Sound is determined to transform the music industry. It aims to do this by eliminating intermediaries and directly connecting artists to their fans through blockchain.
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through this platform, music creators have the ability to release their works as non-fungible tokens (NFTs) and sell them directly to their audiences.
Since launching its beta version in 2022, Sound has already managed to generate $5,5 million for artists through direct music sales as NFTs.
One of the investors involved in the financing is web3 enthusiast Snoop Dogg. In addition to already being present on metaverse platforms out there, the rapper has also acquired numerous NFTs and has been investing heavily in this new moment on the internet.
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Furthermore, it is not new that the artist is dissatisfied with the current remuneration distribution policy of streaming platforms. For him, companies like Spotify and Apple Music make inadequate transfers compared to the reach of the musicians' tracks. In addition to Snoop Dogg, another influential rapper is also betting on the platform, such as 21 Savage.
With a diverse group of supporters, Sound is positioning itself as an alternative to the music streaming giants, paving the way for a more decentralized industry.
The Sound platform will work as follows: the artist will use the tool to upload their tracks, from there they will create NFTs and sell them in exchange for Ethereum currency. According to the company, fans will not need to create a digital wallet to consume the songs, and payment can be made using other currencies as well.
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According to the company, with the resources obtained in this round of financing, Sound plans to strengthen its relationships with artists, invest in marketing strategies and expand its engineering team.aria.
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