Sound.xyz, a music NFT pioneer, has secured $5 million in seed funding

Sound.xyz, a music NFT pioneer, has secured $5 million in seed funding

Sound.xyz, a music NFT pioneer, has secured $5 million in seed funding

Sound.xyz, an NFT music start-up, has raised a whopping $5 million in its most recent round of funding, which will be put to good use in the company’s platform expansion efforts.

a16z, Variant Fund, and Atelier Ventures, as well as a number of angel investors, including 21 Savage, Holly Herndon, and DJ Drama, contributed the bulk of the funding. The team behind the operation will be able to expand its services after receiving a new infusion of funding.

A new music platform, Sound.xyz, uses NFTs to allow mid-tier performers to generate an additional cash stream. Artists are able to provide fans with a more personal experience by releasing a small number of digital assets along with their new releases. There will be rewards for early backers, and a community-driven experience as a result of the use of these assets Fans can also “leave a comment” on any NFT, which can be erased by any subsequent owner. NFTs also give this feature.

The Sound.xyz crew is currently in charge of deciding which musicians will be included on the site. Artists will be able to interact directly with the platform in the future, thanks to further development funded by the newly obtained cash.

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