Stems, a decentralized music NFT platform, completes a $4 million seed round led by Ideo CoLab

According to The Block, Stems, a decentralized music NFT platform, completed a $4 million seed round of financing led by IDEO CoLab Ventures, with participation from Collab+Currency, Village Global, Polygon Studios, Merit Circle, and Yield Guild Games. The company will launch its music platform on October 6 with seven NFTs, each priced at 100 MATIC. Stems encourages artist and fan engagement through Web3 tools. For example, artists can post their music stems (or combinations of drums, bass, guitar, and other individual music tracks) to the Stem community. Users can then remix the audio into new musical NFTs, with the original artist earning royalties when sold.