• 1confirmation backs new NFT startup built for music artists with $2.2 million in funding

  • 1confirmation, an investment firm backed by Peter Thiel and Mark Cuban, announced Thursday an investment in Catalog, a non-fungible token (NFT) project.

    The funding round, which officially closed in late June, injected $2.2 million in new capital into the project. Other investors in the round included Inflection and Delphi Digital.The investment is part of 1confirmation’s third fund, which raised $125 million to back early-stage cryptocurrency companies.

    Catalog aims to serve a specific corner of the NFT market: independent music artists. The startup says it has lined up more than 100 independent artists who have grossed more than $213,234 in record sales through the platform.

    With the support of Zora, Catalog offers a marketplace dedicated to music.

    “We believe that music needs its own space both aesthetically and functionally – artists want to put their music where people come to hear it, on a platform built for it, not among thousands of penguins, apes and alien art,” says Michael McCain.

    In a sense, it’s a blockchain-based version of Bandcamp, a platform through which artists can upload music for free and have more control over sales. The Web3 format is designed to give artists more control over those sales and allow them to collect more revenue, the company said.

    “Artists receive 100 percent on primary sales and a creator’s share set by them on secondary sales (Zora feature),” McCain added.

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