The investment firm 1confirmation, which is backed by Peter Thiel and Mark Cuban, announced an investment in the non-fungible token (NFT) project Catalog on Thursday.
The funding round, which officially closed in late June, injects $2.2 million into the project. Inflection and Delphi Digital are among the other investors in the round. The investment is part of 1confirmation’s third fund, which raised $125 million to support early-stage cryptocurrency businesses.
Catalog’s mission is to serve a specific segment of the NFT market: independent music artists. According to the startup, it has signed up over 100 independent artists who have earned a total of more than $213,234 from selling records on the platform.
Catalog, which is powered by Zora, provides a music-specific marketplace.
“We believe music deserves its own space, both aesthetically and functionally – artists want to drop their music where people come to listen to music, on a platform built for it, not amongst thousands of pengus and apes and deviant art,” Michael McKain said.
It is, in some ways, a blockchain-based version of Bandcamp, a platform where artists can upload music for free and gain more control over sales. According to the company, the Web3 format aims to give artists even more control over those sales and allow them to earn more money.
“Artists receive 100% of primary sales and the creator share (Zora feature) that they set on secondary sales,” McKain added.