OCTAV3 is decentralised audio streaming platform; for the discovery of music and the distribution of brief advertisements to monetize this music.
The current music streaming model is broken:
- Platforms take huge cuts from artists.
- Advertisers get access to user data.
- No transparency in the whole process.
To tackle these problems and align the incentives we built a web3 enabled ad engine to create a fairer relationship between artists, listeners and advertisers
What it does
OCTAV3 is primarily a music streaming platform that allows listeners to discover music NFTs. Music NFTs are attached to tokenized ad space owned by artists. Advertisers can then buy this ad space from artists directly, without a middleman.
The Ad Marketplace
- Our ‘Ad Marketplace’ allows artists to sell advertising space during the playing of their song straight to buyers.
- The Ad space is an NFT created at the same time when artists list or mint a new song on our platform. They then put it up for sale and open it up to bids from advertisers.
- Once the advertisers buy this AdSpaceNFT, they can upload an image of their choosing for listeners to see.
How we built it
Built with Evmos and nft.storage (IPFS):
- Client built on Next.js with TypeScript.
- TailwindCSS and Ant Design to design components.
- Ethers.js for front-end interaction with smart contracts.
- RainbowKit to connect to Evmos testnet.
- All contracts are deployed to the Evmos testnet.
- All the data (i.e. ad images) and metadata is stored and queryable on IPFS through nft.storage
Challenges we ran into
- Setting our own graph node for indexing smart contract events
- Clearing dummy data by deploying smart contract and subgraph each time
- Deployment for next app, fleek (has routing issues) at the end we setup site on Netlify
- On some rare occasions tEvmos from the faucet would not reflect on the balance for some time.
Accomplishments that we're proud of
Team and Product:
- We built a well-coordinated team with a clear vision for the product development.
- We managed to find new innovations on the $500 billion ad tech market and bring it to the web3 space.
- We support the minting of both SongNFTs and AdSpaceNFTs.
- Building great User Experience and Functionality at the same time
What we learned
- We learnt about promising tech stacks and utils like Tailwind, NextJS, Rainbow kit.
- We learnt about how fast and effiecient Evmos is and how we can make onboard users easily due to less gas price
What's next for OCTAV3
With proper funding we could continue:
- Validate our assumptions. A private beta for a few different artists and advertisers to see how the solution would work - what is missing and what is confusing.
- Increase the team.
- Allow users that don’t want to see ads to subscribe to the platform by streaming the funds in real-time (per second).
- Make the marketplace’s filters more sophisticated and allow advertisers to better target listeners.
- Ad space owned by users rather than songs. Data ownership too. Users will provide data (age, country etc.) in exchange for our token, and ad buyers will need this token to buy ad space. Essentially advertisers will be pay listeners for their data/attention.