“Sound gives artists the chance to debut new music as a set of NFTs,” it explained in its tweetstorm reveal. “Early editions are more valuable than later editions, meaning backers are incentivized to discover new music sooner.” As a fan, owning one of those NFTs “allows you to make a public comment. Sell your NFT, and your comment disappears – replaced by the new owner”.
Other features include ‘golden eggs’ (where commenters can see their NFT upgraded to a unique edition) and plans for smart contracts where “Each song shows up as a distinct collection on secondary markets. Artists receive 100% of sales, plus 10% of resales, without relinquishing copyrights”.
Sound is even knowingly cribbing one of Spotify CEO Daniel Ek’s famous mission statements in its publicity. “We want to give a million artists the opportunity to live off their art…for real this time.” Grand ambitions, but the proof will be in whether genuine fans (not just crypto-collectors) see the value in all this. And, of course, what calibre of artists Sound is able to attract.