SoundMint Raises a US$1.7 Million Seed Round, Led by Animoca Brands, Following a US$30 Million Appraisal

SoundMint is a new generative music NFT platform that reimagines the process of creating a new form of art and music.

SoundMint, a generative platform for music NFTs, announced today that it raised a US$1.7 million seed round led by Animoca Brands, with participation by Castle Island Ventures, Focus Labs, Sfermion, Sky Vision, Tess Capital, and Goodwater Capital. The raise comes on the heels of a US$30 Million appraisal of SoundMint.

SoundMint offers a platform that reimagines the process of creating a new form of art and music. The startup is a new medium of music creation, bringing innovation to the way people interpret music collectibles in Web3, where the majority of the sale goes to the artist. SoundMint’s 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, fans can support the artists they love by investing in their work today, and have a voice in what is created in the future.

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“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.”

“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 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.”

“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,” said SoundMint CEO Andre Benz. “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 fundraising announcement coincides with the platform’s next NFT drop collaboration, Back In Time, between musical artist Kaien Cruz and renowned visual artist SomeHoodlum. The Back in Time collaboration drops in late April, 2022. SoundMint’s inaugural drop between music artist Kloud and visual artist Hooker, sold 5,000 copies valued at US$2.5 million.

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“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,” said SomeHoodlum.

“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,” said Kaien Cruz. “The Web3 space allows musicians and artists to support one another, and that’s exactly what SoundMint is helping facilitate.”

In line with the company’s roadmap, 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. SoundMint will also be launching SoundMint Vinyl, an NFT for current holders to redeem in the future.

This new drop and the roadmap of innovative platform expansions are indicative of a continued growth in popularity of NFTs, as well as ongoing cross-industry collaboration between visual and musical artists.

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