Web3 music platform Tune.FM completes $50 million financing, with participation from Global Emerging Markets

ChainCatcher news, according to Cointelegraph, the Hedera-based Web3 music platform Tune.FM has completed a $50 million financing round, with participation from Global Emerging Markets.

This new investment will be used to provide liquidity for the protocol's JAM token, which is used on the platform to reward artists and users. Previous investors in Tune.fm include LDA Capital, Alpha Token Capital, Block Alpha, Animoca Brands, the HBAR Foundation, and GDA Capital.

The platform offers a music streaming service integrated with an NFT marketplace. Artists can earn micropayments for every second of music played, while users can earn tokens by discovering and listening to newly promoted songs.