The world of music meets the NFT and the Web3
The blockchain-based music platform, Sound.xyz, managed to raise $20 million in a round table. Notable investors include such personalities as Snoop Dogg and the American fund Andreessen Horowitz (a16z). Sound.xyz aims to transform the music industry by allowing artists to sell their works in the form of nonfungible tokens (NFT) and benefit from better control and compensation for their work.
Impressive fundraising to finance the development of the platform
The funds raised during this round table will be used to fund the development of the Sound.xyz. With this technology, the startup hopes to foster an ecosystem in which artists can interact directly with their fans and be rewarded more fairly for their work.
Prestigious investors supporting the project
The participation of Snoop Dogg and a16z in the round table shows the growing interest in Web3 and NFT technologies in the field of music. Other key players, such as Coinbase Ventures, also participated in the fundraiser, demonstrating the potential of Sound.xyz to revolutionize the music industry.
Artists are at the heart of the Sound.xyz platform
Launched in beta last year with a limited number of artists, Sound.xyz officially opened its doors today. The platform has already generated more than $5 million in revenue for its first members. By using NFT to market their music, artists can not only reach a wider audience, but also retain a larger share of the revenue generated by their works.
An economic model that benefits creators
- Better remuneration: Thanks to the NFT, artists can sell their creations directly to their fans, without going through intermediaries who collect a commission.
- Control over rights: The NFT allows artists to maintain total control over their works and decide how they are used and monetized.
- Automatic royalties: Artists automatically collect royalties on each resale of their NFT, guaranteeing a recurring income.
- Interaction with fans: The Web3 promotes an ecosystem where artists can have a direct relationship with their community and fans, which reinforces their popularity.
Sound.xyz, un acteur majeur de l’industrie musicale de demain?
The successful fundraising and investments of personalities such as Snoop Dogg clearly show that Sound.xyz is on track to revolutionize the music industry through NFT. The platform promises a future where artists can be justly rewarded for their work and interact directly with their fans, without the constraints imposed by traditional economic models.
Only the future will tell us whether Sound.xyz will succeed in establishing itself as a key player in the field of music and NFT. But one thing is certain: the Web3 and the NFT are redefining the rules of the game for artists and their fans, and it’s only just beginning.
