New developments in the metaverse create more opportunities for digital artists and musicians in Web3 and NFT projects.
Open metaverse platform Hume has closed an $11.7 million Series A funding round led by TCG Group to establish a roster of virtual ‘metastar’ artists.
The fundraising also attracted participation from Collab+Currency, Winklevoss Capital, Gemini Frontier Fund, Gmoney, Flamingo DAO, Noise DAO, LAO DAO, Distributed Global, Rahilla Zafar, Evan Bogart, and Cooper Turley.
The open metaverse platform said it will use the funds to expand its team and establish a roster of virtual ‘metastar’ artists. Hume is looking to add to its engineering, creative, music business and marketing teams.
The web3 entertainment company combines music, digital identity and storytelling to create virtual artists dubbed metastars. The characters are created in-house by a team comprised of writers, producers, storytellers, animators, promoters, publicists, and vocalists.
The company created its first metastar AngelBaby, a web3 artist and Fluf World star created specifically for the metaverse. The virtual artist has already released their first single dubbed “NFT,” and performed at Art Basel, FLUF Haus LA, and South by Southwest (SXSW).
Non-fungible tokens (NFTs) are digital representations of a music track, an image, artwork, or short video clips stored on the blockchain. They have become exciting verticals for the music industry because artists can use them to build stronger relationships with their fans through revenue sharing, as well as, exclusive access to events and live shows.
Recently, artists have started combining NFTs and the metaverse through live performances in virtual events, with Eminem and Snoop Dogg the most recent highlight. The duo performed the new collab “From the D 2 the LBC”, a Bored Ape Yacht Club-themed music track at this year’s MTV VMA awards ushering in a new era of NFT music.
Hume is among web3 companies benefiting from the rapid adoption of NFT music. The company said that “Angelbaby’s NFTs and music have risen to the number 1 position on OpenSea, as well as, on web3 streaming platform Audius and Flufworld’s scene and sound collection.
The company is developing a metaverse-based music curation hub dubbed “The Spot”, which will give fans direct access to the artists’ curation process, enabling them to immersively influence the metastars’ decisions through a voting mechanism.
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