Why we invested in SpiderVille, creator of the Ooh La La music NFT platform
Non-fungible tokens (NFTs) are facilitating the creation of new web3 projects across different mediums, and one segment ripe for disruption is streaming music. The economics of streaming payouts to artists only work for the top 1% of musicians, which account for about 90% of the streams. Music NFTs promise to democratize streaming by compensating artists fairly, while supporting unlimited, free streaming for listeners.
SpiderVille, a web3 music lab, has developed a streaming platform that aggregates music NFTs from different blockchain networks. The company’s first project, Ooh La La, is focused on improving the listening experience for music NFTs. It features an accessible user interface for both artists and consumers.
We invested in SpiderVille because of its founder-market-fit. We believe that the company’s founders have the skill and experience required to expand the mainstream adoption of crypto by making it easier for creators to turn web3 ideas into viable projects that will enable the creation and capture of long-term value. Samsung Next joined Contents Technologies and other investors in a $1 million pre-seed round.
SpiderVille’s founders have been working in crypto since 2015, with a successful track record. Hyug Bin Kwon, co-founder of SpiderVille and CEO, previously co-founded DSRV, another Samsung Next portfolio company. Changhwan Lee, COO, has worked as a senior analyst and quantitative researcher for DXM – a subsidiary of Dunamu – and Arques, and co-organized DeFi Korea. Wonseok Song, CTO is an experienced software engineer who previously worked at SendBird and Nexon. Sam You, Vice President of Engineering, is a software engineer. He previously worked at Korbit, South Korea’s first cryptocurrency exchange – and Arques.
SpiderVille hopes that Ooh La La, which is still in development, will provide a borderless experience for managing, discovering, and utilizing music NFTs. Ooh La La aspires to become a hub for discovering and exploring music NFTs – which work like any other rare collectible that is stored on an immutable blockchain ledger. The platform provides end users with a single interface for managing and consuming musical content.
Ooh La La's mission is to improve the listening experience for music NFTs, and to expand the mainstream adoption of crypto. The project also hopes to onboard artists from under-represented regions of the world. We think SpiderVille will provide an accessible on-ramp for artists and consumers, and accelerate the mainstream adoption of web3.
Amy Lee is an Investor at Samsung Next. Samsung Next's investment strategy is limited to its own views and does not reflect the vision or strategy of any other Samsung business unit, including, but not limited to, Samsung Electronics.
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