On Thursday, on-chain music company Sound announced raising more than $20 million in a funding round led by prominent venture capitalist Andreessen Horowitz, which also participated in a seed funding round a year ago, investing $5 million. That day, the startup also launched its NFT-powered music platform to the public.
Other investors who participated in the funding round include famous hip hop rapper Snoop Dogg and OneDirection member Rayn Tedder. The two have already released their music through Sound.
Sound was founded in late 2021, allowing artists to upload songs on the platform and then sell them at their desired prices. However, Sound has been in closed beta since its inception. As of June 30, it had distributed over $5 million to the 500 musicians it gave access to the platform. Sound has about 1,550 music NFTs.
Yesterday, the NFT-based platform was opened to the public, allowing any artist to upload their music. Sound currently lets musicians mint non-fungible tokens on Ethereum and layer-2 network Optimism.
Meet the Man Behind Sound
The Sound founder David Greenstein, who previously worked as an intern at one of the largest record labels, Atlantic, says the idea behind his project is to help artists generate more money from their songs.
But how can musicians make money when listening to music on Sound is free? Well, the platform allows users to buy an NFT of a particular song to support the artist behind it.
According to Greenstein, the technology used to build Sound is artist-friendly, making the music-uploading process simple. And with the blockchain elements added to the platform, payments to artists are done efficiently and quickly.
NFT holders Set to Access Various Perks
Meanwhile, the Sound founder says the platform will let artists include custom perks on NFTs for their supporters. In addition, he reveals that a messaging system is coming up soon to help artists establish a connection with their fans.
Greenstein is optimistic that Sound will host over 1 million songs in the coming months, with some making millions of sales per month. He also hopes an upcoming artist will soon be discovered through Sound.
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