Exclusive: Web3 Music Company Hume Acquires NFT Project Blocktones – Axios

Hume, a Los Angeles-based web3 music company that creates digital artists, has acquired music startup Blocktones, the company tells Axios.

Why it matters: Hume is trying to create a music label for the web3 world and is among the companies that see a chance to upend the music industry and build a new compensation model that circumvents the traditional labels.

Context: The excitement and investor dollars behind the NFT market collapsed last year as quickly as it had surged.

• NFT makers that survived the crash are seeking to grow beyond the fad label and dive deep into the web3 space.

Details: The deal brings Blocktone’s open-sourced generative audio collections to Hume’s platform.

• Blocktones’ co-f