It’s part of a seed round to raise a total of US$20mln by Sturdy Exchange, which is incorporated in the US.
Sturdy Exchange was founded to help artists to collaborate and display one-of-a-kind NFTs.
The platform will allow artists to mint NFTs and distribute directly to their fans. Users will be able to interact with their favourite artists, collecting special NFTs with album rollouts, tours, merchandising, or resell their collections in the Sturdy Exchange Marketplace.
Sturdy Exchange is a subsidiary of Sturdy Agency, a creative agency that works with top tier artists and movie production companies.
Its clients include Drake, Kendrick Lamar, Selena Gomez and Shawn Mendez. Sturdy Exchange will work with Sturdy Agency to on-board artists into the platform and help them drop their NFTs.
Sturdy Exchange will be using Flow Network, an open network blockchain, to issue NFTs.
“The demand for NFT generation in the music and entertainment industry is surging and Sturdy Exchange provides an exciting opportunity to work closely with high profile musicians and entertainers,” said NFT executive chairman Jonathan Bixby.
“By building on the Flow Network, Sturdy Exchange will be able to help democratise access to NFT’s at affordable price entry points, providing users with an accessible platform to engage with and support their favourite artists.”