Streaming platforms differentiate themselves by offering unique features, such as premium audio quality and seamless integration with podcasts. These platforms serve as powerful tools for musicians to showcase their work and connect with their fans. In line with this vision, Sound.xyz has successfully raised an impressive $20 million in funding. 

This investment underscores Sound.xyz’s commitment to empowering artists and ensuring they have a sustainable income. Sound.xyz stands out with its innovative revenue models, overhauling traditional Web2 models used by platforms like Tidal and Spotify.

Andreessen Horowitz (a16z), Snoop Dogg, Ryan Tedder, and Sound Ventures, and other prominent investors participated in the Series A funding round. 

Since its launch, Sound.xyz has facilitated music creators in earning over $5 million. Artists can release debut tracks on-chain, connect with supporters, and instantly receive 100% of earnings through this empowering initiative.

Independent artists on Sound are currently sustaining themselves solely through their music, poised on the brink of achieving significant recognition. For instance, independent rapper Reo Cragun earned $120,000 and built a community of 500 collectors within a year!

With a continued focus on supporting artists, Sound.xyz is expanding access to the general public. The company mainly aims to establish a sustainable income from their artistic endeavors.

Music fans are not left out! They get to engage in discovering new music, collecting and showcasing their finds, leaving comments, and chatting with artists and collectors within the platform. Additionally, they have the opportunity to earn money by curating playlists and songs.

The co-founder of Sound.xyz, David Goldstein, stated that Sound.xyz sought to find a balance between product development and minimizing costs for artists. This played a key role in influencing the decision to introduce a percentage-based fee. 

He also raised concerns about the logic behind extracting more revenue from successful artists and imposing higher fees on top collectors. He emphasized supporting artists financially and reiterated Sound.xyz’s commitment to inclusivity and creating tools for all levels.

About Sound.xyz 

Sound.xyz, which was launched in 2021, is a music platform designed to empower emerging artists by leveraging NFTs for revenue generation. Unlike traditional streaming platforms, it enables lesser-known musicians to monetize their work through NFTs and smart contracts. The platform also offers limited-edition digital assets and facilitates direct interaction between musicians and their fan base. 

We’re excited to learn more about Sound.xyz’s progress because it is a great example of how NFTs are revolutionizing the music industry.