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Dapper Labs Leads $5M+ Funding Round for Music NFT Platform RCRDSHP

UTC by Patrick Kariuki · 2 min read
Dapper Labs Leads $5M+ Funding Round for Music NFT Platform RCRDSHP
Photo: Collision Conf / Flickr

RCRDSHP is an example of startups that develop music NFTs and NFTs revolving around the music culture. The company launched its first collection earlier in the year.

RCRDSHP, a platform famously known for electronic music NFTs, closed its seed investment round which was led by a renowned player, Dapper Labs, and two of the most famous NFT collectors, Twobadour and Metakovan. This investment round was revealed on Thursday by the company. According to CoinDesk, a RCRDSHP representative revealed that the platform had raised in excess of $5 million.

Flow Blockchain, owned by Dapper Labs, will be used to run the marketplace. The Blockchain is particularly famous for hosting the National Basketball Association’s “Top Shot Series” of Digital Collectibles. Earlier in the year, June, Roham Gharegozlou who is the chief executive at Dapper Labs was among the notable investors who invested in a seed round that amounted to $4M. The funding round was for NFT Genius, an NFT marketplace. This funding round was aimed at incorporating NFT Genius into the Flow Blockchain. RCRDSHP plans on releasing collectible packs that will epitomize unique qualities of an artist music label, and make affordability a priority, the company stated via a press release.

The release of RCRDSHP’s latest pack features both digital works and portraits of artists. The release involved 8,888 packs that were in high demand leading to a total sell-out which only lasted eight minutes.

About NFT Platform RCRDSHP

In 2021 it’s not hard to find a company exploring NFTs, particularly music-related NFTs – and probably you’ll find that the NFT is already tokenized on the blockchain. Companies are gaining momentum thanks to their popularity and adoption of the fundraising rounds. RCRDSHP is an example of startups that develop music NFTs and NFTs revolving around the music culture. The company launched its first collection earlier in the year, August, which experienced a total sell-out a few hours following the launch. Again, the company was successful with their second attempt later in the same month. RCRDSHP’s co-founder, Reithler-Barros was quoted saying that the support offered by the high-profile and experienced investors is a validation for the company’s business model, and also affirms their approach to the collectibles business and the music culture. Some of the artists and labels that have worked with the company include Wookie, Strange Fruits, and Blanco Y Negro.

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Patrick Kariuki

Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.

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