The NFT market has exploded in 2021 and today brings news of yet another multi-million dollar funding round for a digital collectables platform.

RCRDSHP, an NFT platform for electronic music, has closed its first investment round, which the platform reports to be a “multi-million dollar” seed round.

MBW understands that the platform has raised over $5m in seed funding.

Last month, San Francisco-based NFT platform MakersPlace raised $30 millionin a Series A round led by Bessemer Venture Partners and Pantera Capital.

In May, NFT platform OneOf raised $63 million in a seed round from prominent tech and music industry veterans.

RCRDSHP’s seed round was supported by NFT collectors Metakovan and Twobadour (via PortKey Technologies), and Dapper Labs.

Metakovan and Twobadour bought the highest priced NFT in history back in March, a $69 million digital art piece created by Beeple and auctioned at Christies.

According to a media statement, each limited-edition RCRDSHP collectible, built on Flow blockchain, “encapsulates a unique aspect of an artist, label, or festival’s musical worlds”.

The platform launched in mid August with a drop of 5555 “genesis packs”, made up of electronic and dance music digital collectibles.

The release sold out “in a matter of hours”, according to RCRDSHP, with a second larger release selling out “in minutes” the following week.

RCRDSHP’s music and content partners included Aneesh Gera, Ashley Wallbridge, Bar25, Black Hole Recordings, Blanco Y Negro, Blacksoul Music, Christian Barbuto, Circus Recordings, CloudKid, Dexter King, Dino Maggiorana, Disco Fries, D-Nox & Beckers, D-Unity/Unity Records, Great Wall Festival, HQ Recordings, Iboga Records, Kaiserdisco, Kaiser Souzai/Ballroom Records.

Other partners include Kittball Records, Liquicity, M.I.K.E. Push, Magic Music, Mark Knight/Toolroom Records, Mason, Mauro Picotto, Music Over Matter, Minimal Audio, Mobilee Records, Nakadia, Natura Viva Records, Plastik Funk, Robert Babicz, Rob Hes/Pursuit Recordings, RSSRCT, Scott Diaz, Sharam Jey/Bunnytiger Records, Solarstone/Pure Trance, Stefano Noferini/Deeperfect Records, Strange Fruits, TheFatRat, The Scumfrog, Tidy Trax, Transmission Festival, Tribal Trap Records, Vassy, Vision Impossible, Wookie, and many more to come.

“The waves of attention and money flowing onto NFTs have still not reached the vast majority of artists and creatives.”

Metakovan

Metakovan said: “The waves of attention and money flowing onto NFTs have still not reached the vast majority of artists and creatives.

“A platform like RCRDSHP promises to shift the balance and let more creators benefit from digital collectibles.”

“RCRDSHP takes NFTs and brings them to a much broader audience by creating a platform that’s tuned in to what matters to music communities.”

Roham Gharegozlou, Dapper Labs

Roham Gharegozlou, CEO, Dapper Labs, said: “RCRDSHP takes NFTs and brings them to a much broader audience by creating a platform that’s tuned in to what matters to music communities.

“Through their creativity and market knowledge, what we see very clearly is a visionary leadership team of senior music and tech executives at the top of their fields, and passion for miles.”

“We’re excited to launch our vision and create a space where creators can finally reap well-deserved rewards for their work.”

Eric Reithler-Barros, RCRDSHP

Eric Reithler-Barros, Co-Founder and Chief Commercial Officer at RCRDSHP and parent company LTMP, said: “The support from such high-profile and knowledgeable investors validates our model and affirms that our approach to digital collectibles and electronic music culture is poised to skyrocket.

“We’re excited to launch our vision and create a space where creators can finally reap well-deserved rewards for their work.”