NFT music royalty market MasterExchange completes $2.7 million funding, with participation from Vectr Fintech and others

ChainCatcher news, according to Music Business Worldwide, the NFT music royalty investment market MasterExchange has completed a $2.7 million funding round, with participation from Vectr Fintech, Claes-Henrik Julander, and Rob Small. MasterExchange has launched its first "Initial Music Offering (IMO)" product, "Sofia," which has sold out.

It is reported that MasterExchange was co-founded by AI and blockchain expert Alexander Fred-Ojala, allowing music creators to raise funds by selling a portion of their future income (i.e., music royalties) to support early-stage creation, with more IMOs expected to launch this fall.

According to the MasterExchange official website, royalty shares are tradable assets on the MasterExchange platform, with each royalty share linked to an NFT on Polygon, and each is unique. However, the NFTs are held by external crypto custodians, and users do not interact directly with the NFTs when using MasterExchange.