Binance Labs, the venture capital arm and incubator of Binance, the world largest crypto exchange by trading volume, has just announced it has made a strategic investment in innovative Web 3.0 music NFT platform Melos Studio.
According to the press release seen by iHodl, the investment will allow Melos Studio to access Binance Labs' technologies, consultation as well as incubation services.
For its part, the NFT platform will also contribute to the Binance ecosystem by diversifying music NFT category in the Binance Smart Chain (BSC), Binance's native blockchain, through the expansion of its team and by entering into more partnerships with top global artists, as well as indie artist discoveries.
Melos Studio, which aims to create a quality music application in Web 3.0, uses DAO governance system, enabling creators to derive inspirations through NFT DNA Tree and collaborations regardless of their locations and time zones.
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Chase Guo, investment director at Binance Labs, said on the investment:
"We hope to innovate the field of music NFT with Melos Studio and are looking forward to collaborating with the team. Melos is differentiated in that it not only covers the marketplace and streaming service but also covers creator platforms where people can build on top of each other’s music NFT to create more advanced NFT."
Yalu and Jim, co-founders of Melos Studio, commented:
"We are glad to form a partnership with Binance Labs to create an innovative music NFT platform within the Binance ecosystem."
It is worth mentioning that Dapper Labs, Innovion, NGC Ventures and Multichain Capital have previously invested in Melos Studio.