• VAULT is a new platform on Solana that looks to be a major competitor for some of music’s biggest decentralized players.
• The platform is fresh off the heels of a $4M Series A fundraising round and was created by Nigel Eccles and Rob Jones, co-founders of FanDuel.
• VAULT takes an especially interesting mobile-friendly approach and is seemingly looking to build a ‘standard’ in the space with its ‘Digital Music Collectible’ (DMC) format.
VAULT: Major Competitor In Music’s Biggest Decentralized Space
VAULT is a new platform on Solana that looks to be a major competitor for some of music’s biggest decentralized players. The platform recently raised $4M in their Series A funding round, bringing their total raise to roughly $13M – all amidst bear market conditions.
The Power Behind VAULT
The project behind VAULT consists of two founders from FanDuel, Nigel Eccles and Rob Jones. They have experience navigating nascent industries with complicated regulatory landscapes, which could give them an edge over other platforms in the audio NFT space. Beyond the team, VAULT also has an interesting product offering – their ‘Digital Music Collectible’ (DMC) format essentially bundles up music packages to make them more appetizing than traditional album offerings or streaming services like Spotify.
Competition In Audio NFT Space
Though VAULT may not have first mover advantage, there are only few major competitors in the audio-based NFT space, like Audius (AUDIO). There hasn’t yet been one player that has established a dominant position – giving new entrants like VAULT a chance at making as splash.
Rihanna Joins The Scene
Just this week Rihanna released her own NFT, alongside Warner Music Group pairing with OpenSea – further evidence that traditional music entities are getting involved in the space as well.
Will VAULT Make An Impact?
It remains to be seen if VAUILT will be able to establish itself as an industry powerhouse when it comes to audio NFTs – but with their experience in navigating nascent markets and their unique mobile-friendly approach they certainly have potential for success.