In a previous article, we discussed music NFT. We looked into the promise, advantages, and disadvantages of this new technology that helped musicians such as 3LAU and Steve Aoki make million of dollars.
Today, we will continue exploring NFT by examining Sound.xyz as one of the platforms where musicians can create and sell sets of NFTs.
What Is Sound.xyz?
According to their website, Sound.xyz works “towards building a different kind of music industry that puts artists and fans first.” Their way of doing this is through a platform “built on Web3 technology and values”.
Sound.xyz believes that artists “should be able to make a full-time living off their music alone.” Tees, tours, and fan clubs are for incremental revenue for artists, which is not supposed to come at the expense of valuing music.
Therefore, Sound.xyz aspires for a collaborative music movement that enables artists to “capture more value from their art.” and “connect more closely with their fans.”
Do Musicians Need Sound.xyz?
Sound.xyz created the platform to solve two problems in the industry. The first is that “the vast majority of songs go entirely unheard and 90% of streams go to the top 1% of artists”. And the second is that “Artists earn a minuscule amount from each stream,” making it hard for even the most talented artists to make a living wage.
While it is early to know if Sound.xyz will solve those problems, we all know that identifying a problem and proposing a solution is the essence of every successful project.
Sound.xyz For Music NFT Artists
As an artist, you can use Sound.xyz to debut your music as a set of NFTs. The contracts of those NFTs are artist-owned, which means that you will retain ownership and provenance of your work.
As for the proceeds, you will receive 100% of the proceeds from the original sale. Additionally, you receive 10% of the proceeds from resales on the secondary market.
Moreover, you will retain complete creative control, not only on the music but also on the way you create value for your fans and supporters.
Sound.xyz For Your Fans And NFT Collectors
Music NFT collectors can use Sound.xyz to support you by buying and owning your song NFT. Their purchase allows them to engage with you and other fans by posting public comments on that particular song.
After owning the NFT, they can keep it, sell it in the secondary market, or even give it away. However, after selling an NFT to another person, all public comments made by the previous owner will disappear, and the ability to make them will transfer to the new owner.
Moreover, owning an NFT gives your fans access to the Sound.xyz community on Discord, “where artists and listeners interact with each other through weekly hangouts, collaborative projects, and more.”
Not to mention that you can also choose to include additional benefits for your supporters, such as exclusive listens of unreleased songs or even concert tickets.
Music NFT Editions
Sound.xyz allows artists to create more than one NFT per song. They allow minting multiple editions of an NFT to “enable artists to include more of their community but still maintain scarcity.” Aiming to have more than just one winner, the team behind Sound.xyz thinks that “Music is about bringing us closer” and is not about “showing the world how rich you are.”
Want To Make Music NFT Through Sound.xyz?
The platform is currently in a closed beta stage, which means it is going through a testing phase and is not open to the public. However, you can sign up using this form if you are interested in early access. In January, Sound.xyz onboarded 20 artists. And who knows? The next batch might be on the horizon.
Will Sound And Music NFT Work?
Sound.xyz believe that there are a lot of listeners who want to support the artists they love. By eliminating the middle man, the streaming companies who eat the larger piece of the pie, listers will finally be able to do just that.
In a blog post, they reported generating “$200,000 for 20 independent artists, equivalent to 60 million streams.”. Not a bad start! And only time can tell how strong this platform and the NFT technology behind it grows.
With Music NFT, Proceed With Caution
The technology is promising, and what projects like Sound.xyz are doing with it might bring the industry to a new reality. We would love to connect directly with our fans, and we would certainly love to receive most of the proceeds from our work and have more time for creativity.
But with new technologies, you should always proceed with caution. It is still early to predict how NFT will evolve. For more information about the concerns related to NFT, check this article.
Additionally, it is imperative to note that NFT collectibles are generally overpriced. While we would love all the support we can get as artists, paying thousands of dollars to own a scare digital copy of a song sounds a bit too much.
Sound.xyz is a platform that works on helping artists cultivate deeper relationships with fans and independently launch the music they love. Through Web3 technologies and values, Sound.xyz believes that artists will no longer have to chase streams or use inflated marketing tactics to gain listenership.
Although NFT is widely recognized, it is still a new and unpredictable world. The best thing musicians can do at the moment is to keep an eye on it and interact with it carefully.
Are you an independent artist who loves to create music? At Mello Studio, we are on top of the trends and technologies in the music industry and would love to help you let the world hear your music. Contact us today!