In the rapidly evolving music streaming landscape, Web3 music platform Sound.xyz has made a bold move to transform the sector. Initially launched as a closed platform in 2022, Sound.xyz has announced that it is opening its platform to the public, allowing all artists to take advantage of its unique tools to sell their music directly to fans.
Inspired by the user-centric model of the gaming industry, Sound.xyz's approach to Web3 music seeks to shift power dynamics within the music industry, placing control back in the hands of artists. The platform allows musicians to set their prices and maximize revenue per fan, offering an alternative to traditional revenue models dictated by platforms and labels.
Sound.xyz's unique approach, centered around NFTs, has already enabled artists to accrue revenue equivalent to 1.6 billion streams – a feat that less than 100 songs have ever achieved on Spotify. In addition, Sound.xyz recently secured $20 million in a Series A round, led by a16z crypto, with participation from notable figures such as Snoop Dogg, Ryan Tedder, and Tay Keith.
The platform aims to become the internet's go-to destination for music discovery and promises a system where artists receive 100% of earnings and retain all master and publishing rights. This approach presents a significant departure from the traditional music industry, where royalties often take years to reach an artist.
The platform’s offerings, once limited to a select group of artists, are now available to all artists, promising a simple, code-free process for releasing music NFTs. Artists like Daniel Allan, San Holo, and Reo Cragun, who were early adopters of the platform, managed to generate over $300,000 and cultivate a community of over 500 devoted collectors within a year.
In the era of crypto and blockchain technology, Sound.xyz is carving out a future for the music industry that is equitable for artists. By providing artists with control over their monetization, understanding of their fanbase, and retention of their creative output, Sound.xyz is pioneering the mainstream adoption of Web3 music.
