Web3 Music Firm Sound Raises $20M in Series A Funding and Unveils Game-Changing Minting Tools

Sound Raises $20M in Series A Funding

Web3 music firm Sound has secured $20 million in Series A funding, with a16z crypto leading the round. Other participants in the funding included Palm Tree Crew, A Capital, Sound Ventures, Collab + Currency, Scalar Capital, Snoop Dogg, Ryan Tedder, and Tay Keith. The funding will provide resources for Sound to expand its team and further its mission of becoming the go-to platform for music discovery on the web and mobile. Co-founder David Greenstein expressed excitement about the opportunities the funding will bring, but did not disclose the company’s valuation at this time.

Web3 Minting Tools Now Available to All Artists on Sound

Alongside the funding announcement, Sound has made its web3 minting tools accessible to all artists on the platform. These tools were previously limited to a select group of artists during the testing phase. With the web3 minting tools, artists can now mint and sell their music as NFTs (non-fungible tokens). Sound is built on the Ethereum blockchain and utilizes the ERC-721A token standard. In addition, Sound has added Optimism support to reduce gas fees and improve transaction times. Users can purchase music on the platform using either ETH or a credit card.

Key Points:

– Sound has raised $20 million in Series A funding led by a16z crypto.
– Other participants in the funding include Palm Tree Crew, A Capital, Sound Ventures, Collab + Currency, Scalar Capital, Snoop Dogg, Ryan Tedder, and Tay Keith.
– The funding will be used to grow Sound’s team and advance its mission of becoming the leading platform for music discovery.
– Sound has made its web3 minting tools available to all artists on the platform, allowing them to mint and sell music as NFTs.
– The platform has added Optimism support to decrease gas fees and improve transaction times, and users can make purchases using ETH or a credit card.

Hot Take:

Sound’s successful funding round and the opening up of its web3 minting tools demonstrate the growing interest and support for the intersection of music and blockchain technology. By providing a platform for artists to mint and sell music as NFTs, Sound is tapping into the potential of the decentralized music industry. With the added support of Optimism and user-friendly payment options, Sound is well-positioned to become a prominent player in the evolving music landscape.