Photograph Credit score: UniteaInteract-to-earn music platform Unitea has introduced a $7 million seed funding increase. The spherical was led by 1st Class Guernsey, Chaos Capital, TokenSociety, and Gas Enterprise Capital.
Unitea’s platform is hoping to vary the best way followers interact digitally inside the music trade. It’s board of administrators consists of Pitbull (Armando Perez) and Claud VonStroke (Barclay Crenshaw). Unitea options an in-app economic system that encourages customers to create content material with music and branded filters from artists to earn rewards. This gamified system creates actionable knowledge for artists and types to deepen their reference to followers.
Within the time for the reason that pre-seed spherical began in 2020, Unitea has achieved over 2,000 reward activations. Unitea says now that the seed spherical has closed, it’ll leverage the funds to broaden the capabilities of its platform inside the music trade and past. Unitea has created engage-to-earn platforms in partnership with Procter & Gamble, whereas additionally activating by the Unitea app with 42 music festivals together with Breakaway, Gem & Jam, and Dirtybird Campout.
How does Unitea work?
Followers on the platform share music and create content material to earn digital tokens referred to as Karma. These karma tokens might be redeemed to earn unique rewards, from customized digital belongings, live performance tickets, to artist meet and greets. The tangible worth of the reward helps drive engagement with followers, delivering helpful knowledge to artists and types who’re utilizing the app.
“We’ve cracked the code on deriving significant advantages by engage-to-earn inside the music house,” provides Ketan Rahangdale, CEO of Unitea. “Unitea provides digital belongings actual goal throughout the engagement cycle, empowering artists and types to domesticate and develop a passionate fan base organically.”
“With the help of our traders, Unitea is primed to make fan engagement extra genuine in a manner that advantages everybody within the ecosystem. Whether or not it’s a musician, an artist, or a preferred model, Unitea makes it doable to gamify the engagement course of and supply worth throughout the board.”