Sony Music joins $30m funding for NFT startup MakersPlace


Major labels have been relatively cautious about talking too publicly about their views on NFTs, but they’re starting to talk with their wallets in the form of investments. Sony Music is among the companies backing NFT marketplace MakersPlace in its $30m Series A funding round.

The major label joined Coinbase Ventures, Uncork Capital and (co-leaders of the round) Bessemer Venture Partners and Pantera Capital in the funding. Oh, and musicians Eminem and 3Lau, both of whom have experimented with NFTs already.

Outside music, MakersPlace was involved in one of the most famous NFTs yet: ‘Everydays: The first 5000 Days’ by digital artist Beeple, which sold at auction for more than $69m in March this year.

In a blog post, MakersPlace said that in 2021 so far it has generated more than $100m in transactions, while growing its number of users (‘collectors’) by a factor of 10. “We will continue to push boundaries and empower digital creators with better tools and services, while finding more ways to introduce digital art and NFTs to a mainstream collector audience,” promised the company.

Written by: Stuart Dredge