Star Nest Secures $6 Million Pre-A Funding for Web3 Music Venture

The startup Star Nest, located in Hong Kong and involved in the Web3 music industry, has raised $6 million in a Pre-A funding round. 

The investment was fronted by Chuangqi International Limited, a wholly-owned subsidiary of Guofu Innovation Limited, which is listed on the Hong Kong Stock Exchange. This investment will help Star Nest extend its Web3 activities, which feature creative music projects.

Metaverse Collaboration and Token Launch

Some of the money will be used for the creation of Star Nest SpaceStar, a metaverse game that integrates music, role-play, and social conversations. Star Nest partners with Armonia Meta Chain in this project to provide a whole digital experience that includes entertainment and interaction with the community. Utilizing Web3 and blockchain technology, the game will offer its users an immersive space in which to engage with music and other virtual assets.

The NEST token, with a total supply of 21 billion, will be listed by Star Nest in the third quarter of this year. The token will act as a multi-functional object within the Star Nest ecosystem—it is used for buying concert tickets, transacting with blockchain partnerships, and even for transactions within the metaverse and voting for governance. This general-purpose utility is designed to create a self-sustaining economy of the platform and stimulate user involvement in different aspects of the metaverse activity.

New Strategic Partnerships Enhance Star Nest’s Capabilities

Notably, this news comes after a sequence of alliances to enhance certain aspects of the system. For example, Star Nest has recently entered into a partnership with HyperPay, a leader in digital wallet technology. This collaboration brings HyperPay’s Web5 wallet innovation to the Star Nest ecosystem, which unifies a variety of wallets, such as Offchain, Web3, Hardware, and Co-managed Wallets.

The sophisticated platform of HyperPay integrates CeFi and DeFi application scenarios, providing a single solution for finance transactions and payment in both environments. Moreover, Star Nest’s vision to disrupt the music industry through Web3 technologies has been strengthened by a fresh deal with Tubes, a cross-chain decentralized Inscription exchange that was made on ERC-20.