Vault, a music platform that offers 'digital music collectibles' raised a $4 million Series A led by Placeholder VC.
Vault, a music platform built with web3 technology, raised a $4 million Series A led by Placeholder VC.
Having previously raised seed funding as a"mobile Discord platform" called Flick, the founders pivoted the startup in the summer of 2021. Now, Vault enables artists to release so-called digital music collectibles that rely on NFTs on the Solana blockchain to allow fans to access extra content and open up an extra revenue stream for artists.
"I would say that probably 95% of our users aren't aware of anything that's going on underneath," he said."So what happens is that someone will purchase with a credit card, PayPal or in-app and we'll mint an NFT, create a wallet and put that NFT in the wallet."Eccles admitted that the current perception of NFTs in the music industry isn't exactly stellar and said he initially avoids talking about crypto when convincing artists to list a project on Vault.
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