Steve Angello is placing a bet on the future of music rights and throwing his weight behind anotherblock, a Swedish startup dedicated to expanding public access to royalty investing by way of NFTs.
Founders Sebastian Knutsson and Mattias Miksche both boast impressive pedigrees from different sectors of the technology industry. Knutsson is the founder of King, the publishing and development company behind Candy Crush, while Miksche’s company Stardoll has operated as an angel investor in AI-learning platform Sana Labs, among other successful early stage companies.
According to a press release shared with EDM.com, the Swedish House Mafia star threw his hat in the ring during anotherblock’s latest pre-seed funding round, which raised $1.2 million. The platform will seek to tokenize music rights—and the cash flows associated with those rights—by issuing NFTs. Typically, this is an asset class reserved for institutional investors and accredited investors, but the structure of anotherblock’s offerings would allow them to sell to the public.
anotherblock CEO Michel D. Traore and COO Filip Strömste.
anotherblock
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In addition to the increased access and liquidity that will come from the anotherblock marketplace, the organization also sees their approach as a means to generating a fairer valuation for the music and art itself.
One way creators will benefit is by way of a transaction royalty they will get to pocket each time their NFTs are traded on the open market, a pathway to generating income potentially in perpetuity.
“Unless profound changes are implemented in the way that artists can monetize their creativity, the music industry is in a race to the bottom,” said Michel D. Traore, CEO of anotherblock. “anotherblock is the solution: harnessing the latest technology and industry expertise, our platform will protect the creators, and support them as they continue enriching society and our culture.”
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Tagged: Blockchain, crypto, entertainment blog, GEAR + TECH, music blog, NFT, Steve Angello, Swedish House Mafia