What occurred to decentralized music NFT platform Stems? It raised $4 million in a pre-seed spherical final 12 months—but stays in invite-only beta.
The funding spherical was led by agency Ideo CoLab Ventures, with extra funding from Collab+Forex, Village World, Polygon Studios, Benefit Circle, Yield Guild Video games, FireEyes, NoiseDAO, Leap, GSR, Akatsuki and others. The corporate goals to create a social hub for music makers and listeners to collaborate and join with rising and main artists across the globe.
“Artists can launch music stems or parts that make up a monitor such a drums, bass, and guitar to the Stem neighborhood,” the press launch mentioned on the time. “Members of the neighborhood can then use the stems to create remixes and switch them into music NFTs. The unique artists of the stems will obtain royalties from gross sales of the remixes that includes their stems.”
The platform was purported to launch on October 6, 2022 on the Polygon blockchain. It makes use of the MATIC tokens and at launch was purported to have seven NFTs minted for 100 MATIC every. On the time, MATIC was price about $1 per token, however on the time of writing the token is down to simply $.67 per worth.
The platform itself doesn’t look like accessible and an tackle related to the Stem Labs LLC firm seems to be related to an residence someplace in Los Angeles. Polygon was purported to be a layer-2 scaling resolution for Ethereum, first launched in 2017.
Polygon options zero-knowledge Ethereum Digital Machine—the power to course of good contract transactions with out revealing the underlying consumer info. zkEVM is quicker and extra privacy-oriented than normal good contract transactions. In 2021, the blockchain’s marketcap was estimated to be over $9 billion, however in 2023 it has fallen considerably to simply $6 billion because the crypto market has deflated massively after a number of scams have been uncovered.