MakersPlace NFT marketplace garnered the attention of two high profile music industry personalities in its latest round of funding and raised $30 million.
NFTs are here to stay. Over the last year the non-fungible token boom took the spotlight in both mainstream and crypto media. This last month, sales of the digital assets hit an all-time high. The increased publicity sparked interest in unlikely investors and creators.
From high-end brands such as Porsche and Louis Vuitton, to legendary sports stars NFT make their mark. As NFTs keep in high demand, as are ecosystems to accommodate them.
MakersPlace is an up and coming platform to buy and sell digital assets. With a focus on digital art, the initial funding round attracted big players in the arts and entertainment industry, including Eminem and Sony Music. The marketplace raised $30 million in the latest round of funding.
The company began in 2018, however the latest NFT boom encouraged expansion and interest from big name investors. This past year alone MakersPlace reported a ten time increase in its user base, with over $100 million in transactions.
Beeple’s $69 million NFT sale, which was auctioned by Christie’s, came in as MarketPlace’s largest event.
Founder and CEO Dannie Chu said any support fundraised validates the company’s mission. “We will continue to push boundaries and empower digital creators with better tools and services, while finding more ways to introduce digital art and NFTs to a mainstream collector audience.”
The Crypto Friendly Industry
Interest in NFTs from two of the music industry’s biggest names comes as no surprise. The music industry has been cashing in on crypto in big ways. Musicians cash in on NFTs across genres from metal to classical.
Recently, music launched to space as an NFT as a part of a new company’s latest crypto venture.
However, it’s not just about cashing in on NFT fortunes. Some startups within the music industry hope to utilize the technology behind NFT to combat larger recurring industry problems. Distribution, streaming, copyright, and royalties are all on the table with NFT-based solutions.