According to Decrypt, Sound.xyz, a Web3 music start-up company, has completed $20 million in financing, led by a16z. Participating parties include Collab+Currency, Sound Ventures, Palm Tree Crew, Scalar Capital, and A Capital. Individual investors include Snoop Dogg, OneDirection Musician Ryan Tedder and music producer Tay Keith. Founded in 2021, Sound allows musicians to upload their songs to an on-chain platform and sell them for any price. In the past 12 months of closed testing, Sound has paid a total of $5.5 million to 500 artists, who have released a total of about 1,600 song NFTs.