Following the advent of digitalization, the digital transformation of the music industry has become a leading trend, and Web3 technology has shown great potential in reshaping the future music ecosystem.  

With a vision of exploring a better future, Doo Group has recently entered this emerging field by officially joining the Web3 music ecosystem, Star Nest. On 8 May 2024, Star Nest completed a Pre-A round of equity financing totaling USD 6 million. Doo Group participated in this round, committed to promoting innovative applications of Web3 technology in the music industry.

Strong Partnership: Build a New Web3 Music Ecosystem 

Star Nest, the rising star of Hong Kong Web3 music, not only gathers leading figures and superstars from across the Asian music industry but also continuously expands its global reach by attracting a significant amount of traffic and users. Harnessing blockchain and Web 3.0 technologies, Star Nest is set to establish a decentralized entertainment ecosystem that will fundamentally transform the music industry. 

In due time, through organizing music festivals, concerts and auditions to incubate, cultivate and broker super individuals and their virtual images, performers from all over Asia will be able to enter the Web3 era from the Star Nest ecological platform, fostering a decentralized business model based on collaboration and shared participation. 

This new business model brings a brand-new experience to all participants, and the unlimited business opportunities in it have attracted the attention of many investors. GoFintech Innovation Limited (“GoFintech Innovation”), a company listed on the Hong Kong Stock Exchange, led the Pre-A round of equity financing for Star Nest.  

GoFintech Innovation is a Hong Kong-based international cross-border financial technology investment group. Currently, it is actively engaged in forward-looking strategies focusing on blockchain and Web 3.0 within the financial technology startup sector. 

This round of financing will further strengthen Star Nest’s capabilities in technology research and development, marketing promotion, and user expansion. The global financial frameworks of GoFintech Innovation and Doo Group can effectively support Star Nest’s international market expansion and the development of its digital music ecosystem. 

Web3 Technology Powers New Music Ecosystem 

Star Nest’s innovative business model utilizing Web 3.0 technology is powered by blockchain platform Armonia. Armonia possesses a comprehensive blockchain solution and extensive experience in Web3 development.  

Armonia has a complete blockchain solution and rich experience in Web3 technology development. Its super ecological public chain, Armonia Meta Chain, can provide efficient, convenient and customized multi-chain ecological operating environment, supporting the implementation of applications across various domains and scenarios, including multi-chain wallets, DeFi, GameFi, NFTs, DEXs, SocialFi, and the metaverse. 

To create a transparent and collectively governed music industry ecosystem, Star Nest has partnered with Armonia Meta Chain (AMC) to launch the Star Nest App based on blockchain, VR, AR, and AI technologies. 

Star Nest App utilizes RealMe technology and Wallet SDK, eliminating the need for private keys and wallets. This significantly lowers the barriers for user participation, offering a user-friendly interactive experience that surpasses traditional Web 2.0 applications, garnering widespread praise among users. 

At the same time, the Star Nest App can also facilitate a win-win situation for the platform, users and brands: the platform profits from initial auctions and subsequent development of land NFTs; users earn rental income, advertising fees, and ticket sales through owning and managing land NFTs; and brands achieve their business goals by offering customized services and selling NFTs. 

Both parties have also collaborated on developing Star Nest Space, a metaverse game that integrates music, role-playing, and social features. This game not only provides players with immersive audio-visual experiences but also offers interactive virtual avatars of music superstars and blockchain-based assets for their fans to engage with. 

These products all adopt AMC’s innovative APoS mechanism, enabling high-performance operation and the “impossible miracle” of coexisting with zero gas fees. This mechanism ensures the security, transparency, and circulation of blockchain assets and payments. 

MUSE Token Empowers New Forms of Consumption 

In addition, it is expected that in the third quarter of 2024, Star Nest will receive a customized allocation of 2.1 billion MUSE tokens tailored for the project, thereby establishing a more comprehensive token economy within the music industry. At that time, MUSE will be widely used for purchasing concert tickets, blockchain gaming collaborations, metaverse consumption, governance voting, and other activities, orchestrating a symphony between investors, stars, fans, and brand partners. 

MUSE token is purely a utility token, intended for ecosystem usage and governance, and does not carry any profit or dividend attributes. Investors get MUSE through investment; celebrities get additional MUSE earnings through fan support; and fans and brand partners can get MUSE through mining and participating in activities, enjoying additional rewards from celebrity earnings while participating in ecological governance. 

Star Nest’s business encompasses a wide range of areas and activities, including concert preparation, ticket sales, contestant voting and artist incubation, music creation and appreciation, DePin mining, metaverse AI artists, and collaborations with blockchain games. 

By promoting the listing of MUSE tokens, Star Nest will create business synergy and resource integration with GoFintech Innovation. In the future, investors will not only be able to acquire MUSE, but also hold shares in Star Nest Technologies to share the dividends of the company’s development. 

Enhancing the Development of Web3 Music Matrix 

With the financial support from GoFintech Innovation and Doo Group, and the technical backing of Armonia, Star Nest will accelerate the development of its platform and music matrix. This will enhance Star Nest’s products and services, introducing a more entertaining Web3 music ecosystem. Users will enjoy an improved Web3 music and entertainment experience, while Star Nest contributes pioneering expertise to the music industry. 

Web3 technology is reshaping the digital ecosystem, and Doo Group is confident that Star Nest will positively impact Asia’s music ecosystem.  

At the same time, Doo Group will leverage this collaboration to accelerate our presence in the Web3 technology sector, continuously enhancing our seamlessly integrated business ecosystem and integrating cutting-edge technology further into everyday life.