Swedish startup Anotherblock pinged Music Ally’s radar in January this year when it took investment from artist Steve Angello for its business selling NFTs with music royalties attached. Now the company has announced an official funding round of SEK 24m (around $2.5m) led by Nordic venture capital firm Inventure.
An unnamed group of labels, publishers and artists are also part of the round, with producer DannyBoyStyles also confirmed to be investing. Anotherblock has yet to launch, although it’s taking signups on its site for people to be notified when it does.
It’s one of a number of firms connecting music rights to NFTs – Royal and Opulous for example – and while there’s plenty of buzz around the idea, there are also questions about whether fans truly understand the likely return on their investments.
We’ll be keen to see how Anotherblock addresses those issues when it launches.