Muzika is a Korea-based blockchain startup with a unique rewards system for artists and users

NEO Global Capital Strategic Partnerships of the NEO Foundation has made an investment to Korea-based music blockchain startup Muzika. The fund by the Singapore-based strategic investment company will support the company’s incubation and provide resource integration from both parties.

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Muzika is an autonomous, self-sustaining ecosystem driven by music artists and their fans in tandem, where compensations and rewards will become proportional to the level of devotion put into musical creations and ecosystem behind them. With this premise, fans will be rewarded with MZK coins for their effort to support their favorites, and musical artists, in turn, will get 90 per cent of the profit their creation deserves.

“Muzika’s team has demonstrated business management capabilities and domain expertise in the music industry. They have an edge in technology infrastructure and ecosystem interoperability. NGC believes Muzika can do well and establish a better ecosystem for the global music industry,” said Tony Gu, founder of NEO Global Capital.

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Muzika currently has an existing user base of 2 million and investments from top-notch crypto and blockchain investment groups like T3 Ventures, Everest Ventures Group, 256 Ventures, and now from one of the largest owners of cryptocurrency in the Asia Pacific region, NEO Global Capital.

Muzika now reportedly has begun planning for expansion into various markets.

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Source: E27