Web3 Audio Streaming Platform Tamago Raises $1M Seed Round
Billed as a reimagining of the streaming model, Tamago will release exclusive NFTs and music drops from Felix Da Housecat, Paramida and more.
Web3 decentralized audio streaming platform Tamago raised a seed round of $1 million from investors Block0, Move Capital, Daedalus, Human Guild and Big Brain Holdings, the company tells Billboard. The funds will allow Tamago to further its goal of reimagining the streaming platform model through a mix of Web3 and NFT technology, helping artists earn money in new and innovative ways.
Tamago, which is hosted on the NEAR Protocol blockchain, was launched in March by co-founders Clarian North and Jeff Gold. NFTs on the platform are delivered as singles or a collection of tracks that users can stream as well as add to their profile for other users to play. Tamago also allows NFT buyers to create shareable playlists that can be monetized based on the royalty structure decided upon by the artist selling it.
The platform also has its own metaverse, Tama Island, which is described as a virtual version of Tamago that hosts weekly livestreams and events from artists, NFT treasure hunts and more. On future versions of the platform, users will be able to trade, buy and sell their tracks and NFTs on the Tamago app as well as on Tama Island in 3D, host virtual record fairs on TAMA Island, stream exclusive performances and engage in social community events with interoperable social features.
Since launch, Tamago has drawn artists including Visionquest, Desert Hearts, Mioli, Barem’s Fun Records, Mr C, Doc Martin, Desert Hearts and Matthias Meyer, all of whom have signed on to the platform as sellers.
This summer, the platform will release exclusive NFTs and music drops from several additional artists, including Felix Da Housecat, Paramida, Tiga, Deep Aztec and Rose Bonica.
“It’s no secret that the music industry suffers from an unacceptable lack of transparency in digital revenue that goes back to artists from giant streaming solutions such as Spotify,” said North in a statement. But, he added, “climate neutral public blockchains such as NEAR provide an unparalleled and much needed potential to give artists back the transparency of their fair shares digitally, while providing healthier online support systems.”
Tamago currently boasts nearly 1,000 tracks, with over 700 users and 45,000 minutes of streamed content to date. The platform has so far issued more than $20,000 in payouts through its events — both in the metaverse and in real life — as well as its “Top of the Charts” liquidity pool that pays out monthly to artists.
Details on Tamago’s forthcoming NFT drops can be found below.
Felix Da Housecat: The Chicago house icon is planning several one of one NFT drops throughout the year, including an “artist playing card” tied to his forthcoming album with Dave The Hustler and DJ Lenka Paris. In October, Felix will release the entire album exclusively on Tamago while monetizing it using the platform’s Web3 technology. He will additionally be uploading the entire back catalog of his label Founders of Filth to the platform.
Paramida: The resident DJ at Berlin’s Panorama Bar will do an exclusive NFT drop on Tamago in June, leading up to a “full body of work” set for release later in the summer. The NFT drop will include an unreleased track bundled with guest list access to all events from her Love on the Rocks label this year, including an island party at Love International in Croatia this summer. The buyer of that NFT will also receive the dub plate from Paramida’s upcoming release, including the exclusive Tamago track. She will also upload Love on the Rocks’ entire back catalog to Tamago later this year.
Tiga: The DJ/producer will do an NFT drop on Tamago on July 17, while his label Turbo Recordings will begin uploading its back catalog to the platform as soon as this month.
Wolfkop Weekender: The South African music festival will soon be uploading its entire back catalog of live event recordings, with NFT drops from Cape Town-based DJ, producer and label owner Deep Aztec as well as producer and artist Rose Bonica.