Steve Angello Bets On Blockchain Marketplace to Revolutionize Music Rights Ownership
Steve Angello is placing a bet on the future of music rights and throwing his weight behind anotherblock, a Swedish startup dedicated to expanding public access to royalty investing by way of NFTs.
The anotherblock platform will seek to tokenize music rights—and the cash flows associated with those rights—by issuing NFTs, or non-fungible tokens. Typically, this is an asset class reserved for institutional investors and accredited investors, but the structure of anotherblock's offerings would allow them to sell to the public.
Founders Michel D. Traore, Sebastian Ljungberg and Filip Strömsten boast impressive pedigrees from different sectors of the technology industry. Traore was formerly head of international expansion for Lendo, the fintech success story from Oslo-based digital media powerhouse Schibsted. Ljungberg, anotherblock's CTO, was most recently the in-house blockchain expert at Nasdaq.
According to a press release shared with EDM.com, the Swedish House Mafia star threw his hat in the ring during anotherblock's latest pre-seed funding round, which raised $1.2 million. The round was led by Stockholm-based early stage VC firm J12 and additional participation came from Sebastian Knutsson, Mattias Miksche, and Mathias Ackermand. Knutsson is the founder of King, the publishing and development company behind Candy Crush, while Miksche and Ackermand have operated as angel investors in a number of successful early stage companies.
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anotherblock CEO Michel D. Traore and COO Filip Strömsten.
anotherblock
In addition to the increased access and liquidity that will come from the anotherblock marketplace, the organization also sees their approach as a means to generating a fairer valuation for the music and art itself.
One way creators will benefit is by way of a transaction royalty they will get to pocket each time their NFTs are traded on the open market, a pathway to generating income potentially in perpetuity.
"Unless profound changes are implemented in the way that artists can monetize their creativity, the music industry is in a race to the bottom," said Michel D. Traore, CEO of anotherblock. "anotherblock is the solution: harnessing the latest technology and industry expertise, our platform will protect the creators, and support them as they continue enriching society and our culture."
