According to BlockBeats, on September 12, Cointelegraph reported that Tune.FM, a Web3 music platform based on Hedera, completed a $50 million financing round, with Global Emerging Markets participating in the investment.
The new investment will be used to provide liquidity for the protocol’s JAM token, which is used within the platform to reward artists and users. Tune.fm’s previous investors include LDA Capital, Alpha Token Capital, Block Alpha, Animoca Brands, HBAR Foundation, and GDA Capital, among others.
The platform provides a music streaming service with an integrated NFT marketplace. Artists can receive micropayments for every second of music played, while users can earn tokens by discovering and listening to newly promoted songs.