Wavlake Completes Seed Round Financing Amid Its Goal to Provide a Fair Music Streaming Service through Blockchain and Web3 Tools

02/22/2023 10:28 • Tech Trends • 76 views

It is reported that the Web3 music streaming media platform Wavlake has announced that it has completed the seed round financing, and Trammell Venture Partners has led the investment, but the specific amount has not been disclosed yet. Wavlake was co-founded by musician and producer Michael Rhee and Sam Means. Through the use of blockchain and Web3 tools, Wavlake helps artists use the lightning network to accept Bitcoin payments, and then provides a new music streaming service. However, the company said that it will not issue any special tokens at this stage, but will build a more fair platform for artists and fans. （builtinchicago）

Web3 music streaming media platform Wavlake completes seed round financing

Analysis based on this information:

Wavlake, a music streaming media platform, announced that it has successfully closed its seed round financing, although the exact amount was not disclosed yet. The investment was led by Trammell Venture Partners, a firm that specialized in early-stage investments. The platform was co-founded by Michael Rhee, a musician and producer, and Sam Means, a music artist. Wavlake aims to create a fair platform for music artists and fans through the use of blockchain technology and Web3 tools.

Wavlake aims to solve the problems that music artists face in traditional music streaming services. Many music artists complain that they are not well-compensated in these services, despite their works being popular among the listeners. Wavlake aims to use blockchain technology to eliminate intermediaries in the music streaming process, allowing artists to get more significant rewards from their works. The platform also utilizes Web3 tools, which make it possible for artists to accept bitcoin payments through the lightning network.

The founders of Wavlake believe that a fair platform can only be achieved through transparency, something that blockchain technology can provide. By utilizing blockchain technology, Wavlake can create a transparent system that allows music artists to track how much they have earned from their works. This system ensures that artists get their fair share of the profits.

Wavlake’s approach to building a fair platform is different from most blockchain projects. While many blockchain projects rely on issuing special tokens to finance their projects, Wavlake chooses to forego this approach. Instead, the platform focuses on building the actual service, providing a functional music streaming service that prioritizes the benefits of artists and fans.

In conclusion, Wavlake’s completion of seed round financing is a significant milestone for the platform. The founders believe that their goal of providing a fair platform for music artists through blockchain technology and Web3 tools will be achieved. Wavlake’s focus on building a functioning service, rather than issuing tokens, sets it apart from most blockchain projects. Wavlake’s innovative approach may inspire other projects to rethink their strategies to realize the full potential of blockchain technology.

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