WHAT IS SOUND.XYZ?
Sound.xyz is a new-generation music platform that enables lesser and medium-known musicians to make money through NFTs. Read on to learn more.
As visual arts dominate the NFT art landscape we need more tools, dapps, protocols, and marketplaces to help us discover and consume music in new ways. Sound.xyz is a music-centric startup that aims to assist recording artists monetize their community using NFTs as part of a package of tools aimed at bringing musicians into the so-called “web3” fold.
Sound.xyz is a platform that solves the major problems with the music industry: the vast majority of songs go entirely unheard and 90% of streams go to the top 1% of artists and artists earn a minuscule amount from each stream ($0.003 per stream), resulting in even the most talented artists struggling to making a living wage.
Sound.xyz is powering the next generation of artists and their communities starting with listening parties for new releases. This way, artists capture more value from their art, and connect fans to the music they love more closely. On top of that, joining Sound makes you more than just a user— you’re a contributor to the platform and co-owner of its success.
How Does Sound.xyz Work?
Sound is built on web3 technology and values. This platform is created for a more collaborative music movement where artists can publish their music and have a limited series of NFTs that comes with the release. Moreover, they allow you to leave a comment at a certain point in the song, even though they are essentially keepsakes, and the new owner can overwrite the original token comment. So we can say Sound allows fans to support the artists they love directly and stake their claim on being there before everyone else.
1. Launch a Listening Party
On Sound, artists can debut new music as a set of NFTs. Each edition of the NFT is numbered uniquely, so listeners can showcase their early support. Putting out a new track should be an event, not an afterthought.
This way, artists have the chance to include more of their community but still maintain scarcity as they can have only one winner. Since early editions are considered more valuable than later editions, backers are incentivized to discover new music early. They also benefit from publicizing their participation.
2. Own the Moment
Each Sound NFT is more than just the song. If you own a song’s NFT you will be able to make a public comment on the song — let the world know what you think! When you sell your NFT your comment will disappear and get replaced by the new owner. Show off the Sound NFTs you’ve collected and prove you were a fan from way back in the day.
3. Create a Culture
Sound NFTs are your access pass to the Sound community on Discord. Here artists and listeners interact with each other through weekly hangouts, collaborative projects, and more. Artists can also choose to include additional benefits for their backers, ranging from exclusive listens of unreleased songs to concert tickets.
4. Have Fun Being a Backer
Every song has a “golden egg” hidden on a randomly selected timestamp in the song. If you leave your comment where the golden egg is located, your NFT gets upgraded to a 1/1 edition with unique artwork chosen by the artist. But the winner is revealed when the song sells out.
Artists Should Own Their Market
The smart contract that mints NFTs is unique to each artist. So Sound Studio allows you to mint original high-quality song NFTs while retaining true ownership and provenance of your work/ On secondary markets, each artist’s songs show up as a distinct collection instead of getting lost in the sea of NFTs.
Artists receive 100% of the revenues and 10% of every resale without giving up any ownership of their master or publishing rights. As every artist has ownership over their contract backers can trust that what they’re buying is authentic. Note that Sound Studio is also completely free to use.
New royalty structures emerge as new players join the web3 ecosystem. For instance, the new NFT marketplace Blur allows traders to set zero royalties on secondary market listings.
When artists release their songs on Sound.xyz, they have the chance to split the revenue with any set of wallet addresses or be the single recipient.
The default royalty fee is set to 10% on Sound’s secondary market sales. Artists may also include expiration dates to receive a certain sales percentage for a set period or set fixed amounts to be paid to a certain participant first.
Sound.xyz is a new world that gives a chance to quality music and its performers to affirm and become recognizable on the music scene. This platform has already managed to raise millions of dollars in a short time and enables both performers and fans to benefit from both sides.
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