Hume raises millions to launch Web3 musicians
The Future. Tech and music company Hume has scored a significant Series A investment to create a roster of virtual artists that will bring some jams to the metaverse and get IRL talent paid in the process. If Hume can mint more artists like angelbaby, it could be the first successful record label made for the metaverse.
Hume is putting big money behind the idea that the next top musical acts will be digital creations.
- Forbes reports that Hume scored an $11.7 million Series A led by TCG Crypto.
- It plans on using the money to create and finance more avatar musicians, which the company dubs “metastars” that can play in virtual worlds.
- Obviously, there are people behind these metastars. Hume pays the songwriters and producers upfront and gives them a share of royalties. They also receive a tradeable NFT of the song.
Once the virtual musicians are created, fans can purchase an NFT that gives them a percentage of the IP, which includes songs and other revenue streams. Hume gets upfront financing for the characters, while fans get to invest in (and hopefully profit from) their success.
Hume has already made a name for itself with its marquee metastar, angelbaby, which was purchased from the NFT collection FLUF World, giving the company the right to do whatever it wanted with the character (much like the several Bored Apes used to launch businesses).
Hume has set angelbaby up for success, giving the artist tracks from talent that has worked with the likes of Selena Gomez and Dua Lipa. And to prove its cred, angelbaby played this year’s SXSW — the first virtual musician to ever do so.