The biggest problem in music is financing and breaking new music. GazeCoin has came up with a concept of DreamCoin and DreamFrames to create a 'crypto collectibles' game that allows fans to finance, break, track and trade royalties in new music.
What it does
Dream Coin is a game that uses the blockchain to create an entirely new business model for financing and breaking new music! By leveraging GazeCoin platform, anyone can fund anybody's music project (through crowd selling ERC20 tokens
DreamCoin). Artists use the funds to complete their projects. Once the music piece is ready, sponsors pick seconds of the songs to own (by swapping their DreamCoin for ERC721 non-fungible tokens
DreamFrame Second) and get paid royalties (pro rata) through a smart contract. 'Seconds' are then tradable through a “crypto-collectibles” game called 'Dream Frames' where each second increases in value as a song gains momentum, a format similar to smash hit blockchain game CryptoKitties.
When a new artist comes on board, DreamCoins are minted for his/ her crowd sale. Once the artwork is ready a unique ERC 721 token is issued for every second in the song. Users then select the seconds they want to own and convert their Dream Coins into the specific ERC721 tokens. (in the case of films, the artwork is split into frames) . Fans can then play the 'game' of financing, breaking and tracking royalties in music for real.
This demo shows how to buy a DreamCoin and how use it to claim your own piece of art. It is showcased on one song
Selling my dreams by Dave Goode & Jeremy Hill.
There are four tabs in the UI:
Wallet: It displays the Ethereum wallet address and the balances of DreamCoins, DreamFrame Seconds and ether.
Buy DreamCoins: It allows to send ether and receive DreamCoins in return.
Claim DreamFrame Seconds: It allows to browse and listen to available pieces of music and it lets to claim them.
Royalty Calculator: It simulates possible royalty payouts based on the profit that the song makes and the ownership percentage of the song.
How I built it
I used Truffle Framework and Zeppelin smart contract templates (ERC20 and ERC721) and deployed on Ropsten Testnet. Front-end is built with Web3, MetaMask and Bootstrap and hosted on GitHub Pages.
Challenges I ran into
approveAndCall method to claim DreamFrame Seconds with DreamCoins in just one blockchain transaction.
Accomplishments that I'm proud of
I managed to create this project off very quickly.
What I learned
I learned more about ERC721 non-fungible tokens.
What's next for DreamCoin
- Market to trade DreamFrame Seconds
- More Unit Tests for Smart Contracts
- Royalty payout functionality