The music NFT platform Sound.xyz has raised $20 million in its latest round of funding, with major industry players led by Andreessen Horowitz (a16z) participating in the fundraising. After receiving strong financial backing, the NFT startup announced the launch of a public Web3 distribution service.
We’re now open to all artists!
Sound was built to create a new model for music and help artists make a living.
Today it’s open to all, and we’ve raised a $20m Series A to turn this into a reality.
Artists, here’s how to get started 👇 pic.twitter.com/5n1mn5UyhN
— sound.xyz (🎧,🎧) (@soundxyz_) July 12, 2023
The evolution of the Sound NFT platform: from a select few to all comers
Launched in 2022 with support from Coinbase and Snoop Dogg, NFT platform Sound was initially only available to select artists. By selling music as NFTs, the young company quickly built a loyal community and rose to the forefront of the streaming market.
Now, having honed its craft, Sound.xyz opens its doors to all artists. This means that any musician will be able to post and sell music NFTs on this revolutionary platform, receiving adequate rewards for their talent.
To work securely on Sound.xyz, a user of this NFT platform needs to create an account and undergo verification. Then it will remain to upload a music composition with the indication of its value and terms of sale.
Prospects for the music NFT platform Sound backed by major industry players
Andreessen Horowitz (A16z), Palm Tree Crew, A Capital, Collab + Currency, Sound Ventures, Scalar Capital, Snoop Dogg, Tay Keith, Ryan Tedder and others have all participated in the fundraising for the next-generation startup.
The company’s press release on Wednesday made a number of statements that are sensational for both the performers and their fans:
Our goal is to make Sound the home of music discovery on the internet, and opening this new model to all artists is an important next step.
We’re so excited to start the next stage of this journey with musicians from all around the world. To get you started, here’s a bit more about the problems we’re solving and how you can get involved as an artist or a music fan.
Sound intends to change the economics of music streaming, seeing it as a huge injustice. By creating a new service, the company will allow any musician to generate significant revenue from their compositions. The pre-existing model allows creators to receive as little as $0.003 per stream, regardless of the growth in music recording revenue.
The NFT platform Sound offers the best conditions for musicians and fans
The music NFT platform Sound.xyz has made it possible for members to sell music products directly to their fans. In just one year their income amounted to more than $5.5 million. Now, when the tools of the platform will be available not only to selected authors, but to all interested parties, this figure can grow many times over!
That said, authors get full control over the release of their compositions. They will be able to build closer relationships with music lovers without the involvement of intermediaries and retain 100% of the rights to their publications.
Fans looking for popular tracks will also get preferential treatment on this platform. Using collectible music, they will be able to prove their superiority in discovering the next talent, as well as earn good money by making playlists and sharing links.