Serenade, an NFT marketplace for music, has raised $6 million in seed funding. The round was led by Bain Capital Ventures, with participation from AngelList, Boost VC, and others.
Founded in 2019, Serenade allows artists to upload their music and then mint it as an NFT, which can be sold on the platform. The artist retains the copyright to their work and can set their price.
The proceeds from each sale are split between the artist and Serenade. The company takes a 10% cut of each sale, while the artist gets 90%.
"NFTs are a new and exciting way for artists to monetize their work," said Hugh Jackman. "Serenade provides artists with a simple and efficient way to mint and sell their NFTs, while also providing buyers with a one-stop shop for buying NFTs."
Jackman is no stranger to the world of NFTs. In February, he sold an NFT-backed song for $180,000.
"We believe that NFTs are going to be a key part of the music ecosystem," said Serenade CEO and co-founder John Palfreyman. "They provide a new way for artists to monetize their work and connect with their fans."
Palfreyman added that Serenade is "committed to helping artists take control of their careers and get paid fairly for their work."
The seed funding will be used to grow the team and launch new features on the platform. Serenade is currently in private beta, but is planning to launch publicly later this year.