Sixteen crypto startups collectively managed to acquire a total funding amount of $94 million, out of which Sound took its share of $20 million via a Series A funding round, the leader of which was a16z crypto. The other contributors were Palm Tree Crew, as well as Scalar Capital, Coinbase, and some more. There was also the involvement of celebrities in the music arena who came forward and pitched in. They were Snoop Dogg, Ryan Tedder, and Tay Keith.
This project which was set up in 2022, aims to increase avenues for artists to be able to make more earnings for themselves. All they are required to do is to post a song on Spotify or Apple Music and draw in the crowds. Spotify is known to have offered $0.0033 per stream to artists.
Where Sound is concerned, artists are able to sell music in the form of song NFTs. There is a provision made for the NFT holders to divulge their opinion on the songs and utilize it for gaining bragging rights. The platform takes the help of Ethereum and Layer 2 network, Optimism.
The number of song NFTs that have been minted on Sound has crossed the double figure, amounting to 130,200, since the beginning of the year. Sound has managed to earn for itself $5.5 million through a set of creators.
In the case of Alluvial, which is the software developer responsible for liquid staking protocol Liquid Collective, managed to acquire $12 million on top of the $6.2 million obtained before. The funding was jointly led by Ethereal Ventures and Variant. The other players were Brevan Howard Digital, Avon Ventures, and a list of others. The Ethereum Shapella scaling enabled users to take out 18 million ETH that was staked. Currently, the figure of active authenticators has crossed 664,000, with another 82,000 in the queue. Alluvial and other DeFi protocols are moving in for the kill.
Authenticators stand at an advantage with liquid staking as they receive a liquid staking token (LST) in exchange for taking part in controlling the network. They are also able to utilize the LST on various DeFi protocols for obtaining further yield. Alluvial plans to utilize $12 million for expanding its high-quality liquid staking solution.
Some other companies which managed to acquire funding for themselves were names like Artela, as well as Lunar Crush and KTX.Finance, Olympix, Giza and Xterio.