Stems, the decentralized music NFT platform, is gone. Over a year after raising $4 million in a pre-seed round, it is still in invite-only beta.

It appears that Hipgnosis is not the only successful record label currently facing its own demise. DMN has discovered another problematic play in the once-bubbling NFT market, with $4 million reportedly burned in less than a year.

Ideo CoLab Ventures led the October 2022 financing round, with participation from Jump, GSR, Akatsuki, Village Global, Polygon Studios, Merit Circle, Yield Guild Games, FireEyes, NoiseDAO, and other investors. The company’s goal is to establish a social center where fans and musicians from all over the world can interact and work together.

READ MORE: Almost All NFTs Are Now Worthless After Their Valuation Fell To zero

According to the company’s press release at the time, “Artists can release music stems or components that make up a track such as drums, bass, and guitar to the Stem community.” The stems can then be used by community members to make remixes and music NFTs. Royalties from the sales of the remixes that use their stems will go to the original artists of those stems.

READ MORE: $2.5M Of Bored Ape Yacht Club NFTs Stolen In Instagram Hack

On October 6, 2022, the platform was scheduled to go live on the Polygon blockchain. It makes use of MATIC tokens and was purportedly minting seven NFTs for every 100 MATIC at launch. Approximately one token was worth of MATIC at the time; however, as of this writing, the token is only worth $.67.

It appears that the platform is not currently operational. A Stem Labs LLC firm address also seems to be connected to a Los Angeles residence close to The Grove. When Polygon was first introduced in 2017, it was intended to be an Ethereum layer-2 scaling solution.

Zero-knowledge features in Polygon The capacity to handle smart contract transactions without disclosing the underlying user data is known as the Ethereum Virtual Machine. Transactions using the shortened form “zkEVM” are quicker and focus more on privacy than regular smart contract transactions. The market capitalization of the blockchain was projected to be over $9 billion in 2021, but by 2023, it had dropped dramatically to just $6 billion as the cryptocurrency market collapsed dramatically following the exposure of multiple scams.


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