Many musicians are in NFT and Crypto these days and for sure they needed a little help to get around there.
The new music startup called Sound.xyz has raised a $5 million seed round, with contributions from Andreessen Horowitz (a16z), Variant Fund, Li Jin’s Atelier Ventures, a handful of crypto angels and artists like Holly Herndon, 21 Savage, and DJ Drama.
The startup has partnered with a lot of recording artists that have been engaging with the crypto and NFT community. The early drops have been limited to a couple dozen limited-edition NFTs that have sold out instantly.
Artists putting out music through Sound.xyz can offer a limited supply of NFTs to go along with the release. They’re souvenirs, but they also let you leave a comment at a certain moment in a given song. It’s similar to the comment functionality on SoundCloud; when an NFT is traded, a new owner can overwrite the token’s original comment.
The Sound.xyz team chooses the artists for the platform. However, additional development using the newly acquired funds will later see artists engaging with the platform directly.