Tune.FM, a tokenized music economy that enables artists to get paid directly for every second streamed using JAM tokens, has received a grant from The HBAR Foundation to bring more users to the Hedera Network. Tune.FM is one of the oldest live Hedera projects.
Through its platform, Tune.FM aims to democratize access to music and level the playing field for artists around the world. It is a platform for users to explore independent music. With the Hedera-powered JAM token, Tune.FM’s mission is to allow micropayments directly between artists and fans for streaming and curating music. The company is also cementing its place in the growing global NFT market.
Through the Tune.FM platform, artists can mint NFTs for exclusive content and sell them directly to fans for JAM tokens. The use of Hedera Token Service (HTS) has enabled Tune.FM to reduce the cost of the token transaction fees. Tune.FM aims to leverage Hedera Network’s speed to facilitate growing micropayments in JAM tokens.
The grant from the HBAR Foundation will support Tune.FM in its mission to create new revenue streams for artists through a tokenized economy. By utilizing the Hedera Token Service (HTS), Tune.Fm overcomes smart contract tokenization limitations through the efficiency of Hedera's underlying hashgraph consensus algorithm. The HBAR Foundation’s assistance will help the creation of more active Hedere accounts on the Tune.FM platform.
The team of Tune.FM consists of cofounders Andrew Antar and Brian Antar as well as CTO Daniel Nordberg leading a team of fullstack developers. By being one of the first live Hedera projects with JAM as the only publicly traded HTS token, Tune.FM has supported the expansion efforts of HTS support across multiple exchanges.
About the HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, Sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale.
Tune.FM solves the inefficiencies across the music industry and streaming platforms today, whereby artists aren't paid fairly. Tune.FM enables artists to publish their music for free, while listeners pay directly using a fungible token issued on Hedera called "JAM." This payment model cuts out several costly intermediaries found in today's music streaming business models. Tune.FM turned to Hedera Hashgraph as its public distributed ledger of choice for the issuance, management, and transfer of fungible (JAM token) and non-fungible tokens (NFTs) for artists’ exclusive limited release digital assets.
For those that wish to engage with the HBAR Foundation’s previous grant recipients and the Hedera ecosystem as a whole, they can feel free to download Hashpack, obtain a Hedera wallet, and stake HBAR via Stader here.