21 Savage is now a tech investor.
According to TechCrunch, the rapper has invested in the seed round of Sound.xyz, a platform that aims to help artists get money through (non-fungible tokes) NFTs. The seed funding round totaled $5 million in capital influx.
“Sound.xyz is a new startup looking to help recording artists monetize their community through NFTs, as the startup looks to build out a suite of tools designed to bring musicians into the so-called ‘web3’ fold,” reports the outlet. “The startup released its first product earlier this month, Listening Parties, which enable artists to sell NFTs tagged to the release of new songs.”
While he’s on board with the new startup’s mission, 21 Savage investing in a tech business isn’t surprising.
In 2018, the rapper said he was through with blowing his money on things like jewelry and cars. Instead, he said, he wanted to invest in things that help his long-term bottom line, including real estate and startups. Just one year later, Rolling Stone said that he was going on a “financial literacy campaign” in the hopes of reaching the Black community through Hip-Hop.
“21 Savage teamed with Georgia Congressman Hank Johnson to expand ‘Bank Account,’ his national financial literacy campaign, aiding local youth in the Atlanta area,” reported the outlet. “The rapper and lawmaker collaborated with nonprofit organizations Juma and Get Schooled to teach kids the importance of financial management.”
That same year, Forbes named him to their 30 Under 30 list in the music category.
In 2020, during the height of the pandemic, he took his financial literacy courses to the Internet and made the courses available virtually, as AfroTech previously reported. He continues to be a consistent advocate for financial literacy, and this latest investment in Sound.xyz (which aims to give financial security to musicians) is proof that the rapper is someone who practices what he preaches.
So, who else is involved in the seed round investment?
TechCrunch reports that while 21 Savage invested in the startup, Andreessen Horowitz led the funding round.
Other companies that have invested in Sound.xyz in its seed funding round include Variant Fund, Weekend Fund, Scalar Capital, Flamingo, and Packy McCormick.