Snoop Dogg launches record-breaking NFT
The Snoop Dogg-backed NFT music service lately secured $20 million in funding, inserting it on the high of the crypto funding business.
In the meantime, each the NFT music market and the liquid staking developer are attracting consideration, producing $94 million in weekly income. See under for all the main points.
Hip-hop artist Snoop Dogg joins the NFT race
This week, as many as sixteen crypto startups raised over $94 million, with the Web3 music market Sound main the pack.
Particularly, Sound secured $20 million in a Collection A funding spherical led by a16z crypto and that includes well-known buyers resembling Palm Tree Crew, Scalar Capital, and Coinbase.
Celebrities from the music world, together with rapper Snoop Dogg, singer-songwriter Ryan Tedder, and file producer Tay Keith, have additionally lent their assist to the challenge.
It’s value recalling that, based in 2022, Sound’s objective is to supply artists with a greater mannequin for incomes cash.
Presently, the normal methodology for artists is to launch a track on platforms resembling Spotify or Apple Music and hope to get sufficient listens to earn cash.
Nonetheless, in keeping with a 2021 Enterprise Insider survey, Spotify pays artists solely $0.0033 per stream. Underneath that system, artists must garner over 300 streams to earn $1.
Sound, then again, affords artists the chance to promote their music as NFT songs. Nonetheless, some musicians appear to favor one thing else.
Homeowners of such NFTs can publicly touch upon the track linked to the digital asset, primarily utilizing it to brag.
In keeping with info supplied by Sound, customers can confirm that they’re “longtime followers.” The platform makes use of Ethereum and a layer 2 community.
We additionally see that the variety of NFT songs minted on Sound has greater than doubled, exceeding 130,200 since January 2023, in keeping with knowledge from Dune.
Certainly, in a press launch asserting the current fundraising, Sound acknowledged that it had generated “income for a choose group of creators” of $5.5 million over the previous yr.
Now, following this important improve, Sound introduced that anybody can put up their music on the platform and begin incomes cash by NFT gross sales.
Different NFT tasks: the collaboration between Roc Nation and Puma
Not too long ago, Puma and Roc Nation, two influential giants within the leisure and style worlds, joined forces to create a unprecedented sneaker assortment that celebrates the cultural impression of hip-hop and embraces superior non-fungible token (NFT) know-how.
The RS-XL Mixtape sneaker assortment, a collaboration of the proficient designers Alexander-John and Emory Jones, pays homage to the evolution of mixtapes which have performed a pivotal position in shaping the hip-hop motion over the previous half-century.
Nonetheless, this assortment does extra than simply provide trendy footwear. Certainly, it seamlessly unites the bodily and digital worlds by the revolutionary integration of Professional’s proprietary “LGT Tag” know-how and blockchain-supported NFTs.
Composed of three distinct kinds – Cassette Tape, Disc and Playlist – every pair of sneakers includes a discreet LGT tag hidden underneath the tongue of the left shoe.
By merely scanning the NFC (Close to-Area Communication) chip contained in the tag with a smartphone, the sneaker wearer can entry an unique digital expertise.
The combination of blockchain know-how takes this expertise to the subsequent degree. Certainly, every NFC chip is linked to an NFT minted on the Avalanche blockchain by Professional.
These LGT tags linked to the NFTs have a twin perform: they not solely present entry to digital content material, but additionally function an authentication mechanism, guaranteeing the authenticity of the bodily product, together with sneakers and different associated attire.
Calvin Chan, CEO of Professional, emphasizes the startup’s confidence within the potential of blockchain, which is clearly manifested by this partnership, demonstrating how blockchain can enhance person experiences.
As well as, Puma’s determination to launch the Mixtape assortment coincides with the celebration of hip-hop’s fiftieth anniversary, demonstrating the model’s dedication to cultural appreciation and innovation.
