Blockchain and cryptocurrency investments are the new hot trend in the music industry.
One of the biggest talking points in the music industry right now is the metaverse, a shared virtual reality space that many believe will be the future of gaming and a major segment of the tech sector, and if investment patterns are any indication, the music industry may end up being a major player in it.
Marcy Venture Partners (MVP), the venture capital firm co-founded by Shawn “JAY-Z” Carter, Roc Nation vice-chairman Jay Brown and longtime venture capitalist Larry Marcus is investing in spatial LABS (sLABS), a tech incubator with a focus on the metaverse and blockchain-based products, the company tells Billboard.
Founded by Iddris Sandu — a 24-year-old technologist and entrepreneur who has worked with Uber, Instagram, Beyoncé‘s Ivy Park, and Kanye West‘s Yeezy brand — sLABS will launch its first product next year called LNQ, a blockchain-enabled hardware platform on which details are sparse (the company declined to comment further). Sandu says he wants to use LNQ to provide young creators with better tools to utilize the metaverse as it becomes a reality.