{"id":81631,"date":"2023-07-12T18:13:36","date_gmt":"2023-07-12T15:13:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81631"},"modified":"2025-09-12T00:07:54","modified_gmt":"2025-09-11T21:07:54","slug":"snoop-dogg-and-a16z-back-web3-startup-sound-in-us20-million-round","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/snoop-dogg-and-a16z-back-web3-startup-sound-in-us20-million-round\/","title":{"rendered":"Snoop Dogg and a16z back Web3 startup Sound in US$20 million round"},"content":{"rendered":"

The music Web3<\/a>-project Sound has raised US$20 million in a Series A round led by the crypto arm of venture fund a16z.<\/p>\n

\"Snimok-ekrana-2023-07-12-v-17.21.16\"
Data: Twitter<\/a>.<\/figcaption><\/figure>\n

Among other investors are rapper Snoop Dogg, actor Ashton Kutcher, producer Ryan Tedder, musician Tay Keith, as well as Palm Tree Crew, A Capital, Collab + Currency and Scalar Capital.<\/p>\n

The Sound aims to create a new business model for musicians, distinct from traditional streaming services. The platform enables artists to turn their songs into non-fungible tokens (NFT<\/a>) for direct-to-fan sales.<\/p>\n

\n

“We urge creators, not platforms or labels, to set a price on their music and sell it directly to fans. Artists are paid instantly, and they can see the list of the most devoted supporters on each track. This is a huge advance in the music industry since the era of streaming,” according to the project’s press release.<\/p>\n<\/blockquote>\n

Co-founder David Greenstein noted that with the advent of music services, the average listener gained access to a wide catalogue, but artists’ earnings declined. For example, on Spotify artists earn roughly $0.003 per stream.<\/p>\n

Users will be able to choose how much they pay for a track. In turn, authors will be able to set a minimum price for a song. Representatives said that musicians receive 100% of earnings and retain all copyrights.<\/p>\n

According to the company\u2019s estimates, in 2022 the artists testing the platform earned a total of $5.5 million in royalties. The service is now open to all performers.<\/p>\n

In February 2023, Spotify began testing<\/a> a playlist service accessible via NFT wallets.<\/p>\n

In the same month, Web3 startup Arpeggi Labs announced plans<\/a> to raise $11 million to develop a free platform for creating and releasing tracks in NFT format.<\/p>\n

In April, the Gala Music project unveiled<\/a> an unreleased version of David Bowie\u2019s Let\u2019s Dance as part of a limited NFT collection.<\/p>\n","protected":false},"excerpt":{"rendered":"

The music Web3 project Sound has raised US$20 million in a Series A round led by a16z\u2019s crypto arm.<\/p>\n","protected":false},"author":1,"featured_media":81632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1133,1110],"class_list":["post-81631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-venture-investments","tag-web-3-0"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81631"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81631\/revisions"}],"predecessor-version":[{"id":81633,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81631\/revisions\/81633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81632"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}