<p><span style="font-weight: 400;">Stems, a decentralized music platform, closed a $4 million pre-seed funding round. </span></p> <p><span style="font-weight: 400;">The investment firm Ideo CoLab Ventures led the funding round, with additional participation from Collab+Currency, Village Global and Polygon Studios. Notable crypto firms such as <a href="https://www.theblock.co/post/148428/merit-circle-yield-guild-games-dao-dispute" target="_blank" rel="noopener">Merit Circle</a> and <a href="https://www.theblock.co/post/152064/yield-guild-games-walks-away-from-merit-circle-with-10-times-its-investment-following-ouster" target="_blank" rel="noopener">Yield Guild Games</a> participated as well, along with FireEyes, NoiseDAO, Jump, GSR, Akatsuki and others.</span></p> <p><span style="font-weight: 400;">Stems is a decentralized music NFT platform that encourages artist and fan engagement through web3 tools. For instance, an artist can release their music stems — or a composite of drums, bass, guitar and other individual musical tracks — to the Stem community. Users can then remix the audio into new music NFTs, and the original artists receive <a href="https://www.theblock.co/post/163497/an-nft-market-maker-set-0-royalties-sparking-concerns-about-the-future-of-artist-compensation">royalties</a> upon sale. </span></p> <p><span style="font-weight: 400;">The startup will launch its platform on Oct. 6, at which time seven NFTs costing 100 MATIC each will be minted. </span></p> <p><span style="font-weight: 400;">Music NFT platforms have garnered increased interest in 2022. The music NFT platform </span><a href="https://www.theblock.co/post/162799/after-a-rocky-beta-launch-music-nft-platform-hitpiece-is-prioritizing-ownership-rights" target="_blank" rel="noopener"><span style="font-weight: 400;">HitPiece</span></a><span style="font-weight: 400;"> launched in August of this year (after a </span><a href="https://www.theblock.co/linked/133364/music-nft-platform-hitpiece-receives-demand-letter-from-recording-industry-association" target="_blank" rel="noopener"><span style="font-weight: 400;">rocky</span></a><span style="font-weight: 400;"> beta period). Warner Music Group, a major American record label, </span><a href="https://www.theblock.co/post/173729/opensea-partners-with-warner-music-group-on-music-nft-drops" target="_blank" rel="noopener"><span style="font-weight: 400;">partnered</span></a><span style="font-weight: 400;"> with OpenSea last month to facilitate music NFT sales.</span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>