Please describe your proposed solution.
DecentralizeMusic.com (DM) is live streaming platform that also allows artists to create profiles, sell their merchandise, music and NFTs. Artists are able to sell their music to stream & receive .01 cent per stream royalties. Artists will also be able to mint music NFTS which enable them to create a smart contract with royalties paid to the artist in perpetuity offering them on our NFT marketplace.
We have already completed 70% of the application. The live streaming, music streaming/physical merchandise components and social aspects are completed. We are now ready to implement the CNFT marketplace and blockchain dependent features.
NFT’s allow the artist and the fan to engage in a way that may not have been possible before. Creating a community centered around the art and the people directly supporting it. Independent artists, indie labels, concert promoters, gallery owners, visual artists all we be able to use DM to expand on their business. Receiving royalties on assets sold in the future forever. This will be done by keeping trades localized to the platforms NFT marketplace until we solve the issue of a universal royalty token. This will bring massive adoption to the Cardano ecosystem from this diverse and hyper active segment of the population.
We believe this can help address fundamental and systemic issues in the music industry centered around diversity, access and equity while implementing one of the greenest and most sustainable ecosystems into DM.
The project will be marketed as a decentralized music, live streaming and CNFT music marketplace. A social media platform that allows artists to facilitate their own CNFT creation and sale. Artists will also be able to share royalties with fans as well as discover new artists, sell physical, digital and streamed music. Fans are able to Collect artist CNFTs to complete challenges for prizes and special access to further utility. We at jazzisdead.co have aligned our launch with over 30 events and tours we are producing from now into fall 2022 (see current events jazzisdead.co/EVENTS). At these events we will focus on introducing attendees to Cardano and decentralizemusic.com.
We will also be building an NFT ticketing and ticket scanning plugin/system that will give artists the oppurtunity to sell tickets to physical events. Users will purchase the NFT ticket and be provided a QR code representing their admission. That QR code will access the users wallet and verify that they indeed own that NFT. This may be built as a plug in that other platforms can utilize.
Our Jazz Is Dead CNFT project as well as our Decentralize Music proposal to Catalyst were recently featured on Cardano Ecosystem News!
Please describe how your proposed solution will address the Challenge that you have submitted it in.
This being the Dapps & Integrations challenge this platform is a DAPP that will not only address the issue of generating a funnel for adoption and education for artists and musicians into the Cardano ecosystem, it will also serve as a boutique resource hub for musicians interested in engaging in Web3 solutions on Cardano.
We are creating a platform that allows the artist and/or label to retain the majority share of all transactions. Bringing all aspects of musical commerce to one platform, it not only makes it easy for creators to monetize and manage their offerings, but it creates a space in which every streamer/customer, concert attendee, die hard fan, etc can partake in every offering their favorite artist has available.
We will be able to onboard countless music creators and music lovers to the Cardano community through DM.
We have already begun educating our audience through a series of YouTube videos, see here:
or jazzisdead.co/nft
<https://youtu.be/EzE1m0hT8wU>
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Considering that we are 70% complete, the biggest risk is not getting enough funding to take it to market. We’ve been fuming the entire project independently, but will need some angels to help us get to the next level.
The remaining challenges we face are our the lack of knowledge around the Cardano development tools needed to execute functionality. Such as fan royalty implementation, artist split royalty implementation, Streaming royalty implementation, CNFT Minting machine, and NFT collection challenges, wallet scans for airdrops, etc. Lastly, we can foresee server limitations on the number of artists that can live stream at once and how expensive server space is with a massive international project like this.