London, 12th December 2022 Public Pressure, the Web3 music specialist, which officially launched in August, has announced a new round of funding.
Scytale, a digital asset manager, focused on real-world blockchain solutions, oversaw a $6m funding round as the lead investment partner, which also saw them secure commitments from Ethereum & Polkadot Founder Gavin Wood, Ed Hesse, Founder of Energy Web, and other venture companies such as Matterblock and HV Capital.
Public Pressure, which was originally launched in 2015 as an online community and magazine dedicated to giving a voice to emerging artists and labels, is built on Polkadot, which has the lowest total electricity consumption and carbon emissions per year of the six proof-of-stake (POS) blockchains and has been designed to support the transition of music to Web3. It aims to empower the artist/fan relationship while creating new revenue streams for creators and the wider music industry. The company is headquartered in London but has offices and team members in Europe, Hong Kong and the United States.
Mark Cachia, Founder and CIO of Scytale said, “We believe that music and artists will be one of the industries that will most benefit from Web3. Public Pressure is the first music project on Polkadot and this kind of forward thinking gives us confidence that the team at Public Pressure are best placed to execute a win-win strategy for artists and also investors.”
Since its launch Public Pressure has already initiated successful partnerships and campaigns with major fashion brands including Diesel, which focused on promoting under-represented musicians, artists, and their innovative genres, and Moonsama, which was the company’s first partnership in the music and gaming metaverse and raised over $2m in revenues.
Founder of Public Pressure Sergio Mottola said, “Web 3 is about creating a fairer internet where the user owns their data and identity. For us, it is about creating a more equitable music industry where artists control the relationship with their fans and oversee the distribution of their products. This new investment led by Scytale gives us not only access to funding, which will allow us to continue to grow our offering, but also to Mark Cachia and his team’s expertise and insights into this exciting new market.”