Over the past few years, we have seen NFTs revolutionise how we value visual art. Now, we believe that the music industry calls for the same disruption. Our experience working with musicians has shown us three key elements that are obstacles and pain points for creators and fans alike.
The first element is music ownership and sources of revenue. Streaming platforms privilege record labels and top artists, providing inadequate exposure and royalty distribution to independent musicians. In addition, platforms discourage direct income sources from fans to their favourite musicians. For music creators, NFTs offer alternative means of discovery and revenue, especially for independent creators.
The second element paining the music industry is the lack of innovation in ticketing. Concert ticketing involves vulture-like behaviour, whereby “scalpers” buy concert tickets and resell them at a much higher price, placing fans at a great disadvantage. This practice is also at the expense of the performing artists, who want the best for their fans, and also do not get a share of the resale premium.
The third element is the lack of infrastructure for creator-fan interaction. With the growth of online community building tools, fandoms now take the form of Patreon pages and Discord chatrooms. But unlike official fan clubs in the past, there is no way for the creator to prioritise their most passionate and loyal supporters, who often make huge contributions to a creator’s early development. Fans can now buy NFTs to “evidence” their commitment. In return, creators now have new ways to delight fans and create value for each other in an increasingly dynamic ‘fan economy’.
Our mission is to offer a dynamic and sustainable marketplace and community for creators and fans, so that creative production can be appreciated, valued and rewarded. Releap’s belief is that we can contribute to expanding and capturing this creative-fan economy.
What it does
Our conception for Releap is a platform comprising of four key features for artists to share their creations with their fans and build a long-lasting fandom relationship:
- Launchpad – Spotlight venue for featured Artists to debut their prospective Music NFTs to their fans and crypto community
- Exchange – Bespoke marketplace designed specifically for Music NFTs with built-in music streaming analytics that serve as valuation references
- Array – Personalized gallery for fans to showcase their NFTs collection, follow and interacts with their favorite artists, creating tailored playlists, and potentially collecting royalty rewards
- Player – A music players for Artists to share their creations to their world, and learn insights from built-in analytics that could be referenced upon NFTs valuation and potential royalty rewards
How we built it
For the program / smart contract, we used the Anchor framework to bootstrap our program development, and for the frontend we used React. We tried to avoid using a backend system by storing all the necessary data on a decentralized storage system like Arweave, and shifting all the logic and heavy lifting onto the solana program / rendering on the user frontend.
Challenges we ran into
Developing a program on Solana was definitely a challenge due to the various serialization methods available. Luckily the anchor framework helps us overcome this with their built in macros. Developer documentation also seems to be lacking in some aspects, but the community has created some brilliant tutorials, particularly the Escrow program by Paulx.
Accomplishments that we're proud of
We are proud of being able to develop on Solana, and being one of the first projects building in the Music NFT space within the Solana ecosystem.
What we learned
The Solana community is a fast growing community and the sealevel parallel runtime allows for blazing fast transaction speeds.
What's next for Releap
- To integrate fiat on-ramps such as MoonPay
- To develop NFT Tickets and Releap Circle features
- To develop and launch Launchpad and Player features
- To introduce features that facilitate mass adoption such as Blocto
- To introduce streaming analytics on musical NFTs Business Development
- Partnership with other Music Labels, Artist Agencies & Experiential NFTs providers, etc.
- Partnership with existing NFT solutions such as Metaplex and Solanart
- Integrating with other streaming platforms such as Spotify, JOOX and KKBox