The NFT market continues to make waves in the digital assets sector, and music NFT platform Sound has successfully raised $20 million in funding.
Notable figures in the NFT community, including pop artist Snoop Dogg, have invested in Sound’s recent funding round.
Venture capital firm a16z led the investment, with participation from Palm Tree Crew, A Capital, Sound Ventures, Collab + Currency, and others.
Sound provides a platform for artists to upload and stream their music as NFTs, allowing them to monetize their content without interference from third parties.
Artists using Sound retain 95 percent of the proceeds from sales and streams of their music.
They also receive a ten percent resale value, ownership rights, and publishing rights.
Snoop Dogg, known for his investments in Web3 platforms, recognizes the importance of helping artists receive fair compensation for sharing their work with a global audience.
By turning music into NFTs, artists now have an opportunity to earn from their talent and creativity.
The impact of Web3 and NFTs on the music industry and the creator economy has attracted the attention of numerous artists.
Eminem, Justin Bieber, DJ Khaled, and Madonna are among the music artists who have explored the digital assets sector.
While the NFT market experienced significant growth, with a 117 percent increase in sales in February 2023, recent market volatility has affected the sector.
Some companies, such as Dapper Labs, have faced challenges, leading to layoffs due to the slowdown in market momentum.
Despite the ups and downs, Sound’s successful funding round underscores the resilience and potential of the NFT market, particularly in the music industry.
The ability for artists to leverage NFTs and retain control over their work presents a promising avenue for the future of the music business.
