SoundMint has raised $1.7 million in its seed funding round following a $30 million appraisal.
The seed funding round was led by Animoca Brands, with participation by Castle Island ventures, Focus Labs, Sfermion, Sky Vision, Tess Capital, and Goodwater Capital. Soundmint says it offers a platform that “reimagines the process of creating a new form of art and music.”
Soundmint’s NFTs are musical compositions derived from stems, with varying acoustic properties, algorithmically combined to create a set of unique musical art pieces. It’s a new form of generative music as NFTs, pairing them with visual elements. They’re designed to be just as collectible as other NFTs phenoms like the Bored Ape Yacht Club.
“With its mission of fusing the worlds of NFTs and music, SoundMint is trailblazing a new and potentially extremely valuable path in Web3,” says Yat Siu, Executive Chairman and Co-Founder of Animoca Brands.
“SoundMint shares our vision for NFTs refining 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,” Siu concludes.
Soundmint’s next NFT drop collaboration is called Back In Time and features musical artist Kaien Cruz and renowned visual artist SomeHoodlum. The collaboration will drop in late April 2022. Soundmint’s inaugural drop between music artist Kloud and visual artist Hooker sold 5,000 copies and was valued at $2.5 million.
SoundMint says it will use its seed funding to build an NFT marketplace to allow artists to create their own music NFTs. It also plans to create a dashboard for NFT-holding fans to view exclusive content from artists. SoundMint also announced plans to launch SoundMint Vinyl, an NFT for current holders to redeem in the future.
“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,” says Kaien Cruz. “The Web3 space allows musicians and artists to support one another, and that’s exactly what SoundMint is helping facilitate.”