What is Sound.xyz? Sound.xyz is an online music platform that allows artists to release songs as NFTs and sell them to their fans. So what is special about this project? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following projects to better understand the article
- NFTFi Trend: NFTFi growth momentum is full
- Overview of NFTFi & Potential of NFTFi in the crypto market
- What is Optimism? Optimism cryptocurrency overview
What is sound.xyz?
Overview of Sound.xyz
Sound.xyz is an online music platform launched on Optimism that allows artists to release their songs as NFTs. Fans can support their favorite artists by purchasing NFTs and publicly commenting on songs or interacting with the artist and other fans.
In addition, with recent platform updates, Sound.xyz no longer charges a 2.5% fee per transaction but has a flat fee of 0.0007 ETH per transaction. This means that it is the same fixed fee whether users participate in minting 1 NFT or 100 NFTs, they only have to pay 0.0007 ETH.
Sound.xyz’s goal is to solve 2 major problems in the music industry including:
- The majority of songs go completely unheard, and 90% of streams go to the top 1% of artists.
- Artists earn a very small amount of money per stream ($0.003 per stream) resulting in even the most talented artists struggling to make ends meet.
What is the difference of Sound.xyz?
Sound.xyz offers the next generation of artists and their communities a new way to produce and experience music online. Some major differences of Sound.xyz compared to online music platforms in web2 include:
- Sound.xyz gives artists the opportunity to launch new music in the form of an NFT collectible. Each version of the NFT is uniquely numbered so listeners can get in on the action early to show support for their favorite artists.
- Each Sound NFT is more than just a song. Owning a song’s NFT grants backers the ability to make public comments about the song. If they sell their NFT, the public comment will disappear and be replaced by the new owner. This allows fans to show their love for artists through holding NFTs for an extended period of time.
- In addition to owning the song and being credited as part of its history. Sound NFT is also an access card to the Sound community on Discord, where artists and listeners interact through weekly hangouts, collaborate on projects, etc. Artists can also choose benefits rewards their supporters from exclusive listens to unreleased songs to concert tickets.
Investor
- December 15, 2021: Sound.xyz announced the successful call for 5M USD led by A16z. There is also the participation of other investors such as: Flamigo, The LAO,…
- July 12, 2023: Sound.xyz announced a successful call for 20M USD led by A16z with the participation of other investors including: Scalar Capital, Coinbase Ventures,…
Core Team
David Greenstein : Co Founder
- David joined Opendoor in many roles from Business to Product Manager since August 2017.
- After that, David moved to work at Pandora as Product Manager from April 2019.
- In July 2021, David joined Sound. xyz and is currently Co Founder at Sound.xyz
Vignesh Hirudayakanth : Co Founder
- Vignesh graduated with a bachelor’s degree in computer science from the University of Illinois Urbana-Chmampaig.
- Vignesh joined Turn as a Software Engineer in June 2015.
- After that, Vignesh moved to work at Opendoor as a Software Engineer from September 2017.
- In August 2020, Vignesh joined Apple as a Software Engineer.
- After that, Vignesh quit his job in July 2021 and joined the startup Sound.xyz.
Kevin Teng : COO
- Kevin graduated with a bachelor’s degree in finance and economics from New York University.
- In April 2014, Kevin joined Pretium Partners as an Associate.
- After that, Kevin joined Opendoor as Strategy & Operations Lead in January 2017.
- In October 2019, Kevin moved to work at Future as Head of Business Operations & Analytics.
- In January 2022, Kevin quit his job and joined Sound.xyz as COO.
Tokenomics
Update…
Project Information Channel Sound.xyz
- Website: https://www.sound.xyz/
- Twitter: https://twitter.com/soundxyz_
- Discord:
summary
Sound.xyz is one of the web3 online music platforms with many improvements compared to traditional web2 platforms. Sound.xyz empowers artists to release and earn revenue from their songs while allowing fans to interact with the artists they love. Above is all the information I want to provide about Sound.xyz, hope everyone has received interesting knowledge.