Music NFT collector and Web3 mogul Coopahtroopa just announced the Coop Records Fund, a $10 million early-stage fund investing in the future of music while helping artists new to Web3 find their footing.
Launching as a hybrid between a venture fund, a record label, and an incubator, the new initiative is focused on creating new monetisation models in music and new revenue streams for artists, working alongside platforms, protocols and tokens uniquely enabled by Web3.
Coopahtroopa has worked in the music industry for decade and has been actively involved in the Web3 landscape for 5 years now. Using his skills as a Music Business student, a DJ, an artist manager and a Web3 project leader/investor, he now feels equipped to put Web3 on the map by empowering the artists and businesses paving the way in the space.
Coop Records is looking to fund opportunities that enable people to invest in their favourite artists: “I believe that artists can be CEOs if they choose to be. CEOs run companies, and companies have investors. Why should artists be any different?”, reads a statement on his Mirror page.
This is the focus of what Coop calls “Artist Seed Rounds”, a business model enabled by Web3 where artists no longer have to sell their masters and instead maintain majority ownership while getting capital from long-term partners. This, Coopahtroopa explains, would allow “artists to experiment more freely. To build a team and build products”.
Coop Records exists to make investing in music companies easy and exciting and is bringing on a select batch of trusted artists as early investors in the fund.
“Most people think I’m crazy for doubling down on a niche that feels so small today,” he states. “But truthfully – I’ve never felt closer to my purpose, and that triumphs any amount of likes, money or status. To the next generation of music – let’s jam.”
To find out more about Coop Records, visit the website here.
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