Next generation music distribution platform, Sound.xyz, has reached a major milestone in its plan to bring artist revenue to the masses. Sitting at the forefront of a musical revolution, it has opened up its Web3 distribution service to everyone, while also raising $20 million in its latest funding round.
Launched in 2022 with the backing of several major industry players including, Snoop Dogg, and Coinbase, Sound.xyz originally only hosted select artists as it honed its platform. Effectively, allowing those on board to sell their music as NFTs and bypass the existing streaming market, while also fostering a loyal community of early adopters and fans.
Now however, after much building and testing, Sound.xyz has reached the point where it is ready to open to all artists. Therefore, allowing anyone with a talent for creating music to list and sell NFTs on its groundbreaking new environment, and receive fair compensation for their work.
To get up and running, those interested can create and sign into a Sound.xyz account, then get verified for additional security. After which, they can upload their songs, set a price, and list the tracks entirely on their own terms.
Sound.xyz Backs it up with a $20 Million Funding Round
In addition to opening up its platform to folks far and wide, Sound.xyz has also successfully raised an additional $20 million to help expand its project. Venture capital firm, a16z crypto, led this latest round of funding, with support from Coinbase, Snoop Dogg, Ryan Tedder, Palm Tree Crew, Sound Ventures and more. Effectively, securing the future of Sound.xyz as it marches forth and begins to tread new, unfamiliar, ground.
Witnessing a grand injustice in the current streaming structure, where artists earn pittance for their work, Sound.xyz believes it has hit on better way to distribute music. One where artists set their own prices and terms, and they can interact with their fans on a much more intimate level. Over the last year, and despite a limited roster of artists, it has already helped them to earn a whopping $5.5 million in revenue. Now however, with the artist cap lifted, that figure can increase exponentially!
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