Dubbed by some as the next phase of the internet, Web3 is gaining traction as more platforms and startups integrate blockchain technology to enhance user experiences, including in the music industry.
More than a month ago, Web3 Music Association (W3M) is a new global music industry trade body that aims to “promote research and development across the industry.”
Now, Dripping HouseSolana, creator platform on blockchain, announces acquisition refuge music, a platform dedicated to releasing limited edition music. DRiP said on Monday (July 1) that the acquisition aims to enhance the on-chain music experience on the Solana blockchain.
DRiP describes itself as a creator platform on the Solana blockchain, allowing artists and creators to distribute digital works such as art and music.
Financial terms of the deal were not disclosed.
After the acquisition is completed, all Vault Music placements and users will be migrated to the DRiP platform. DriP said the shift is in line with its upcoming mobile app, which promises to expand the types of content and experiences available to users, including news, videos and podcasts.
Vault Music, co-founded by the people behind the scenes fan duelSince its establishment in November 2021, it has been a participant in the Web3 music field.
Its platform allows artists to create exclusive, limited-edition works, creating a unique model that rewards top fans and generates new revenue streams. Artists not only benefit from the initial sale, but also from perpetual royalties on each resale on the Vault Music secondary market.
“Vault is our first music partner on DRiP,” said DRiP CEO vibnoby. “They do a great job of hosting musicians from outside the existing ecosystem, and we’re excited to help them continue that effort.”
Vault Music’s artist roster includes FLETCHER, Kids That Fly, Caroline Rose, AKTHESAVIOR, Naika, BLÜ EYES, and more. The company claims to release more than 100 pieces of music from its breakthrough artists every year.
“We’re extremely proud of the tools and community we’ve built to help independent artists sustain their careers directly with their fan bases,” Vault Music CEO Carla Burney explain.
“DRiP shares our belief that web3 technology can be used thoughtfully to create true ownership and new royalty models that have not existed before for artists.”
Kara Burney, Vault Music
“DRiP shares our belief that web3 technology can be used thoughtfully to create true ownership and new royalty models for artists that did not exist before.
“Ultimately, this is a win for our community who believe that on-chain music can bring sustainable change to artists’ livelihoods and improve the fan experience in the process. We wholeheartedly believe in DRiP transforming the creator economy vision and we are excited to be part of their ongoing investment in serving the music industry.
Norby said DRiP’s mobile app is scheduled to be released on Android and iOS platforms later this summer. The app is currently in alpha testing and will have a built-in wallet and music-specific features.
DRiP says it has attracted well-known Web3 artists as well as mainstream artists such as Jason Derulo and Wakafloca Flame.
The platform’s vision extends beyond music and aims to be a comprehensive hub for diverse content creation. Creators will be able to create content directly through the DRiP app and compatible wallets such as phantom.
The deal between DRiP and Vault Music comes as Web3 Music is attracting significant investment. Earlier this year, Traxwhich describes itself as a Web3 music startup for “super fans,” $2.9 million in a decentralized funding round.
January, based in San Francisco FM FMwhich describes itself as a Web3 decentralized music streaming platform that is secure US$20 million Funding comes from Leda Capital.
SonaWeb3 music streaming platform founded by DJ TOKiMONSTA $6.9 million The seed round of financing will be completed in December 2023. Tune into the world For content delivery tools and reporting services.
global music business
