The major concern with existing major streaming platforms lies in the disproportionate share of profits, with major corporations enjoying the bulk at the expense of artists. Tune.FM wishes to disrupt this standard by offering artists up to 90% of their streaming revenue.

Blockchain Technology and The Decentralization of Industries

The prospect of decentralizing industries, where financial clout and influence are concentrated in the hands of a few, is frequently proposed as a potential mainstream use case for blockchain technology. While the potential of this application is appealing, it has yet to be thoroughly demonstrated. However, the resurgence of the digital asset bull market may usher in an influx of capital towards platforms such as Tune.FM-thus providing them with an opportunity to put this theory into action.

Current Investors in Tune.FM

Existing investors in Tune.FM encompass Animoca Brands, the HBAR Foundation, and Broad Street Angels.

Related News: Wormhole's Capital Raise

In other news, Wormhole, a blockchain messaging platform, has raised $225 million and is now valued at $2.5 billion.

Edited by Jonathan Stoker