1confirmation, the investment firm backed by Peter Thiel and Mark Cuban, announced an investment in the non-fungible token (NFT) Catalog project on Thursday.
The raise, which officially closed at the end of June, injects $2.2 million in fresh capital into the project. Other investors in the round include Inflection and Delphi Digital. The investment is part of the second fund of 1confirmation. The company recently raised $125 million for its third fund to support early-stage crypto businesses.
The catalog aims to serve a specific segment of the NFT market: independent music artists. The startup claims to have lined up more than 100 independent artists, who have earned more than $213,234 in total selling records through the platform.
Powered by Zora, Catalog offers a marketplace specific to music.
“We believe that music needs its own space that is both aesthetic and functional – artists want to put their music where people come to listen to music, on a platform built for it, not among thousands of penguins and monkeys and deviant art,” said Michael McKain. .
In a sense, it’s a blockchain-based version of Bandcamp, a platform through which artists can download music for free and have more control over sales. The Web3 format aims to give artists even more control over those sales and allow them to collect more revenue, the company says.
“Artists collect 100% on primary sales and collect the creator share (Zora feature), set by them, on secondary sales,” McKain added.