Coop Records, a Web3 music-focused platform founded by NFT song collector Cooper Turley, has raised $10 million, according to Billboard.
The specific investors have not been disclosed to the public; only several well-known Web3 founders and investors have participated in the investment.
The platform aims to provide funding for music-loving users and creators by building a “community-as-a-community” portfolio with non-fungible tokens (NFTs) to change the situation where contracted creators cannot control their own autonomy.
Coop Records will allow companies to share their code, infrastructure and assets,
Turley said artists can raise money and earn money from their work without selling their songs to record labels in the future—perhaps by tokenizing the ownership of their music-making companies.
He wrote on his official Twitter: “Coop Records invests in platforms, artists and tokens uniquely enabled by web3. Think of it as a hybrid between a venture fund, a record label, and an incubator. We work with founders to create new revenue streams for music.”
The Non-Fungible Token (NFT) approach changes the creation rules for creators. In the future, music can face the audience directly, without intermediaries and labels.
Cooper Turley, 26, started investing in cryptocurrencies about five years ago and has become a crypto millionaire.
He is also an angel investor in music NFT platforms such as Royal, Audius and Catalog.
Crypto music streaming platform Audius has developed a new feature that allows users to send the platform’s governance tokens to their favourite creators.
The platform has 7 million users and 250,000 artists and is currently valued at over $1 billion.
Image source: Shutterstock