PopEx raises $3.5m to launch NFT platform for music industry
PopEx raises $3.5m to launch the NFT platform for the music industry
LONDON: 22 September 2022
PopEx, the digital collectibles company, has closed a $3.5 million seed funding round, valuing the company at $40 million, and launched a new all-in-one digital collectibles platform designed specifically for the music industry. The funding round was led by Animoca Brands and included Shima Capital, UOB Bank, Cudos, Outlier Ventures, and Tileyard.
The new platform allows musicians to create and sell non-fungible tokens (NFTs), and other exclusive items and experiences, while enabling fans to own official, authenticated limited-edition work by their favorite artists and stakes in artists’ royalties.
The launch is led by PopEx founder and CEO, Matt Bond, the musician, songwriter, and entrepreneur who heads the NBLM songwriting and production collective and is a founding member of rock band The Dirty Youth.
Matt Bond, Founder, and CEO, PopEx, said: “By using PopEx, artists can freely and inexpensively mint, sell and trade NFT collections. Not only does this provide artists with a sustainable, digital extension of the traditional merchandise stand, but offers fans new and innovative ways to support and engage with their favorite artists and even festivals. This could range from a standalone digital collectible to an NFT that offers a share of royalties. Our vision is backed by some of the leading investors in Web3 and beyond who share our commitment to leveraging technology to help artists shape their creative and commercial future.”
Yat Siu, Executive Chairman of Animoca Brands and PopEx investor, said: “In PopEx, we see limitless potential for artists to forge meaningful connections with their fans through NFTs. This in turn empowers artists to maintain creative independence by finding new blockchain-enabled ways to commercialize their output. In Matt Bond and his team, we are backing a visionary group who have shaped an approach to changing the music industry for the better from a true artist’s perspective.”
PopEx will build a community in which NFTs are accessible by removing the barriers and paywalls normally attached to NFTs. This enables PopEx to restore closer relationships between verified artists and their audiences.
Artists benefit from a simple registration process and can brand and personalize their official PopEx profile. The creation, or minting, of an NFT, simply involves uploading artwork which is then automatically processed using the blockchain. The NFT can be previewed before listing on the PopEx marketplace – already a busy digital destination for artist-created NFT collections.
By modifying the smart contract behind the NFT, artists can commit to offering unique experiences, tickets, physical items, and even stakes in royalties and therefore provide tangible rewards for the commitment to a band.
Fans can sign up in seconds without the requirement for an existing crypto wallet or prior NFT or blockchain experience. They only need to supply an email address and debit card. While most NFTs are bought using cryptocurrency, payment for PopEx products can be sent using a debit card, PayPal, and Apple Pay. Fans do not need to handle blockchain transactions and all purchases are kept safe in a dedicated, secure wallet so fans can review and share their purchases with friends.
PopEx works directly with artists, record companies, music publishers, festival organizers, promoters, and artist management companies to authenticate and verify all digital collectibles sold on the platform.
The PopEx platform is built on Polkadot, the blockchain with the lowest carbon footprint among proof-of-stake protocols. The company will donate a percentage of all sales to help fund global carbon reduction projects using sustainability platforms including Aerial, Senken, and the Stripe Climate Programme.
About PopEx
PopEx is a digital collectibles company that operates a non-fungible token (NFT) platform that enables artists to earn additional income streams and fans to engage with their favorite artists in new and innovative ways. The platform provides a viable, sustainable, and user-friendly route for artists to secure their creative sovereignty by sharing in the global opportunities presented by Web3. PopEx’s vision is to change the way artists are discovered, improve how they connect with their fans, and ultimately reshape the entire music industry.
The company was founded in 2021 by musician, songwriter and entrepreneur Matt Bond. Matt is the co-founder of songwriting and production collective NBLM and a founding member of rock band The Dirty Youth. NBLM has signed over 100 record deals and yielded hundreds of millions of streams through releases with Universal, Sony and Spinnin Records. The Dirty Youth was the first band signed to Marshall Records and has toured with Bruce Springsteen, Paul McCartney, Soundgarden, Iggy Pop, Status Quo, Feeder and Korn.
About Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse.
The company develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP, and Formula E. It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Grease Monkey Games, Eden Games, Darewise, Notre Game, TinyTap, and Be Media. Animoca Brands has a growing portfolio of more than 340 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others. For more information visit www.animocabrands.com or follow on Twitter or Facebook.