Web3 music platform Tune.FM has received $20 million in capital from alternative investment group LDA Capital to advance its goals of helping musicians earning a greater share of royalties from their work. Using Hedera Hashgraph's blockchain technology, Tune.FM provides musicians with a platform to receive micropayments for streaming in its native JAM token (JAM) as well as minting non-fungible tokens (NFTs) for digital music assets and collectibles. The possibility of decentralizing industries where money and influence is concentrated in just a few hands is often touted as a potential mainstream use case for blockchain technology.
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