The venture arm of the cryptocurrency exchange Binance announced strategic investments in Melos Studio, a Web 3.0-based ecosystem focused on music creation.
Binance Labs will provide the platform with technology, advisory support and funding. Melos Studio has brought together DAO, NFT and DeFi.
The platform will diversify the category of “music” NFTs on the Binance Smart Chain. The startup will expand its team, pursue new talent and forge collaborations with popular performers.
Melos Studio believes that the freedom stemming from the DAO and the value of NFTs enable inspiration and the creation of new musical works. By moving the music-creation process to GitHub, the startup has socialised it — fans and musicians can interact and share impressions.
“Melos Studio covers not only a marketplace and streaming service, but also platforms for creators. Users can layer music NFTs on top of one another, creating more advanced versions”, — said Chase Go, Director of Investments at Binance Labs.
Earlier investors in Melos Studio included Dapper Labs, Innovion, NGC Ventures and Multichain Capital.
In September, Dapper Labs led a seed round of $5 million for the music NFT platform RCRDSHP.
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