MetaSing, which bills itself as “the first decentralized music platform to combine a gaming model with web3 music streaming,” has announced the completion of a $3 million seed round.
MetaSing, a self-described “unicorn startup,” just recently detailed the multimillion-dollar raise via a formal release. The “team” section of the entity’s website shows that former employees of Meta (blockchain developer), Spotify (software engineer), Twitch (fullstack engineer), and Amazon Music are part of MetaSing.
And according to a white paper that’s also live on the multifaceted startup’s website, MetaSing functions as “a Web3 lifestyle platform” and enables players to “equip themselves with NFT in the form of microphones, headsets and music arena.”
Moreover, the company utilizes two tokens, $DJC (which has an “unlimited supply”) and $BEAT (with a “total supply” of 6 billion), according once again to the MetaSing site, which relays that “players equipped with MetaSing NFT can earn token rewards by singing songs, listening to music and creating music NFT.”
On the artist side, MetaSing emphasized in the aforementioned announcement message that it plans to achieve a “fairer redistribution of the results of artists’ work,” referring to delivering a larger portion of revenue to the professionals responsible for creating music.
Moving past these operational specifics and refocusing on the $3 million raise, MetaSing said that the UK’s Pleiades Capital led the round.
In terms of the funding’s uses, MetaSing unveiled a far-reaching roadmap earlier this month, communicating therein that it intends to debut an app on the Play Store and the App Store (besides pursuing a “record label collaboration”) in Q4 2022 before launching a music NFT marketplace as well as a series of “in real life” concerts in 2023.
Lastly, regarding the startup’s objectives, the business’s release discloses that “MetaSing seems to be more interested in being the first to become the opensea of the music NFT trading market.”
In any event, time will reveal the precise music industry role of NFTs, which have struggled amid a broader “crypto winter” during 2022.
Notwithstanding this downturn, though, capital – and major-label support – is continuing to reach music NFTs and platforms. To be sure, Warner Records partnered with Bose on a merch-backed NFT project in July, when Universal Music’s notoriously media-shy digital group, Kingship, is said to have sold through an entire NFT collection.