Crypto juggernaut Binance has made a strategic investment in a platform for music NFTs, which many feel will be the next big thing.

Binance is investing in Melos Studio, a Web 3.0 music platform governed by a decentralised autonomous organisation.

The studio is pioneering a creation process for music based on Github, the Microsoft-owned collaboration platform more typically used for open-source software development.

“We hope to innovate the field of music NFT with Melos Studio and are looking forward to collaborating with the team,” said Chase Guo, investment director at Binance Labs.

“Melos is differentiated in that it not only covers the marketplace and streaming service but also covers creator platforms where people can build on top of each other’s music NFT to create more advanced NFT.”

The co-founders of Melos Studio, Yalu Lin and Jim, said they were “glad to form a partnership with Binance Labs to create an innovative music NFT platform within the Binance ecosystem.

“We will continue to explore music applications in Web 3.0 to build a utopia for global music fans.”

Dapper Labs, Innovion, NGC Ventures and Multichain Capital have previously invested in Taiwan-based Melos.

The platform is being launched on Flow, Dapper’s blockchain for NFTs such as NBA Top Shot.