TOKiMONSTA-founded Web3 protocol Sona launches its streaming platform following a $6.9 million seed funding spherical.
Sona, a brand new Web3 streaming protocol utilizing DeFi (decentralized finance constructing blocks) to offer artists with a brand new method to stream content material and handle rewards, auctions, and extra, has introduced the open beta launch of its streaming platform.
The corporate additionally introduced a $6.9 million seed funding spherical headed by Polychain Capital, Haun Ventures, and Rogue Capital. These funds will assist in hiring engineers and creating new options.
Sona Stream combines a free music streaming service with a market the place artists can share music and public sale off “digital twins” of songs that may solely be owned by one individual at a time. Sona’s market permits artists to public sale their digital belongings, referred to as SONAs, to collectors for twenty-four hours.
Artists set a minimal value and promote to the very best bidder, with the proprietor of a SONA receiving 70% of the streaming payout rewards primarily based on a professional rata share of whole streams throughout the platform. Artists get 30%, with the corporate taking a 7% payment.
The rewards pool is funded from a share of SONA gross sales, so every buy helps all artists on the platform. Sooner or later, Sona will embody different transactions resembling tipping, merch gross sales, ticket purchases, stem downloads, and stuck value audio downloads for DJs.
“It’s pooled each two weeks after which redistributed to each artist and collector, proportional to how a lot (that particular tune) is streamed,” co-founder Laura Jaramillo informed TechCrunch. “So, you’re paying artists for his or her work rapidly, incentivizing the creation of that work, after which additionally rewarding the folks which are truly supporting these artists.”
A very long time NFT product designer, Jaramillo created Sona to assist her mom, Puerto Rican artist and activist Raquel Gonzalez, and different unbiased artists who battle to earn a dwelling from their music.
“I wished to create one thing that finally my mother might use, who’s working into a number of the greatest challenges that an artist faces — constructing an viewers and making sustainable income,” says Jaramillo.
“The artist and rights holders retain 100% possession of the unique tune — in order that’s a bit totally different and why we don’t actually see ourselves as a music NFT platform,” explains co-founder Jennifer Lee, also referred to as producer and DJ TOKiMONSTA. “We’re targeted on the relationships between artists and followers.”
At the moment, Sona’s streaming service is house to over 5 million tracks; by subsequent 12 months, the platform’s founders say it is going to have 16 million songs. Sona will host its first public sale on December 7 at 8 PM, that includes TOKiMONSTA’s 2017 monitor, “Rouge.”