The music industry is in a state of flux. The demise of the vinyl disks and rise of digital downloads in favour of online music streaming has significantly strangled profits, particularly for the artists themselves.
Musicians are struggling to make sense of the mess that is royalty distribution in its present form and find it difficult to keep a fair share of the revenue they generate on existing platforms.
With or without the buzz, one of the most powerful and overlooked impacts of NFTs is on the music industry. NFTs have the power to change the game for independent artists by providing a new way to earn an income (while connecting with fans), and this kind of change has been long overdue.
What it does
Musicosmos is an NFT marketplace for musicians and fans. We aim to uplift musicians by enabling them to create NFTs of their music and provide them with royalties and recognition that they deserve.
Musicosmos helps fans connect on a deeper level with their music idols. The chat feature of Musicosmos makes it possible so that fans have the opportunity to make one-on-one connections with their idols by chatting and engaging in the musician’s own fan community. Musicians can also take suggestions and inspiration from their top fans along the way.
It is true that the main objective of a musician is to expand their audience, but they still require monetary support along the way. Our platform enables artists to get this support. Also, it doesn't matter if you're a bathroom singer, growing YouTube/Instagram star, or a famous musician. Anyone can create NFTs of their music!
How we built it
Challenges we ran into
I didn't know about web3 before this hackathon and got acquainted with it during the hackathon period. Also, I was not familiar with Moonbeam but learnt about it and writing contracts using solidity during the hackathon period. The platform was made secure to use.
It was challenging to integrate the chat system with the blockchain. Also, creating chat rooms for all NFT holders of a musician was a hard task.
The thing that required the most brainstorming was that how can we verify if someone is the original creator of a song. The solution found was using the ISRC codes to verify ownership of a song. ISRC codes of songs are unique codes only available to musicians from their music distributors.
Also, there were hurdles related to UI and UX during the journey.
Accomplishments that we're proud of
Learning and writing contracts in solidity. ISRC code to verify music. Public and private chatrooms for all users. UI/UX
What we learned
Write and deploy solidity smart contracts on Moonbeam blockchain. About ISRC code and music industry, the market for creative economy. Web2 to Web3 integration.
What's next for musicosmos
The plan is to work on cross chain integration, mobile version for chat, and dding other forms of Art besides music. Also, securing funding for marketing and onboarding of artists will be a priority.
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