A generative platform for music NFTs has raised $1.7 million in seed funding.
SoundMint claims to reimagine the process of creating a new form of art and music by bringing innovation to the way people interpret music collectibles in web3, where the majority of the sale goes to the artist.
Its NFTs are musical compositions derived from stems, with varying acoustic properties, algorithmically combined to create a set of unique musical art pieces. As a new form of generative music, the NFTs are paired with visual elements, each as variable as the music itself.
By owning a SoundMint collectible, the firm says fans can support artists by investing in their work today and have a voice in what is created in the future.
The round was led by Animoca Brands, with participation by Castle Island Ventures, Focus Labs, Sfermion, Sky Vision, Tess Ventures and Goodwater Capital.
“SoundMint is bridging a gap between the NFT community and musicians, expanding the ways art and music can be disseminated and consumed,” said CEO Andre Benz.
“Our mission is to empower musicians and artists, enabling them to create unique collaborations, and ultimately revolutionise 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.”
SoundMint is using the funds raised to build an NFT marketplace that will allow artists to create their own music NFTs as well as interact with collectors and other creatives, create a dashboard for NFT-holding fans to view exclusive content from artists, and release a token, buyback program and ecosystem fund.
The fundraising announcement coincides with the platform’s next NFT drop collaboration, Back In Time, between musical artist Kaien Cruz and renowned visual artist SomeHoodlum.
SoundMint’s inaugural drop between music artist Kloud and visual artist Hooker sold 5,000 copies valued at $2.5m.
“With its mission of fusing the worlds of NFTs and music, SoundMint is trailblazing a new and potentially extremely valuable path in web3,” said Yat Siu, executive chairman and co-founder of Animoca Brands.
“SoundMint shares our vision for NFTs redefining equity and property rights online, and recognises 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.”