Sound NFT Music Platform Opens Doors to All Artists for Web3 Music Revolution
Blockchain music company, Sound.xyz has announced the public launch of its artist-first NFT platform, accompanied by an additional $20 million in Series A funding led by Andreessen Horowitz.
The funding round also saw the participation of notable rapper and NFT enthusiast Snoop Dogg, as well as Ryan Tedder from OneDirection.
Sound.xyz, an NFT music platform founded in 2021, provides a platform for musicians to upload their songs and sell them as NFTs, granting artists complete ownership and control.
During its closed beta phase over the past year, Sound has paid out a total of $5.5 million to 500 artists who have collectively released around 1,600 music NFTs.
With the recent public launch, any artist can now upload their music to Sound and retain full ownership. The platform allows artists to mint NFTs on the Ethereum mainnet and utilize the scaling network Optimism.
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According to Decrypt, David Greenstein, co-founder of Sound.xyz, began his career in the music and tech industry with an internship at Atlantic Records. He aims for Sound to become the go-to platform for music discovery, drawing inspiration from game-changing platforms like SoundCloud, YouTube, MySpace, and TikTok.
Sound offers a unique approach where tracks are free to listen to, but fans can purchase the NFTs to “collect” the music.
Greenstein highlighted various reasons for fans to buy the songs, including supporting their favorite artists, speculation on future value, and enhancing their social status.
The aim of the NFT music platform is to create a more inclusive and social music experience, where users can display their collected tracks in a public Sound library and get paid directly by users for every stream or download.
Sound’s artist-friendly tools simplify the process of uploading music and artwork, with blockchain technology ensuring quick and efficient payments to creators.
Sound ensures transparent and fair payments with it’s equipped blockchain technology, and it also allows revenue-sharing among different creators involved in the production of a song.
Furthermore, the platform also offers user-friendly features such as signing up with an email address and accepting payment for NFTs using a bank card.
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Greenstein says that he sees Sound as the starting point for artists to build their audience and have their music valued.
In the next few years, the aim of this NFT music platform will be to empower artists to make a living from their music, irrespective of their connections in the music industry.
With its recent funding and expanded platform accessibility, Sound.xyz might just revolutionize the music industry by providing artists with greater control, offering fans a unique music discovery experience, and fostering a direct connection between artists and their audience.
The platform not only revolutionizes revenue models but also strives to become the go-to destination for music discovery on the internet. Sound.xyz empowers listeners to support artists directly, offering a user-centric model that benefits both parties.
The recent funding round signifies a significant step towards the future of the music industry, where artists can thrive and be fairly compensated for their talent.
With its innovative use of NFTs and blockchain technology, Sound.xyz is leading the charge in transforming the music industry and creating a more equitable ecosystem for artists worldwide.
What do you think of this idea of a music industry proposed by Sound? Let me know in the comments section.
FAQ
What is Sound NFT Music? Sound NFT Music is a Web3 music platform that empowers artists by allowing them to sell their music directly to fans with NFTs and blockchain technology without any infringement from a third party.
How does Sound benefit artists? Sound offers artists the opportunity to control and own their music while earning a fair income. It allows artists to montize and set their prices, receive immediate payments, and keep 100% of their earnings and rights.
How can I join Sound NFT Music as an artist? Joining Sound is easy! Simply visit their website at Sound NFT Music and follow the steps to create an account. Once you’re signed up as an artist, you can start selling your music in the form of NFTs.
Do I need prior knowledge of Web3 to use Sound? No, you don’t need any prior knowledge because Sound is very easy to use and has made the process simple and accessible for all artists, regardless of their familiarity with blockchain technology.
Can I release my music on other platforms while using Sound? Yes, you can release your music on other platforms alongside Sound to reach a wider audience. Sound is just another platform designed to complement your existing sales strategy.
Is Sound NFT Music only for established artists? Not at all! Sound is for artists of all levels, whether you’re a professional or just starting your music journey. Their platform is here to support artists and help them build an audience from the ground up.
How does Sound ensure fair payments to artists? Sound uses a blockchain to ensure transparent and efficient payments to artists. Artists receive immediate payments directly into their wallets or bank accounts, without delays and middlemen.
Can I use Sound NFT Music as a listener without being an artist? Yes. Sound is not just only for artists but also for music fans and creators. Even as a listener, you can discover new music, collect songs, create short beats, and engage with artists and other fans within the platform.
What sets Sound NFT Music apart from other music platforms? Sound stands out by giving artists complete control over their money, fair compensation, and the ability to connect directly with their fans. The use of NFTs and blockchain technology changes the whole traditional revenue models in the new web3 era.