The music industry is not very vocal about the emergence of non-fungible tokens (NFTs). But that may change with the $30 million investment MakersPlace’s is putting into Series A.
MakersPlace, a digital art NFT marketplace, is collaborating with Pantera Capital, Bessemer Venture Partners, and Sony Music entertainment. Some of this generation’s leading artists like Eminem are also partners on the project.
A Series with Purpose
Artists, both digital and traditional, are susceptible to online fraud. To promote their art, artists need to display their work online. There are minimal security measures to safeguard them against theft. Other people can copy the work and sell it as their own without getting caught. MakerPlace senses that necessity and vows to offer protection.
This massive investment, in the form of Series A, will help improve the MakersPlace platform. The aim is also to provide support to existing and upcoming digital artists and find different ways to make art NFTs popular in the mainstream.
Other NFT marketplaces are also gearing up with funding. In July, OpenSea invested $100 million in a Series B, while Mintable’s Series A got $13 million from Mark Cuban. Rarible managed to raise around $14 million in the month of June.
More about MakersPlace
MakersPlace is a marketplace platform that supports digital artists. Launched in 2018, MakersPlace offers commercial space for artists to sell their art securely. The company converts the artworks into non-fungible tokens (NFTs), which prevent thieves from printing some other digital artist’s work. NFTs protect the intellectual property rights of vulnerable artists in the digital space.