The music industry is a $12 billion market that’s been slow to adopt blockchain technology, but Sound.xyz wants to change this by turning the entire process of licensing into an NFT through its decentralized platform.
The “music nft” is a cryptocurrency that has been created to allow people to buy and sell music. The company raised $5 million in seed funding. Read more in detail here: music nfts.
Sound.xyz, an NFT music start-up, has secured a whopping $5 million in its newest round of investment, which will be utilized to expand the platform’s growth.
The majority of the financing came from a16z, with additional contributions from Variant Fund and Atelier Ventures, as well as a number of angel investors such as 21 Savage, Holly Herndon, and DJ Drama. This fresh round of funding will kickstart the next chapter of the company’s growth and enable the team behind it to expand its services.
Gm. We’re thrilled to share the news that…
We raised $5 million, led by A16Z, to unlock music’s true value. https://t.co/mEuMHW4TdH pic.twitter.com/ZLvM9GFkzf
(@soundxyz_) — sound.xyz (,) 15 December 2021
Sound.xyz is a next-generation music platform that uses NFTs to provide an additional income stream for mid-tier performers. Artists may use a restricted range of digital materials to accompany new releases, allowing them to communicate with fans on a far more personal level. These assets will serve as a reward for early music supporters and will foster a sense of community. Additionally, each NFT allows fans to “leave a remark” on the track, which may later be rewritten by succeeding owners.
The Sound.xyz crew is now in charge of choosing musicians for the platform. However, with more development utilizing the freshly collected cash, artists will be able to interact directly with the platform in the future.
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