GM DOers!
What will the onchain world look like in 10 years? ๐
Will we still need to connect wallets, approve transactions, bridge assets and care about which blockchain weโre using?ย
DEFINITELY NOT!
If we do then web3 will be dead. ๐
I am certain that all of these clunky web3 features that weโre dealing with today will be abstracted away from users, offering a frictionless experience.
Why am I so certain? Because we already have onchain applications today that feel like your average web2 apps.ย
Sound.xyz is one of those apps.ย
Today, I wanted to put them under the microscope and observe the steps theyโve taken over the years to build an app that:
Hosts 1,300+ artists
Is used by 850,000 collectorsย
Has settled 1+ million mints
Has done $4.2 million in total minting volume
This is important forโฆ
Users to get a clear vision of what the onchain world will look like
Builders to understand successful blueprints when building their own onchain apps
Investors to understand which apps and tokens are built to succeed
Keep reading until the end โ weโve got an exciting quest for you. Letโs jam. โฌ
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Sound.xyz is a music platform that leverages blockchain technology to create a new way for artists and fans to connect through tokenized, limited edition releases of songs.
Hereโs, more specifically why you should care:
Limited Edition Drops: Artists can release a limited number of tokens for a particular song. Fans who purchase these tokens become exclusive owners of that edition, similar to owning a limited edition vinyl.
Fan Engagement: Token owners might get special perks, like access to exclusive online events, Q&A sessions with the artist, or behind-the-scenes content.
Community Building: By owning a token, fans become part of a community centered around the artist. This can lead to discussions, fan art creation, and a deeper connection with the artist.
Resale Opportunities: Fans can resell their tokens on the blockchain, potentially at a higher value, especially if the artist becomes more popular.
Supporting Emerging Artists: This model can be particularly beneficial for emerging artists, who can directly monetize and engage a dedicated fan base without the need for traditional music industry infrastructure.
The Sound app has been in development for years, but opened up to everyone in July 2023.
Letโs look at what Sound has done to create an appealing application.
Shortly before going live, Sound announced that theyโre building on Optimism.
Why? Because of the lower gas & faster transactions that an L2 offers.ย
In order to support millions of artists, and billions of users in the future, Sound, and every other onchain app need this scalability.
The only place you can find it right now is either L2s (Arbitrum, Base, Polygon) or Solana. Nothing else comes close!ย
I donโt know about you, but whenever I listen to music, I use my phone. Although I have Spotify on my MacBook, I tend to never use it via laptop.ย
Mobile is a way better experience, which is why itโs key for onchain apps to build and optimize their mobile experience.ย
This has been a priority for Sound since the beginning. They launched an app before opening to the public.ย
Due to Apple's 30% fees on in-app purchases, Sound has restricted song minting to desktop only, with the minted songs accessible on the mobile app.ย
Discover more about how Sound and others like Uniswap, Axie Infinity, & StepN are circumventing Apple's restrictions in our newsletter.
Additionally, this week, Sound acquired Soho, a leading mobile app for digital collectors, built by a team from Meta, whoโll join forces with the Sound team to build out the mobile experience further.ย
Do you want everyone to use your onchain app? Allow people to pay with a debit or credit card!ย
On Sound, when you mint a song, you pay a small fee (to Sound & the artist) even if this is a free mint.ย
When doing this, you get to choose if you want to pay in $ETH or in FIAT using your card.ย
If you choose to pay in $ETH, you have 2 options:ย
Use your existing wallet (Coinbase, MetaMask, etcโฆ)
Deposit $ETH to a wallet that Sound creates for you
If you choose to use your own wallet, but donโt have funds on the Optimism blockchain, you can use Soundโs native bridge to send $ETH (mainnet) to $ETH (Optimism).
This is a huge UX boost as you never have to leave the app to bridge your funds.
Itโs more expensive to bridge via Sound versus other bridges like Matcha or Hop but most people wonโt care since they care more about convenience.ย
Besides, if you want to, you can choose to never even use a wallet, and instead just use your email address & credit card.ย
If youโre building an onchain app, ask yourself: What features can you offer that arenโt possible in web2?
For Sound, this feature is rewarding curators.ย
How do most people find new songs? Via playlists!
Playlists are crucial for music discovery, underscoring the significance of curators putting them together.
On Sound, anyone can be a curator by sharing songs, creating playlists or by embedding songs and playlists into websites, blogs, or newsletters, and earn 5% from every primary mint generated from referral links.
This feature is not present in traditional web2 platforms where curators' contributions go unrewarded.
Lastly, if you want your app to succeed, you need marketing. Dโoh!
Here are a few examples that Sound used to spread awareness.
Partnership with Coinbase Wallet in which anyone who collects one of five songs earns $OP โ this is a farming opportunity right now.
Getting big artists like Snoop Dogg to post exclusive tracks on Sound.ย
The V Buterin song by Optimism Collective, which went viral and gathered 732k mints.ย
โUse the techโ โ thatโs what I said in last weekโs โTop 5 Tips for This Bull Marketโ PRO report.
You canโt understand what the future of web3 holds unless youโre actively using it now!ย
With that in mind, weโve partnered with Layer 3 to organize an onchain quest for you, that opens the door to Sound!
Hereโs what the quest is about:
1๏ธโฃ A quick introduction to Sound.xyzย
2๏ธโฃ A check to see if youโve got $ETH on the Optimism network.ย ย
If you donโt, youโll be able to bridge seamlessly & cheaply within the quest.
3๏ธโฃ Create your profile on Sound.xyz
4๏ธโฃ Collect a song on Soundย
Once you collect a song, you can share it with others and youโll get 5% revenue from all future collects coming from your referral link. ๐ฒ
These 4 simple steps will take you up to 5 minutes to complete. At the end, youโll get to open a chest containing some XP points & an NFT.ย
But, most importantly, youโll get to experience the future of onchain apps.ย
Get started below ๐ & share your accomplishments on X once youโre done!! Donโt forget to tag us @web3academy_, @soundxyz_ & @layer3xyz.
Thanks for reading. And remember, you're strong, youโre powerful, youโre alpha! โค๏ธ
Let us help you wrap your head around this industry thatโs constantly transforming.
Take our Free 1-hour Web3 Rabbit Hole Course to learn the foundational components you need to start building and investing successfully.
Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.
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