Sound.xyz, the next generation music distribution platform, has achieved a significant milestone in its mission to bring artist revenue to the masses. At the forefront of a musical revolution, Sound.xyz has opened its Web3 distribution service to all artists and has also raised $20 million in its latest funding round. This funding will support the expansion of the platform and secure its future as it continues to pave the way for a new era in music distribution.
Launched in 2022 with the support of industry heavyweights including Snoop Dogg and Coinbase, Sound.xyz initially hosted select artists to refine its platform. These early adopters were able to sell their music as NFTs, bypassing the existing streaming market and cultivating a loyal community of fans. With extensive building and testing, Sound.xyz has now reached a stage where it is ready to welcome all artists onto its groundbreaking environment, enabling them to list and sell NFTs and receive fair compensation for their work.
To get started, artists can create and sign into a Sound.xyz account and complete the verification process for added security. Once verified, they can upload their songs, set a price, and list their tracks on their own terms. This level of autonomy empowers artists to take control of their careers and directly connect with their fans.
In addition to opening its platform to a wider audience, Sound.xyz has successfully raised an additional $20 million in funding. Leading the round is venture capital firm a16z crypto, with support from industry players such as Coinbase, Snoop Dogg, Ryan Tedder, Palm Tree Crew, and Sound Ventures. This funding not only fuels the expansion of Sound.xyz but also demonstrates the belief and support from industry leaders in the platform’s vision for a fair and artist-centric music distribution model.
Sound.xyz recognizes the injustice in the current streaming structure, where artists often receive meager earnings for their work. The platform offers a more transparent and equitable alternative, allowing artists to set their own prices and terms while fostering a deeper connection with their fanbase. Despite having a limited roster of artists, Sound.xyz has already helped them earn a staggering $5.5 million in revenue over the past year. Now, with the removal of the artist cap, this figure is expected to increase exponentially.
The platform’s mission extends beyond financial gain for artists. It aims to revolutionize the music industry by embracing Web3 technology and creating a decentralized ecosystem that empowers artists and allows them to reap the full rewards of their talent and hard work. By leveraging blockchain and NFTs, Sound.xyz ensures transparency, security, and fair compensation for artists while providing a unique and immersive experience for fans.
The $20 million funding round not only validates the potential of Sound.xyz but also highlights the growing interest and investment in the intersection of music and blockchain technology. As the platform continues to evolve, it will further innovate and disrupt the traditional music distribution landscape. Sound.xyz is set to propel artists forward, providing them with the tools, resources, and support to thrive in a rapidly changing digital music landscape.
In conclusion, Sound.xyz has achieved a major milestone by opening its Web3 distribution service to all artists while securing $20 million in funding. This development marks a significant step towards democratizing artist revenue and disrupting the traditional music distribution model. As the platform expands, it aims to empower artists to take control of their careers, earn fair compensation for their work, and connect with their fans on a deeper level. Sound.xyz represents the future of music distribution, embracing blockchain technology and NFTs to create a more transparent and artist-centric ecosystem. The funding received further reinforces the platform’s vision and will fuel its mission to revolutionize the music industry.
