Most independent artists struggle and don’t have the resources, network, knowledge or ability to enter the music industry and profit from their music through established major or independent labels. The ones that do, are clouded by limitations and uncertainty about their contract and future at the label, in addition to facing unfair and opaque royalty payouts.
We propose a new crowdfunding model, where projects are represented by an NFT token and shares are distributed as regulated ERC-20 tokens that distribute dividends generated by the said project.
What it does
- Artists list content (albums or songs).
- Users sign in using MetaMask.
- Backers send ETH to our address.
- Smart contract automatically sends tokens to the backer’s wallet based on an NFT. a. Initial licensing SC sends a message to another batch SC that issues the 721 token
- Smart contract collects the money (escrow).
- If the NFT increases in value, then the smart contract distributes dividends to token holders.
Ownership is split using ERC20 tokens
The Atelier Project is an EP album containing four songs. This EP will be represented by an NFT token and shares will be distributed as a Revenue Share via a regulated Security Token Offering under the Regulation CF exemptions. Revenues generated by the album will be distributed as dividends to shareholders in perpetuity under a 360 contract.
How I built it
Challenges I ran into
Accomplishments that I'm proud of
What I learned
What's next for SoundCrowd
We have applied to the ConsenSys TACHYON accelerator, are discussing the project with industry partners, and looking to partner with Capitol and Ujo.