The Snoop Dogg-backed NFT music service not too long ago secured $20 million in funding, putting it on the high of the crypto funding trade.
In the meantime, each the NFT music market and the liquid staking developer are attracting consideration, producing $94 million in weekly income. See under for all the main points.
Hip-hop artist Snoop Dogg joins the NFT race
This week, as many as sixteen crypto startups raised over $94 million, with the Web3 music market Sound main the pack.
Particularly, Sound secured $20 million in a Sequence A funding spherical led by a16z crypto and that includes well-known buyers corresponding to Palm Tree Crew, Scalar Capital, and Coinbase.
Celebrities from the music world, together with rapper Snoop Dogg, singer-songwriter Ryan Tedder, and document producer Tay Keith, have additionally lent their assist to the challenge.
It’s price recalling that, based in 2022, Sound’s aim is to offer artists with a greater mannequin for incomes cash.
At present, the normal technique for artists is to launch a track on platforms corresponding to Spotify or Apple Music and hope to get sufficient listens to earn cash.
Nonetheless, in keeping with a 2021 Enterprise Insider survey, Spotify pays artists solely $0.0033 per stream. Underneath that system, artists must garner over 300 streams to earn $1.
Sound, then again, presents artists the chance to promote their music as NFT songs. Nonetheless, some musicians appear to desire one thing else.
Homeowners of such NFTs can publicly touch upon the track linked to the digital asset, basically utilizing it to brag.
Based on data supplied by Sound, customers can confirm that they’re “longtime followers.” The platform makes use of Ethereum and a layer 2 community.
We additionally see that the variety of NFT songs minted on Sound has greater than doubled, exceeding 130,200 since January 2023, in keeping with information from Dune.
Certainly, in a press launch saying the current fundraising, Sound acknowledged that it had generated “income for a choose group of creators” of $5.5 million over the previous yr.
Now, following this important improve, Sound introduced that anybody can submit their music on the platform and begin incomes cash via NFT gross sales.
Different NFT initiatives: the collaboration between Roc Nation and Puma
Lately, Puma and Roc Nation, two influential giants within the leisure and style worlds, joined forces to create a unprecedented sneaker assortment that celebrates the cultural affect of hip-hop and embraces superior non-fungible token (NFT) know-how.
The RS-XL Mixtape sneaker assortment, a collaboration of the proficient designers Alexander-John and Emory Jones, pays homage to the evolution of mixtapes which have performed a pivotal position in shaping the hip-hop motion over the previous half-century.
Nonetheless, this assortment does extra than simply provide trendy footwear. Certainly, it seamlessly unites the bodily and digital worlds via the progressive integration of Reputable’s proprietary “LGT Tag” know-how and blockchain-supported NFTs.
Composed of three distinct kinds – Cassette Tape, Disc and Playlist – every pair of sneakers encompasses a discreet LGT tag hidden below the tongue of the left shoe.
By merely scanning the NFC (Close to-Subject Communication) chip contained in the tag with a smartphone, the sneaker wearer can entry an unique digital expertise.
The combination of blockchain know-how takes this expertise to the subsequent stage. Certainly, every NFC chip is related to an NFT minted on the Avalanche blockchain by Reputable.
These LGT tags related to the NFTs have a twin perform: they not solely present entry to digital content material, but additionally function an authentication mechanism, guaranteeing the authenticity of the bodily product, together with sneakers and different associated attire.
Calvin Chan, CEO of Reputable, emphasizes the startup’s confidence within the potential of blockchain, which is clearly manifested via this partnership, demonstrating how blockchain can enhance consumer experiences.
As well as, Puma’s choice to launch the Mixtape assortment coincides with the celebration of hip-hop’s fiftieth anniversary, demonstrating the model’s dedication to cultural appreciation and innovation.
