2 mins readThe worlds of music and NFTs are coming together, bringing in a new era with blockchain and Web3. Sound.xyz, an innovative on-chain music startup, is at the forefront of this revolution. Artists can now create and sell their music as NFTs, changing the way music, is shared and earned. This article explores a new platform that could change the music industry.
The Sound.xyz marketplace where artists can mint and sell their music as NFTs
Sound.xyz: A New Era for Artists and Music Lovers
Sound.xyz, created in 2021, has been a game-changer in the music industry. Musicians can upload their songs to the platform and sell them for any price they want. In the previous year, the platform paid $5.5 million to 500 artists. These artists released around 1,600 songs as music NFTs.
Empowering Artists with NFTs
From today, any artist can upload their music to Sound.xyz and keep 100% ownership. The platform allows artists to create NFTs on Ethereum and Optimism. This new approach aims to make the music industry fairer for everyone. It gives artists complete control over their work and the money they earn. Founders of Sound.xyz, see the platform as a place where people can discover music. They believe Sound.xyz can help artists reach more listeners and earn money from their music.
Founders of Sound.xyz: David Greenstein, Matt Masurka, Vignesh Kanth
A Unique Approach to Music Discovery
Every track uploaded to Sound.xyz is free to listen to, but fans can also "collect" it by purchasing an NFT. Although you can listen to the tracks for free, there are still reasons why fans might choose to buy the song. There are a few ways people can support their favorite artist on Sound.xyz. One way is through speculation, which means betting that the value of their work will go up. Another reason is "social status." Sound.xyz is and allows fans to sign up using an email address and pay. The platform was made to be easy for artists to use. Uploading music and artwork is like using Web2 platforms. There are also a few steps specific to the blockchain.
Sound.xyz at a Glance
| Fact | Details |
| Foundation Year | 2021 |
| Funding | $20 million in Series A |
| Number of Artists Onboarded | Over 500 |
| Total Payout to Artists | Over $5.5 million |
| Number of Songs Released as NFTs | Around 1,600 |
| Notable Participants in Funding Round | Andreessen Horowitz, Snoop Dogg, Ryan Tedder |
| Platform's Objective | Helping artists create Web3 communities and generate revenue through NFTs |
| Unique Selling Proposition | Artists retain 100% ownership and can set their own price for their music |
Conclusion
Sound.xyz is not a platform; it's a revolution in the music industry. It's set to change how we interact with music by offering a unique way to discover music and empower artists. The Sound.xyz continues to grow, and we can expect more artists to emerge like Billie Eilish did when she used SoundCloud in the beginning. The future of music is here, and it's on blockchain.
