Serenade Secures $6m Investment, Sets Sights on U.S. Expansion
Serenade is ready to go global and make a splash in the U.S. market, thanks to a new $6 million fundraise.
With the latest cash-injection, the eco-friendly music NFT marketplace will launch a dedicated office in the United States, the world’s biggest music market, and press the button on a visual brand refresh and upgrade.
The new Serenade 2.0 marketplace will offer artists unique smart contracts and the ability to split and update royalties amongst multiple beneficiaries, a spokesperson explains, and consumers will have an improved visual and user experience, including the option to transfer their NFTs outside of the Serenade platform and trade on third-party marketplaces like OpenSea.
“We’ve been thrilled with the platform’s development since launching six months ago, and this progress is testament to the incredible work of both our team and the investors who’ve backed us,” comments Serenade founder Max Shand.
“We know there is huge demand for accessible, eco-friendly NFTs – and we look forward to further growth, developing the U.S. and other markets and launching version 2.0 of the platform in the coming weeks and months. What a time to come.”
Serenade has been hitting the right notes since in launched in Australia in 2020, initially as a platform for artists to perform to fans for a fee.
Details of the latest fundraise haven’t been disclosed.
Masterminded by whizz kid Max Shand, the tech business rolled out in the U.K. in 2021 and regeared as an NFT specialist, which with a raft of products from new and unreleased performances, to music, documentary footage, rare visuals and more.
Since its launch there, 15 artists have worked with the brand including Young M.A, The Kooks, Jungle, Super Furry Animals, Frank Carter & The Rattlesnakes, and Gary Powell from The Libertines.
In the Serenade model, fans can build a profile, showcase and chat about their collectibles. Artists get 85% of the initial sale of their work. Each time an NFT is sold and re-sold, the artist earns a 15% cut.
In February 2022, Serenade partnered with the Brit Awards for the annual event’s first-ever NFT collection, with money raised going to good causes.
The “Adele X Artist Of The Year Award” NFT is said to have sold-out within 30 minutes of going live.
Serenade has been supported by several high-profile music industry investors, including senior management figures from Atlantic Records U.K., Secret Sounds, Future Classic, UNIFIED Music Group and Warner Music Group, as well as Hollywood actor Hugh Jackman.
According to a spokesman, the group has also been joined by Mushroom Group CEO Matt Gudinski, I Oh You founder Johann Ponniah and former Powderfinger and Serenade patron artist Bernard Fanning.