How to procedurally generated music NFTs with SoundMint Music: full review
We've already looked at a few music startups that use different ways to unite blockchain and music: tokenized tickets, virtual concerts, or NFT tracks. But SoundMint explores NFT music as not just a token with a link to the MP3 file but as a procedurally generated art object. What does this mean, and why does SoundMint have a chance for to-the-moon on the NFT-market?
What is SoundMint?
SoundMint is a platform for minting procedurally generated NFT that combines visual and musical art elements. To say it simpler, SoundMint has developed an algorithm that uses visual and audio elements to generate a unique NFT composition.
If you don't know what procedural generation means, take a look at BAYC. Elements of each NFT such as background, ape close, facial expression, and accessories were generated and combined randomly.
While SoundMint helps music and visual artists transform their art to NFT and look for partners for release by itself. SoundMint should become an open platform that everyone can use in the future. Smth-like a hybrid of the music catalog and NFT-mint service.
Functions
SoundMint offers artists and users features that can completely change the vision of NFT music:
Mint NFT: Is already active. SoundMint has successfully completed the WE _ ARE _ KLOUD of 5000 NFT collection mint (tradable on OpenSea) and is announcing a future drop of the Back In Time collection. The team says that their NFT is too large to completely upload to the blockchain, so only provenance is stored on the network.
Create NFT: By the end of Q3, the team must roll out Front-End Tooling, which will allow anyone to create their procedural-generated NFT. This will make the platform open and expand the artists' catalog.
Artist's Map and Dashboard: Actually 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.
But, SoundMint doesn't develop as a marketplace. Users can use the platform to explore artists and collections and mint tracks from the collections, but they can't sell or buy minted NFT on the site. Maybe this functionality will be announced later, or SoundMint decided to leave the trade for OpenSea and other marketplaces.
Token
SoundMint doesn't have (yet) a native token in the traditional sense but has a native NFTs called Vinyl. This is something like a ticket to a closed SoundMint club. Vinyl includes 3 levels of NFTs:
Standard and Gold Vinyl NFTs were dropped for users who minted tracks from the WE _ ARE _ KLOUD collection. If you want to be in a private club and miss the drop, you can buy Vinyl at OpenSea.
But it is still unclear what rewards will get Vinyl holders. Most likely, access to unique content and several other benefits:
Roadmap
SoundMint plans to develop a full-fledged platform within a year. Road map set on Q1-Q4 2022. Currently completed all Q1 tasks:
None of the Q2 goals have been achieved yet, but the team still has time, so I can say the developers fit into the roadmap.
We should see a fully functioning cross-chain platform with all services and a strong community by year-end.
Tokenomics
Project strength
Strong concept: SoundMint offers procedural generation of music and visual art. It's a unique solution, so the platform has no competitors yet.
Successful cases: The team showed how their service works with the WE _ ARE _ KLOUD case and will show it again with the Back in Time collection drop.
Famous investors: The project fundraised only $1.7M, but this is only in the 1st Seed round, and there is a good investor's list, including the guys from Tier-1: Focus Labs, Animoca Brands, SkyVision Capital, Goodwater Capital.
Strong team: The team's members are shown on the SoundMint website with their Twitter accounts. Guys have a lot of experience in the music industry and many successful projects behind their backs. It looks like they know what they're doing.
Active social pages: 20.4K Followers on Twitter and 8K on Discord. Yes, it's not much, but the posting is regular and active.
SoundMint weaknesses
High entry threshold: for now, only selected partner artists can use SoundMint, and only with the team's help. For mass adoption, users need a clear and simple NFT creating toolkit.
Absent tokenomics: It's ok if there is no native fungible token but exists the native NFTs. But it's not ok that it is not clear what rewards the holders of these NFTs will receive and their role in the project development.
Low awareness: SoundMint has a modest number of followers and overall brand awareness. But actually, it's ok for an early-stage project.
Conclusions
SoundMint finally brings the music to modern NFT-art and offers procedurally generated audio NFTs. Meanwhile, the best NFT music projects can offer only tracks tokenizing and monetizing listening via a blockchain. SoundMint provides the use of blockchain not only for monetization but also for creating music. That is a qualitatively new level.
Now the only way to enter the project is to get Vinyl NFT, and it is not clear what holders will get in the future. The project and social networks are at an early stage, so it is worth following and waiting for further announcements.
You never know when the next Vinyl drops, so you can try to mint any track from the future collection if you like it (non-financial council).