NFT music start-up, Sound.xyz, has raised a staggering $5 million in its latest round of funding, which will be used to beef up the development of its platform.
The bulk of funds arrived via investment firm, a16z, with further contributions by Variant Fund and Atelier Ventures, as well as a number of angel investors, including 21 Savage, Holly Herndon and DJ Drama. This new injection of funds will set in motion the next phase of its development and allow the team behind the operation to scale up its offering.
Gm. We’re excited to announce… 🎧
— sound.xyz (🎧,🎧) (@soundxyz_) December 15, 2021
Sound.xyz is a next-generation music platform that allows mid-tier musicians to create an extra revenue stream through the application of NFTs. Artists are able to accompany new releases with a limited collection of digital assets, and therefore engage with fans on a far more intimate level. These assets will provide a reward for early supporters of the music and create a community-driven experience. Furthermore, each NFT provides fans with the ability to “leave a comment” on the track which can then be overwritten by any subsequent owners.
Currently, the Sound.xyz team bear responsibility for selecting artists for the platform. However, additional development using the newly acquired funds will later see artists engaging with the platform directly.
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