Starting today, artists will earn 100% of revenues generated from their Sound drops.
We’re eliminating our percentage-based fee on mints (5% for primary and 2.5% for Sound Swap), and instead introducing a small mint fee for collectors per transaction.
Going forward, collectors will incur a flat fee of 0.0007 ETH per transaction - meaning that it’s the same flat fee whether they’re minting 1 edition or 100 editions. A per-transaction fee incentivizes collecting multiple editions — instead of making it overly cost prohibitive. We’ve poured a ton of effort into making our contracts highly gas-efficient, which combined with the lower gas costs on a Layer 2 means that collectors aren’t wasting money on gas relative to other platforms.
And for artists, this means that every dollar from their drop will flow directly into their wallets.
When originally introducing our percentage-based fee, we wanted to find the right balance between creating a sustainable business model that enabled us to further develop our product and limiting the cost of using Sound for artists.
We’re building for all artists, and yet we realized that this structure created an incentive to target larger artists. We’re never changing our mission to create tools that are inclusive of everyone, from the bedroom artist starting their journey to the more established artists looking to reach their audience.
A flat mint fee makes us ambivalent to the popularity of an artist or the different experiments that they want to run on Sound. It also helps us combat the recent botting we’ve seen from free mints after we launched on Optimism.
We wanted to push this concept even further, so we opted for a per-transaction fee (instead of per edition) to encourage collecting multiple editions while not overcharging collectors who want to support their favorite artist.
This makes Sound the most artist and collector friendly platform.
All songs uploaded starting today are subject to the new fee model:
Collectors pay a flat fee of 0.0007 ETH per transaction.
Artists earn 100% of revenues generated from their drops.
Sound no longer charges a 5% fee to artists on primary mints
Starting on Friday, July 7, 2023, Sound will also no longer charge a 2.5% fee on Sound Swap mints
All songs uploaded prior to these changes are subject to our old fee model:
5% on primary mints, incurred by the artist
2.5% on Sound Swap mints, incurred by the artist