In recent years, the music streaming industry has undergone significant changes. The emergence of Web3 music and its potential utilization of blockchain technology has prompted Web3 services and platforms to adapt quickly. Among them, Sound.xyz stands out for its exceptional efforts in bridging the gap between artists and fans through tokenized music.
Initially, Sound.xyz operated as an exclusive and carefully curated platform since its launch in 2022. It generated an impressive $5.5 million in revenue for a select group of creators. However, Sound.xyz is now undergoing a transformation to enhance interactivity and accessibility within the realm of Web3 music. On July 12, the platform made a groundbreaking announcement: it is opening its doors to the public, making its unique set of tools available to all artists. These tools empower musicians to directly sell their music to their fans, fostering a more direct and engaging connection between them.
With this move towards open accessibility, Sound.xyz is revolutionizing the Web3 music landscape. Artists can now leverage the platform’s innovative features to reach a wider audience and monetize their creations more effectively. Likewise, fans gain greater access to a diverse range of music while supporting their favorite artists directly.
Sound.xyz’s commitment to embracing the potential of Web3 music sets it apart from other platforms. By providing a user-friendly and inclusive environment, Sound.xyz paves the way for a new era of music consumption and collaboration.
Sound: Empowering Artists in the Music Industry
Sound is revolutionizing the music industry by putting the power back into the hands of artists. Inspired by the success of the gaming industry, Sound has created a user-centric platform that allows musicians to set their own prices and maximize their revenue per fan. This move aims to help artists break free from the traditional revenue models dictated by platforms and labels.
Releasing music on Sound is a complementary distribution strategy, and many artists have also uploaded their music on other platforms. The best part is that fans can support their favorite artists with just their email and credit card, without needing any Web3 experience.
Sound’s unique NFT-centric approach has already allowed artists to earn revenue equivalent to 1.6 billion streams, a milestone achieved by less than 100 songs on Spotify and never reached on Apple Music. But Sound’s mission goes beyond monetization; it aspires to become the go-to destination for music discovery on the internet.
To support this vision, Sound has secured $20 million in a Series A round led by a16z crypto, with contributions from notable figures like Snoop Dogg, Ryan Tedder, and Tay Keith.
Unlike the traditional streaming economy that often fails artists, Sound promises a system where artists receive 100 percent of their earnings and retain full control of their master and publishing rights. The revenue is transferred directly into the artist’s wallet instantly and transparently, eliminating the long wait for royalties that artists face in the traditional music industry.
Sound has already seen success with artists like Daniel Allan, San Holo, and Reo Cragun, who generated over $300,000 and built a community of over 500 dedicated collectors within a year. Now, as Sound enters an era of enhanced democratization, its tools are available to all artists. The process of releasing music NFTs is simple and code-free, making it accessible to artists of all backgrounds.
“Sound was always meant to be accessible to all artists, but we initially launched with a curated approach to experiment within a controlled environment,” explained Greenstein. “Now, any artist can join and release their music on Sound. Music fans will have access to a larger catalog and play a more active role in music discovery.”
In the era of crypto and blockchain technology, Sound’s approach represents a future for the music industry that is fair and equitable for artists. By empowering artists to monetize their art, Sound is reshaping the landscape of the music industry.
