The Snoop Dogg-supported NFT music service recently secured $20 million in funding, placing it at the top of the crypto finance industry.
Meanwhile, both the NFT music marketplace and the liquid staking developer are attracting attention, generating $94 million in weekly revenue. See below for all details.
Hip-hop artist Snoop Dogg enters the NFT race
This week, no fewer than sixteen crypto startups emerged $94 millionwith the Web3 music marketplace Sound leading the way.
specifically, Sound raised $20 million in a series A funding round led by a16z crypto and with well-known investors such as Palm Tree Crew, Scalar Capital and Coinbase.
Celebrities from the music world, including rapper Snoop Dogg, singer-songwriter Ryan Tedder and producer Tay Keith, have also lent their support to the project.
It’s worth reminding that the goal of Sound, founded in 2022, is to provide artists with a better model to make money.
Currently, the traditional method for artists to release a song is on platforms like Spotify or Apple Music and hope to get enough listeners to make money.
However, according to a 2021 Business Insider survey, Spotify only pays artists $0.0033 per stream. Under that system, artists would have to collect more than 300 streams to earn $1.
Sound, on the other hand, allows artists to sell their music as NFT songs. However, some musicians seem to prefer something else.
Owners of such NFTs can publicly comment on the number associated with the digital asset, essentially using it for bragging rights.
According to information from Sound, users can verify that they are “old fans.” The platform uses Ethereum and a layer 2 network.
We also see that the number of NFT numbers hit on Sound have more than doubled, over 130,200 since January 2023, according to data from Dune.
Indeed, in a press release announcing the recent fundraiser, Sound stated that it had “generated revenue for a select group of creators” from $5.5 million last year.
Now, after this significant increase, Sound announced that anyone can post their music on the platform and start earning money through NFT sales.
Other NFT Projects: The Roc Nation and Puma Collaboration
Recently, Puma and Roc Nationtwo influential giants in the entertainment and fashion worlds, have joined forces to create an extraordinary sneaker collection that celebrates hip-hop’s cultural impact and embraces advanced non-fungible token (NFT) technology.
The RS-XL mix tape sneaker collection, a collaboration of talented designers Alexander-John and Emory Jones, pays homage to the evolution of mixtapes that have played a pivotal role in shaping the hip-hop movement over the past half century.
However, this collection does more than just offer fashionable footwear. In fact, it seamlessly unifies the physical and digital worlds through the innovative integration of Legitimate’s proprietary “LGT Tag” technology and blockchain-backed NFTs.
Composed of three different styles – Cassette Tape, Disc and Playlist – each pair of sneakers has a discreet LGT tag hidden under the tongue of the left shoe.
By simply using the NFC (Near Field Communication) chip. within the tag with a smartphone, the sneaker wearer has access an exclusive digital experience.
The integration of blockchain technology takes this experience to the next level. Indeed, each NFC chip is connected to an NFT that is on the Avalanche blockchain by legit.
These LGT tags associated with the NFTs have a dual function: in addition to providing access to digital content, they also serve as an authentication mechanism, ensure authenticity of the physical product, including sneakers and other related clothing.
Calvin ChanCEO of Legitimate, emphasizes the startup’s confidence in blockchain’s potential, which is evident through this collaboration, and shows how blockchain can improve user experiences.
In addition, Puma’s decision to launch the Mixtape collection coincides with the celebration of hip-hop’s 50th anniversary, demonstrating the brand’s commitment to cultural appreciation and innovation.