Steve Angello Bets on Blockchain Market to Revolutionize Music Rights Ownership – EDM.com
Steve Angello is betting on the future of music rights and leaning on anotherblock, a Swedish startup dedicated to expanding public access to royalty investments through NFT.
Founders Sebastian Knutsson and Mattias Miksche both have impressive pedigrees from different sectors of the tech industry. Knutsson is the founder of King, the publishing and development company behind candy Crushwhile Miksche’s company Stardoll operated as an angel investor in AI learning platform Sana Labs, among other successful start-ups.
According to a press release shared with EDM.com, the Swedish House Mafia star threw his hat in the ring in Anotherblock’s latest pre-seed funding round, which raised $1.2 million. The platform will seek to tokenize music rights – and the cash flows associated with those rights – by issuing NFTs. Typically, this is an asset class reserved for institutional investors and accredited investors, but the structure of offerings from another block would allow them to sell to the public.
In addition to the increased access and liquidity that will come from another bloc’s market, the organization also sees their approach as a way to generate fairer valuation of music and the art itself.
Creators will benefit in particular through a transaction fee that they can pocket each time their NFTs are traded on the open market, a path to generate revenue potentially in perpetuity.
“Unless profound changes are implemented in the way artists can monetize their creativity, the music industry is in a race to the bottom,” said Michel D. Traoré, CEO of Anotherblock. “Anotherblock is the solution: Leveraging the latest technology and industry expertise, our platform will protect creators and support them as they continue to enrich society and our culture.”