Binance Labs, the venture capital arm and incubator of crypto exchange Binance has invested an undisclosed amount in Melos Studios, a music-based NFT (non-fungible-token) platform.
With this strategic investment, Melos Studios will get access to Binance Lab’s incubation & consultation, services, and necessary technologies. While Melos Studios will contribute to Binance Lab’s ecosystem by diversifying the music NFT category in BSC (Binance Smart Chain). The music-based NFT platform aims to do this by creating more collaborations with top global artists, discovering new talent, and expanding the team.
Chase Guo, Investment Director at Binance Labs, said “We hope to innovate the field of music NFT with Melos Studio and are looking forward to collaborating with the team. Melos is differentiated in that it not only covers the marketplace and streaming service but also covers creator platforms where people can build on top of each other’s music NFT to create more advanced NFT.”
“We are glad to form a partnership with Binance Labs to create an innovative music NFT platform within the Binance ecosystem. We will continue to explore music applications in Web 3.0 to build a utopia for global music fans,” said Yalu and Jim, Co-Founders of Melos Studio.
The VC arm and incubator of Binance identifies, invests and enables sustainable blockchain startups, entrepreneurs, and communities, offering finance to industry projects that support nurturing the larger blockchain ecosystem. The company is committed to supporting fast-executing teams who have a positive impact on the crypto space.
The parent company Binance, founded in 2017 is a cryptocurrency exchange platform that combines digital technology and finance.
Melos Studios is an innovative Web 3.0 music platform that allows its users to put their musical compositions on the blockchain and create NFT’s. The platform has merged with NFT, DAO, and DeFi.
Melos Studios uses blockchain technology to create quality music application in Web 3.0. The platform uses NFT technology to give and capture full play to the value of every musical notation.
The company is convinced that the value from NFT and the independence that flows from the DAO allows you to be inspired and create new music pieces. By shifting the process of music creation to Github, Melos Studios has ensured its socialization- both musicians and fans were able to share and communicate their impressions.
Melos Studios was earlier backed by Innovation, NGC Ventures, Drapper Labs, and Multichain Capital.