Confirmation, the investment firm backed by Peter Thiel and Mark Cuban, on Thursday announced an investment in the Non-Fungible Token Project Catalog (NFT).
The increase, which officially closed at the end of June, injects $ 2.2 million in new capital into the project. Other investors in the round include Inflection and Delphi Digital. The investment is part of the second confirmation fund. The company recently raised $ 125 million for its third fund to support startup crypto companies.
The catalog aims to serve a specific segment of the NFT market: independent music artists. The startup claims to have lined up more than 100 independent artists, who have made a total of more than $ 213,234 selling records through the platform.
Powered by Zora, Catalog offers a marketplace specific to music.
“We believe that music needs its own space both aesthetically and functionally – artists want to put their music where people come to listen to music, on a platform designed for it, not among thousands of penguins. and monkeys and deviant art, âsaid Michael McKain.
In a sense, it’s a blockchain-based version of Bandcamp, a platform through artists who can download music for free and have more control over sales. The Web3 format aims to give artists even more control over those sales and allow them to raise more revenue, the company says.
âArtists collect 100% on primary sales and collect the creator’s share (Zora function), defined by them, on secondary sales,â McKain added.