On December 21, Web3 fan platform Medallion announced the completion of a $13.7 million Series A financing round, co-led by Dragonfly and Lightspeed Faction. The platform provides an exclusive digital center for artists to promote album releases, tour dates, and merchandise, as well as sell digital collectibles and share exclusive content to deepen their connection with fans.

This round of funding will be used to introduce new early access opportunities, such as previewing unreleased music and providing presale tickets, as well as other membership benefits like "video premieres or new updates." Artists will also be able to sell new exclusive and limited edition digital collectibles/NFTs, such as poster bundles and trading cards.

Medallion recently launched new revenue opportunities for artists in the UK, Australia, and Germany with "digital deluxe editions," which allow artists to sell digital albums that include embedded music players and downloadable audio, images, and videos. Artists can also sell physical merchandise through integration with Shopify.

Currently, 20 artists use Medallion to operate their fan communities, including Jungle, Greta Van Fleet, Illenium, Disclosure, Tiga, Mt Joy, Tycho, My Morning Jacket, Girl in Red, and Sigur Rós.

The company plans to expand the platform to hundreds of artists by 2024, with widespread adoption expected in 2025 or later. So far, Medallion has raised $22 million in funding.