Rapper Snoop Dogg always gets to the bag! The rapper joins a group of notable investors that includes Ryan Tedder, and Ashton Kutcher amongst others, who have put $20 million into Sound, a Web3 music platform that aims to help artists earn a sustainable income throughout their careers.
The Series A funding round was led by Andreessen Horowitz (a16z), and also included Rapper 21 Savage, Sound Ventures, and others. Sound’s platform uses blockchain technology to allow artists to mint their songs as non-fungible tokens (NFTs), which can then be sold directly to fans. This bypasses traditional distribution channels and gives artists more control over their earnings. According to TechCrunch, since its beta launch in 2022, Sound has generated $5.5 million in revenue for artists. With the new funding, Sound plans to expand its reach and help more artists earn a living from their music. The platform’s goal is to create a supportive ecosystem that empowers artists to thrive financially. Here are some additional details about Sound’s platform:
- Artists can mint their songs as NFTs, which are unique digital assets that can be bought and sold.
- Fans can buy NFTs to own a piece of their favorite artist’s music.
- Sound’s platform also allows artists to sell exclusive content, such as behind-the-scenes videos or live performances.
- Sound takes a small commission on all sales, but the vast majority of the proceeds go to the artists.
