Sound.xyz recently announced a transformative change to its rewards system, introducing a new model that ensures artists and curators earn substantially from each music NFT.
Under this new initiative, artists will benefit significantly and earn a share of the coins for each coin, free 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, in addition to 100% of sales.
A spokesperson for the Web3 music marketplace highlighted this change, saying “We believe artists should earn a reward for every coin”:
Introducing Protocol Rewards:
This is our chance to build things differently.
A music platform that shares with the community and grows together.
-> Artists earn on every coin (free and paid).
-> Curator rewards are increased 10x for sharing music.— sound.xyz (????,????) (@soundxyz_) December 21, 2023
Innovating the music industry with fair rewards
As Sound.xyz transitions from percentage-based rewards to a flat protocol-level discount, curators will experience a notable shift in their compensation structure. The result of this change is a nearly tenfold increase in music sharing rewards at most mints.
During this pay restructuring, the music market will ensure that artists remain unaffected. The increase in rewards for both artists and curators comes from a reduction in Sound’s coin fee, which protects artists from financial impacts resulting from these changes.
Despite constant experimentation, Sound.xyz remains steadfast in fostering a loyal community of creators and curators. Through Sound.xyz artist rewards, the platform aims to revolutionize the music industry by providing a space where artists and curators receive fair compensation for their contributions.
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