Snoop Dogg and a16z Join $20 Million Funding Round for Web3 Music Platform Sound

NFT Web3
Last updated:
Author
Author
Jai Pratap
About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: Pixabay

Web3 music platform Sound has raised $20 million in a Series A funding round led by Venture capitalist firm Andreessen Horowitz (a16z) and American rapper Snoop Dogg.

Actor Ashton Kutcher-led firm Sound Ventures and artist and producer Ryan Tedder also participated in the funding round.

Sound aims to help music artists by removing intermediaries and connecting them directly to fans through blockchain

The Web3 music platform is allowing music creators to mint their songs on-chain as a non-fungible token (NFT) and sell them directly to their fans.

Sound claims to have already generated $5.5 million for creators through direct music sales as NFTs since its beta launch in 2022.

Sound Gets Support From Artists 

The latest funding round of Sound comes after its $5 million seed round in 2021.

The legendary rapper and NFT enthusiast Snoop Dogg had previously shared his concerns about the current music streaming platforms like Spotify and Apple Music.

The musician had complained that the artists don’t get enough money as compared to the numbers their tracks achieve on these streaming platforms. 

Now the famous rapper himself has invested in a blockchain-based platform that aims to eliminate intermediaries like streaming platforms from the artists’ way. 

Atlanta-based rapper 21 Savage is also among the investors in the Web3 music platform.

As per the announcement, the music company will spend the new funds on artist relations, marketing, and engineering teams, as it gears up to open to the public.

Sound To Take on Music Streaming Giants

David Greenstein, co-founder of Sound, said that as music subscription services have emerged in the recent past, they have expanded access to songs while diminishing artists’ earnings at the same time, CoinDesk reported

Artists on Spotify receive roughly $0.003 per stream, Greenstein added. 

He further explained how Web3 helps facilitate direct payments for the songs by allowing music creators to eliminate the middleman and keep 100% of their revenue. 

Artists can utilize Ethereum and layer two scaling solution Optimism to upload their songs, mint them on-chain and sell them for ETH. This process can be done without requiring fans to create a wallet by supporting fiat payments, he added.

Several artists are already embracing the new shift in the music industry by releasing their songs as NFTs. 

Earlier this year, Web3 music platform Anotherblock turned one of Rihana’s songs into a fractionalized NFT.

More Articles

Cryptonews Reports
Russian Court Extends Detention of Pilot Arrested for Sending Crypto to Ukraine Military
Tim Alper
Tim Alper
2025-02-13 23:30:00
Price Analysis
Hyperliquid Defies the Crypto Downtrend – Could HYPE Overtake Solana?
Michael Davis
Michael Davis
2025-02-13 23:13:56
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors