Sound.xyz recently announced a transformative shift in its rewards system, introducing a novel model ensuring artists and curators earn substantially from every music NFT.
Under its new initiative, artists benefit significantly, earning a share of mint fees for each mint, whether complimentary or paid. Artists will now receive 0.000222 ETH ($0.50) for free mints and 0.000555 ETH ($1.20) for paid mints per referral, alongside 100% of sales.
A spokesperson for the Web3 music marketplace emphasized this change, stating, “We believe artists should earn rewards on every mint”:
Introducing Protocol Rewards:
This is our chance to build things differently.
A music platform that shares with the community & grows together.
-> Artists earn on every single mint (free & paid).
-> Curator rewards increase 10x for sharing music.— sound.xyz (🎧,🎧) (@soundxyz_) December 21, 2023
Innovating the Music Industry with Equitable Rewards
As Sound.xyz transitions from percentage-based rewards to a flat cut at the protocol level, curators will experience a notable shift in their compensation structure. Resulting from this change is an almost tenfold increase in rewards for music sharing across most mints.
During this reward restructuring, the music marketplace will ensure that artists are unaffected. The boost in rewards for both artists and curators stems from a reduction in Sound’s mint fee, safeguarding artists from any financial impact amid these modifications.
Despite ongoing experimentation, Sound.xyz remains steadfast in fostering a loyal community of creators and curators. Through Sound.xyz artist rewards, the platform is committed to revolutionizing the music industry by providing a space where artists and curators receive equitable rewards for their contributions.
Want more? Connect with NFT Plazas
Join the Weekly Newsletter
Follow us on Twitter
Like us on Facebook
Follow us on Instagram
*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Digital art fanatic who brings a unique perspective to NFT news.
Credit: Source link