The SoundMint overview
Music NFT is a relatively new market trend. Many startups have tried to combine blockchain, NFT, and music, but none have suggested using blockchain to create music. Well, SoundMint showed how to do it and what digital audio-visual art looks like. The results are impressive. Look it closer?
About SoundMint
SoundMint is a platform for minting procedurally generated NFT that combines visual and musical art elements. The SoundMint team has developed an algorithm that uses visual and audio elements to generate a unique NFT composition based on a hashrate.
The SoundMint team helps music and visual artists unite their skills and transform them into modern NFT-arts. The project concept implies that SoundMint will become an open platform with simple tools for creating procedurally generated visual-music NFTs, available for all-level and genres artists.
As the result artists can create and share their NFT-arts to get rewards directly from fans, and users can explore their favorite artists and collections.
Discover SoundMint possibilities
SoundMint offers artists and their fans possibilities that can radically change the vision of NFT music:
NFT minting: It is already finished and run. SoundMint has successfully completed the WE _ ARE _ KLOUD 5000 NFT collection mint (available on OpenSea) and is announcing a future drop of the Back In Time collection. Users can listen and see a few track examples from the collection and mint NFT on the official website.
NFT creating: By the end of Q3, the team promised to release Front-End Tooling, which will allow anyone to create their own procedural-generated NFT. This will make the platform open and expand the artists' number.
Artist's Map and Dashboard: This is a catalog where artists can publish their collections and collect rewards from users for mint. The Dashboard also allows NFT-holders to access limited artists' content.
Should note that SoundMint doesn't develop as a marketplace. Users can explore artists and collections and mint tracks from the collections, but they can't sell or buy minted NFT on the site. It may become one of the future functions, or SoundMint just chooses a no-trading platform concept.
Token and tokenomics
SoundMint doesn't use native fungible tokens but releases native NFTs called Vinyl. This is something like a pass to a SoundMint community. Vinyl includes 3 types of NFTs:
Mint and Gold Vinyl NFTs were dropped for users who minted tracks from the WE _ ARE _ KLOUD collection. Also, you can buy Mint and Golden Vinyl NFTs at OpenSea.
Vinyl holders can part in the site's development and get a few additional benefits. It's really similar to staking, but holders don't need to block their NFTs:
SoundMint dis/advantages
Strong concept: SoundMint offers procedural generation of music and visual art. It's a unique solution, so the platform has no strong competitors.
Successful cases: The team demonstrates SoundMint in action with the WE _ ARE _ KLOUD collection and will reprise it with the Back in Time drop.
Famous investors: The project fundraised $1.7M in the 1st Seed round, and there is a good investor's list, including Focus Labs, Animoca Brands, SkyVision Capital, and Goodwater Capital.
Strong team: You can find the team's members (and their Twitter accounts) on the SoundMint website. Developers have a lot of experience in the music industry and experience in successful projects. There are also 2 influential advisors.
Limited access: For now, only partner artists can use SoundMint, and only with the team's help. For mass adoption, users need a clear and simple NFT creating toolkit.
Low awareness: There are not many followers on Socials (20.4K Followers on Twitter and 8K on Discord) and low overall brand awareness. But it's an early-stage project, so hard to call it weakness.
Our conclusion
A promising project with an unusual concept can create its own niche in the NFT market. It is still unclear how the project will bring investors without fungible tokens and what it can offer to Privates. We continue to follow the SoundMint development and wait for the next fundraising rounds announcement. Perhaps, we see a potential NFT market gem.
Explore the SoundMint: