a16z crypto, Snoop Dogg join $20 million Series A funding round for web3 music firm Sound
Quick Take
- The web3 music firm Sound raised $20 million from a16z crypto and other investors.
- Sound will use the funding to grow its team and scale its web3 music strategy, its founder tells The Block.
Web3 music firm Sound has raised $20 million in Series A funding.
a16z crypto led the round. Additional participants included Palm Tree Crew, A Capital, Sound Ventures, Collab + Currency, Scalar Capital, Snoop Dogg, Ryan Tedder and Tay Keith.
"The funds will give us resources to grow our team and further our mission to make Sound the home of music discovery on the web and mobile," the firm's co-founder David Greenstein told The Block.
Sound is not currently disclosing its valuation, the co-founder added.
Web3 minting tools
In addition to announcing the fresh funding, Sound opened up its web3 minting tools.
"Previously, it was only accessible to a limited group of artists during the test period," Greenstein said. "Today, these tools will be available to all artists on Sound."
Sound allows artists to mint and sell music as NFTs. The platform is built on the Ethereum blockchain and deploys the ERC-721A token standard.
Sound also added Optimism support on June 12 to decrease gas fees and accelerate transaction times. Users can buy music with ETH or a credit card.
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