Binance Labs, the VC arm of crypto exchange Binance, has invested an undisclosed sum in Melos Studio, a platform for music-based non-fungible tokens (NFTs).
Binance CEO Changpeng Zhao / Photo credit: Coinpedia
Under the deal, Binance Labs will provide Melos Studio with tech, consultation, and incubation services. Meanwhile, Melos Studio will help the crypto exchange diversify its music NFT category in Binance Smart Chain by expanding Binance’s team and collaborating with global and indie artists.
Through Melos Studio, creators can use NFTs to record their compositions on the blockchain and collaborate with other musicians in the ecosystem. It uses decentralized autonomous organization governance to help users get together regardless of their location and time.
Melos Studio has also established a Github creation process for music, which allows musicians and fans to share their work on its platform.
“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,” said Chase Guo, investment director at Binance Labs.
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Earlier this month, Binance launched a US$1 billion Crypto Mass Adoption Fund for Binance Smart Chain to accelerate the adoption of digital assets and blockchain tech globally. The fund has invested in crypto exchange MCDEX.
Editing by Collin Furtado and Lorenzo Kyle Subido
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