An NFT music platform has launched after raising $4 million.
Stems is a decentralised social hub for music makers and listeners to collaborate and connect with emerging and major artists around the globe.
Artists can release music stems or components that make up a track such as drums, bass and guitar to the community, who can use them to create remixes and create music NFTs.
The original artists of the stems will receive royalties from sales of the remixes featuring their stems.
Hosted on the Polygon blockchain, users must purchase and deposit MATIC tokens into their crypto wallet then connect it to the platform.
Ideo CoLab Ventures led the funding round. It also featured Collab+Currency, Village Global, Polygon Studios, Merit Circle, Yield Guild Games, FireEyes, NoiseDAO, Jump, GSR and Akatsuki.
SoundMint, a generative platform for music NFTs, raised $1.7m in seed funding this summer.
Its NFTs are musical compositions derived from stems, with varying acoustic properties, algorithmically combined to create a set of unique musical art pieces.