SoundMint, described as a “generative platform for music NFTs”, has raised $1.7 million seed round funding.
The round was led by Animoca Brands, the parent of The Sandbox gaming metaverse.
The round also saw participation by Castle Island Ventures, Focus Labs, Sfermion, Sky Vision, Tess Capital, and Goodwater Capital.
SoundMint’s founder and CEO, Andre Benz, is also the founder of the The Nations, a portfolio of curated music YouTube channels that reaches a collective audience of more than 60 million people.
US-based music and media company Create Music Group recently acquired a majority interest in The Nations.
SoundMint says that its NFTs are musical compositions derived from stems, with varying acoustic properties, algorithmically combined to create a set of unique musical art pieces.
The startup reports that its inaugural release between music artist Kloud and visual artist Hooker sold 5,000 copies valued at $2.5 million.
SoundMint says it is using the funds from its new seed round to build an NFT marketplace that will allow artists to create their own music NFTs, create a dashboard for NFT-holding fans, and to release a token, buyback program and ecosystem fund.
The company will also be launching what it calls “SoundMint Vinyl”, an NFT for current holders to redeem in the future.
In January, SoundMint’s lead investor Animoca Brands raised $358 million at a $5 billion valuation “to grow the open metaverse”.
“SoundMint is trailblazing a new and potentially extremely valuable path in Web3.”
Yat Siu, Animoca Brands
Yat Siu, Executive Chairman and Co-Founder of Animoca Brands, said: “With its mission of fusing the worlds of NFTs and music, SoundMint is trailblazing a new and potentially extremely valuable path in Web3.
“SoundMint shares our vision for NFTs redefining equity and property rights online, and recognizes the commercial advantages that NFTs can provide to musicians in an industry dominated by streaming services and publishers.
“We’re very excited to support this talented team that is quickly establishing itself as a leader in music NFTs.”
“Our mission is to empower musicians and artists.”
Andre Benz, SoundMint
Andre Benz, SoundMint CEO, added: “SoundMint is bridging a gap between the NFT community and musicians, expanding the ways art and music can be disseminated and consumed.
“Our mission is to empower musicians and artists, enabling them to create unique collaborations, and ultimately revolutionize the way artists and fans create community together.
“We couldn’t be happier that these investors see our vision in growing this iteration of music collection and curation.
“We’re really excited to apply this investment to creating a new canvas for music and art – one that’s creative, brighter, and more autonomous than before.”
“The team at SoundMint understands our vision.”
SomeHoodlum
SomeHoodlum, said: “I can’t wait to continue building on the vibrant and engaged community SoundMint has molded through the cross-collaboration of artists from different realms and backgrounds.
“The team at SoundMint understands our vision and it has been really rewarding to work on such a project contributing to the transformation of the digital art landscape.”
“working with the team at SoundMint and the incredible creativity of SomeHoodlum was a natural fit.”
Kaien Cruz
Kaien Cruz, said: “What I believe sets me apart as an independent musician is my ability to blend an authentic sound to music and art, so working with the team at SoundMint and the incredible creativity of SomeHoodlum was a natural fit.
“The Web3 space allows musicians and artists to support one another, and that’s exactly what SoundMint is helping facilitate.”
Elsewhere in the NFT space, in November, 3LAU’s NFT platform Royal raised $55 million in a funding round, led by Andreessen Horowitz (a16z), which also attracted investment from artists like The Chainsmokers, Nas, Logic, Stefflon Don, Kygo, Joyner Lucas and Disclosure.
In April, Darya Pourshasb, Spotify‘s Director, Premium Content Strategy, since 2018, joined the company as its Head of Global Artist & Label Partnerships.Music Business Worldwide