Exclusive: Music NFT firm Cadenverse bags $4m in seed money

Vietnam-based Cadenverse, a decentralized music distribution platform, has raised US$4 million in a seed round from investors including Amanotes and Kyber Network.

TomoChain, Hub Global, Sandbox Network, Meta Bora, and Wemix also took part in the round.

Cadenverse team / Photo credit: Cadenverse

Cadenverse, which was spun out of Vietnam-based music tech startup Amanotes, is a music-to-earn platform that connects Indie artists with the gaming market. It operates the Musicad platform, which turns songs into playable levels of a game by identifying song highlights and creating beatmaps that can be adapted to different games.

“I clearly believe that music should be decentralized and the power must be given to artists,” Cadenverse CEO Vincent Hoang told Tech in Asia. “The current music distribution model is centralized to a few publishers.”

The company will use the fresh funds for product development and user acquisition. It is looking to partner with 100 artists by the end of this year and onboard Amanotes’ existing user base onto Cadenverse as well.

See also: Music NFTs could be the next breakthrough application in crypto

Artists on Cadenverse can tokenize their songs as “game song NFTs” or “collectible song NFTs.” The former records royalty payments to an artist each time their song is used in one of its games while the latter can be bought and sold on its NFT marketplace.

The company’s first play-to-earn game, Looper Band, is currently in its beta phase and available for download. Meanwhile, its marketplace for collectible song NFTs is slated to go live in the first quarter of next year and its platform for game song NFTs will launch in the second quarter of 2023.