DriP Haus acquires first partner Vault Music to develop music experience on Solana’s blockchain

Web3, dubbed by some as the next phase of the Internet, is gaining momentum as more platforms and startups integrate blockchain technology to improve the user experience, including the music industry.

Over a month ago, the Web3 Music Association (W3M) was founded as a new global music industry trade organization that aims to “facilitate industry-wide research and development.”

Now, DRiP Hauscreator platform on the Solana blockchain, announced the acquisition of Vault Music, a platform specializing in limited edition music releases. This acquisition aims to strengthen the music information available on the Solana blockchain, DRiP said on Monday (July 1).

DriP describes itself as a creator platform on the Solana blockchain that allows artists and creators to distribute digital works such as art and music.

Financial terms of the deal were not disclosed.

After the acquisition, all Vault Music is downgraded and users will move to the DRiP platform. DriP says the change coincides with the upcoming release of its mobile app, which promises to expand the types of content and information available to its users, including news, video, and podcasts.

Vault Music, founded by the minds behind FanDuelhas been a player in the Web3 music space since its inception in November 2021.

Its platform allows artists to create exclusive, limited editions, creating a unique model that rewards top fans and generates new sources of income. Artists benefit not only from the initial sale but also from ongoing profits from all resales within Vault Music’s secondary marketplace.

“Vault was DriP’s first music partner,” said DriP’s CEO Vibhu Norby. “They’ve done a great job bringing together artists outside of the existing ecosystem, and we’re excited to help them continue this effort.”

Includes a list of Vault Music artists FLETCHER, Kids That Fly, Caroline Rose, AKTHESAVIOR, Naika, BLÜ EYES, and more. The company claims to release more than 100 songs a year from its emerging artists.

“We’re incredibly proud of the tools and community we’ve built to help independent artists propel their careers through their fans,” Vault Music’s CEO said. Kara Burney said.

“DRiP shares our belief that web3 technology can be thoughtfully used to create original identities and new royalty models that were previously unavailable to artists.”

Kara Burney, Vault Music

“DRiP shares our belief that web3 technology can be used thoughtfully to create original identities and new royalty models that were previously unavailable to artists.

“Ultimately, this is a win for our community, who believe that on-chain music can make a lasting difference in the lives of artists, and improve the fan experience in the industry. We wholeheartedly believe in DRiP’s vision to revolutionize the creative economy, and we are grateful to be a part of their continued funding to help the music industry.”

The DRiP mobile app is scheduled to be released later this summer for Android and iOS, Norby said. The app, currently in alpha testing, will include a built-in wallet and music-specific functions.

DRiP says it has already attracted established Web3 artists and mainstream names alike Jason Derulo again Waka Flocka Flame.

The vision of the platform goes beyond music, aiming to be a complete hub for creating diverse content. Creators will have the ability to share stories, videos, and podcasts directly through the DRiP app and compatible wallets such as Phantom.

The agreement between DRiP and Vault Music comes at a time when Web3 music companies are attracting significant investment. At the beginning of this year, TRAXwhich describes itself as a Web3 music startup for “super fans,” suggested $2.9 million in the financing round.

In January, headquarters in San Francisco Tune.FMwhich describes itself as a Web3-dedicated, secure music streaming platform $20 million with funding from LDA Capital.

Sina Web3 music streaming platform founded by DJ TOKiMONSTA, suggested $6.9 million in its seed funding round in December 2023. Next, Sona partnered with it Global tuned with content delivery tools and reporting services.

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