A new record label Ape In Records, underpinned by crypto and blockchain technology that launched on Friday has surpassed all the founder’s wildest expecations.
The project’s new token, $AIR, soared from $0-198,000 market cap in seconds, within minutes surpassing $1 million dollars plus.
Like many DeFi projects, $AIR lives on a secondary layer of the ethereum network. From every purchase and sale of $AIR tokes, 10 and 12% respectively are moved to a funding pot which is then paid out in grants and bursaries to artists. Twelve hours after launch, $AIR has hit a cap of $19 million before pushing to an ATH of $21m by 3pm.
Founded by music and creative industry professionals, Jake Murphy, Greg McCann, and Ben Lock, Ape In Records is supported by a team of arts and entertainment advisors (including Clash’s know-how) representing over 26 years of expertise amassed across marketing, artist management and technical development.
By 10pm on Saturday evening, $255,866 had already been paid out artists on both sides of the Atlantic. One grant landed just in time to benefit the construction of a community music studio in East London – based in the EarTH Centre, the facilities will benefit children from financially adverse conditions with access to music education, facilities, and support.
Ape In Records wants to support established, emerging and unsigned talent to ensure they are financially backed to continue doing what they do best – which is creating music. They’ll reach out with financial assistance for equipment, studio time, and music video support. In the medium term, they expect to push into live music, events, and tour support, dealing with sponsorships at the highest level to ensure artists receive the $AIR time they deserve.
Find out more here.
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Link to the source article – https://www.clashmusic.com/news/ape-in-records-has-spectacular-launch-weekend