Stockholm-based NFT platform AnotherBlock recently secured over $4 million in a seed funding round led by Stride VC, with Swedish House Mafia member Axwell participating.
The company plans to use the investment to extend its global presence and attract a larger audience of artists and enthusiasts to its platform, which allows fans to own a stake in their favorite songs and receive royalties.
Several prominent artists like The Weeknd, Rihanna, Martin Garrix, Alan Walker, Offset and R3HAB have partnered with AnotherBlock. CEO Michel D. Traore believes that blockchain technology can transform the music industry. He envisions a future with increased transparency, liquidity and fairness in the music economy.
Anotherblock’s goal
The company stands out from its competitors in the NFT space. Unlike many other platforms, AnotherBlock’s tokens are directly tied to partial ownership of streaming royalties for specific tracks.
Gabbi Cahane of Stride said that AnotherBlock is transforming how people experience music ownership. The company’s vision is straightforward — allowing individuals to have a share in their preferred songs and earn royalties in collaboration with their cherished artists.
AnotherBlock also outlined its plans to scale up and transition into a more inclusive marketplace, enabling it to reach a larger audience. The company aims to establish an ecosystem that empowers many music artists to finance their careers and actively engage with their fanbase using the platform.
Axwell voiced his support for AnotherBlock, saying that he is familiar with the company’s progress and sees alignment between their efforts and overall vision.
He believes that facilitating increased flexibility in music rights is the way forward for the industry. This approach empowers creators with a newfound autonomy to distribute financial benefits alongside their fans, underscoring the significance of this interdependent bond.
In its brief existence of less than a year, AnotherBlock’s marketplace has facilitated the sale of streaming interests in popular songs like Rihanna’s “Bitch Better Have My Money,” with each token representing 0.0033 percent of streaming royalties.
The song achieved triple platinum status in the United States upon its initial release. It has accumulated nearly a billion streams across various music-sharing platforms.
Meanwhile, AnotherBlock is gearing up to release an NFT for Mims’ famous song “This is Why I’m Hot,” scheduled for Wednesday, June 7.
Previous fundings
Earlier in 2022, the platform also raised $2.5 million to allow fans to invest in music by acquiring NFTs and raised $2.5 million.
The capital raising was led by Inventure, a Nordic Venture Capital firm. Notable participants included Maex Ament, the founder of Centrifuge.io, Fredrik Haga from Dune.xyz and StableNode, a blockchain research and investment company.
AnotherBlock also received investment from labels, publishers and artists. Producer DannyBoyStyles confirmed that he was one of the investors.
DannyBoyStyles believes that AnotehrBlock is an excellent ally for producers like himself. He explained that it offers a transformative opportunity for professionals to support their creativity and establish sustainable careers.
The platform had earlier secured $1.2 million in a pre-seed funding round, when Swedish House Mafia’s Steven Angello became an investor. Speaking with Billboard, Angello shared insights about his investment in AnotherBlock. He explained that the platform’s main focus is to make it easy for people to buy fractional ownership of their favorite songs.
Angello highlighted that AnotherBlock’s vision goes beyond this initial objective. The platform uses blockchain technology to store music rights and streamline the management of these rights, removing the need for numerous intermediaries commonly found in the industry.
