• Sony Music and Eminem make an investment in the NFT Marketplace, MakersPlace

  • MakersPlace NFT marketplace attracted the attention of two high-profile music industry figures in its most recent round of funding, raising $30 million.

    NFTs aren’t going away. The non-fungible token boom has received a lot of attention in both mainstream and crypto media over the last year. Sales of digital assets reached an all-time high last month. The increased publicity piqued the interest of unexpected investors and creators.

    NFT makes its mark on everything from high-end brands like Porsche and Louis Vuitton to legendary sports stars. As NFTs continue to be in high demand, so do ecosystems to support them.

    MakersPlace is a new platform for buying and selling digital assets. The initial funding round, which focused on digital art, drew big names in the arts and entertainment industry, including Eminem and Sony Music. The most recent round of funding for the marketplace was $30 million.

    The company was founded in 2018, but the recent NFT boom encouraged expansion and interest from major investors. MakersPlace’s user base has grown tenfold in the last year, with over $100 million in transactions.

    Beeple’s $69 million NFT auction, which was conducted by Christie’s, was MarketPlace’s largest event.

    Dannie Chu, the company’s founder, and CEO stated that any funds raised validate the company’s mission. “We will continue to push boundaries and provide better tools and services to digital creators, while also exploring new ways to introduce digital art and NFTs to a mainstream collector audience.”

    The Crypto-Friendly Sector

    It’s no surprise that two of the music industry’s biggest names are interested in NFTs. The music industry has reaped significant benefits from cryptocurrency. Musicians profit from NFTs in a variety of genres, from metal to classical.

    Music was recently launched into space as an NFT as part of a new company’s latest crypto venture.

    However, it is not just about profiting from NFT fortunes. Some startups in the music industry hope to use the NFT technology to address larger recurring industry issues. NFT-based solutions support distribution, streaming, copyright, and royalties.

    What's your reaction?