Arpeggi Labs, a music Web3 platform, begins $11m fundraising round

A16z-backed startup Arpeggi Labs plans to close an $11m funding round. The firm has built a free-to-use platform in the form of a browser extension for creating and issuing tracks in NFT format.

The tool also enables artists to share their music with others for reuse, while providing proof of authorship.

The Arpeggi platform is built on top of the decentralised Audio Relationship Protocol sound library, the company said on website.

In the $5.1 million seed round in September 2022, a16z, Electric Feel Ventures, the Audius Foundation, 1Confirmation, and musicians Steve Aoki and Wyclef Jean participated.

The founders Evan Dillon, Kyle Dillon and James Pastan predicted the emergence of a new type of ‘remix culture’ in the music industry thanks to their product. It will enable the creative repurposing of intellectual property, as happens on TikTok.

Arpeggi will create the conditions for fame for anyone who contributes to the creation of a viral hit. The founders believe that blockchain technology will substantially simplify the proposed functionality.

Earlier, Mastercard, in partnership with Polygon announced the launch of Web3-programme Mastercard Artist Accelerator for emerging artists.