Inspiration
In the NBA, basketball players make 50% of the revenue but in music, musicians make only around 12% of revenue. Spotify has 8 million artists but only 13,000 made at least $50k in 2020. Spotify pays $3,700 per 1 million streams. You need to go viral multiple times to make money. Everyone in the world listens to music, but the global music industry size is tiny at $21B (Gaming $152B, Box Office $42B) . Fans can't truly own a song to show their support on streaming platforms. Demand curve economics does not support the idea of “100 true fans” or “1,000 true fans”.
The problem? Middlemen like song writers, lawyers, or record labels take almost 90% of the profits. Currently, the music streaming monetization model only works for a selected few. XWave's market segmentation is focused on small independent artists who do not get paid and there is a supply curve long tail distribution.
Examples include: 3LAU sells world's first ever music albumn making $12 million in one day Audius (partnered with Tiktok) hits 6 million monthly active users with it's crypto streaming service and Don Diablo sells world's first full-length concert "Destination Hexagonia" NFT for #1.2million
What it does
Bridge the gap between technology and the real world by connecting artists to fans with blockchain technology can tilt the scale towards empowering more independent creators, enable opportunities for new creators to emerge, and increase crypto adoption. Transparent, traceable, and verifiable transactions as contracts are publicly visible and tamper proof and execute when parties fulfill all requirements. Establish a fair and transparent system for producing, buying, selling, listening to, and managing music with XRP-based royalty balance on a ledger stored on Ripple wallet.
The future of music is a shared economy where artists & fans can co-own music together. XWave opens the door for artists to retain independence and creative control as fans fuel their careers. With $WAV royalties decentralized platform, artist can sell royalty ownership in their songs in return for fans to invest in artists, own their favourite music, and access exclusive fan content. Invest in artists. XWave enables anyone to own a piece of their favorite songs to earn royalties alongside the artist. When the artist suceeds, fans can claim royalties for the music they own after they have accrued.
Collecting royalties on behalf of fans from performing rights organizations, publishers, and record labels, and then tracking them using blockchain technology. Blockchain technology to efficiently release music, streamline royalty payments, eliminate expensive middlemen, and establish a point of origin for music creators. Blockchain handles heavy transactions at scale of global commerce compared to Visa Benchmark.
Musicians remain the owner of their music and are entitled to collect any royalties with automatic split payments for collaborators. . When a buyer uses Xwave to license a track, they are paying artists for permission to use their song making it music licenses easy, effective and efficient for everyone. Set up XWave profile and efficiently enter metadata to be publicly available for discovery. Get your music on Spotify, Apple Music, Amazon Music and many more. Songs from Xwave are non-exclusive for the opportunity for secondary royalties that songs can be licensed multiple times for multiple uses by different buyers. Connect with a network of of filmmakers, TV networks, music supervisors, video game producers, advertising agencies, and etc. Sync licensing fees vary depending on use type - feature podcasts, songs, or artists profile. XWave allows musicians to be paid via smart contracts and cryptocurrency.
NFTs have music genre-based classification for music in the metaverse. Each genre is called a space planet where you can interact with other people just like you.
Metal Pop Classical Lo-fi/Indie Hip-hop K-pop Blues/Rock Beatboxing EDM
How we built it
Generate a wallet on XRP ledger funded with enough XRP to meet the account reserve and scan QR codes with XUMM mobile Artists do not need a music label or corporation ANYMORE. Build a fanbase, publish music for the world to hear, and monetize without signing a record deal with XWave.
XRP-based balance on a ledger stored on Ripple wallet where XWave royalty assets are stored on Filecoin, and IPFS protocols for storing and sharing data in the distributed web with data representation formats (IPLD) and network communication protocols (libp2p).
• Supports small independent artists - Do not need to sign a record deal with a label/corporation • Release music to streaming platforms with data-driven analytics • License your music into film, TV, advertising and other media with sync licensing • Monetize, manage, and promote your own music • Capture demand curve "100 true fans" with Artist Token, $WAV • Build fanbase with exclusive deals, gated content and incentives • Keep larger % of royalties by eliminating middlemen • Apply for cash advances • Receive real-time streaming payouts split royalties with co-collaborators • Immutable and timestamped records
Digitalized music cue sheets Incentive-aligned decentralized network of node operators Track real-time song payouts DAO governance with $WAV platform token Apply for cash advances, receive real-time streaming payouts, and split royalties with co-collaborators Streamline licensing process with easy payments to artists See tiered royalty splits title, composer, publisher, and duration Insurance for each license transaction reducing litigation risk All rights are included - Never worry about royalty fees again Discover, support, and invest in new artists DEX sampling to buy and sell beats Prevent illegal music downloads Larger profits by eliminating middlemen & lower operating expenses Unlock access to the world’s biggest brands like Spotify, Apple Music, ESPN, Twitch, to reach millions of new fans
The XLS-20 standard for NFTs wss://xls20-sandbox.rippletest.net:51233 ipfs://QmQjDvDhfHcMyUgDAxKig4AoMTtS5JrsfpiEEpFa3F9QRt
NFT Certificates: IOUs with Gateway TrustLine
Each $WAV represents a percentage of the royalties from streaming services. This percentage is determined by which tier you purchase. The higher tier you own, the larger the royalty payout.
Royalties: Artists choose what % of the song's royalties to put up for sale. You can purchase these streaming royalties in the form of 'tokens', directly from the artist.
They can also bundle fan experiences, special tracks, digital art - it's all up to them. Any extra bundled benefits will be attached to this token.
Claim royalties for the song after accrued at payout on the XWave NFT marketplace.
Secondary Royalties: If you'd like, you can put your token up for sale on an NFT exchange. When someone else buys this token, they'll get all the royalties and additional benefits that come with it.
Includes: A license for non-commercial use of the the digital art associated with the token and any additional perks that the artist chooses to include. (tickets, comment receipts, lottery)
Every XWave member has their own domain for on-chain identity ex: lucy.xwave, alice.xwave, or bob.xwave depending on which artist token they follow.
$WAV token on the XRPL for staking, governance, and unlocking rewards
Challenges we ran into
Technical challenges with NFTs and XRPL specifically with setting up the NFT Certificates: IOUs with Gateway TrustLine Nominators stake their WAV tokens for best returns and vote on changes to the network. On-chain governance is governed by ALL stakeholders connected to the XRPL chain.
XRP is fast and scalable = 4 sec trondansactions and 1500 tx/sec with ability to process XRP, BTC, ETH, and Credit Card. Stake in XKR/XRPL liquidity pool : XKR tokens XRPL tokens with RippleNet RTXP validators
% of total token supply allocated between Seed, reward (IPO participants), founding team, treasury/reserved, founding team, strategic investors (VC). Year1 includes auction reward, referral program, and liquidity program.
Accomplishments that we're proud of
It is very easy and intuitive for someone to use - like a record label in your pocket. Register music with co-collaborators and royalty percentages to create a cue sheet Cue sheet tokenized as NFTs with $WAV License songs and scores to businesses that play them where each play is a $WAV value Immutable blockchain XRP ledger keeps track of performance calculating royalties Monthly royalty statements with data-driven statistics, trends, and performance metrics DAO governance where $WAV is distributed back to our members as royalties.
What we learned
NFT real world applications - and how it would be adopted for instance the Software as a service go to market model:
tier1: Upload unlimited songs Upload unlimited beat samples Upload unlimited lyrics Manage and share your music Collect royalty split-pay earnings Keep 100% of streaming royalties Receive 90% distribution royalties Receive 60% sync licensing fees Spotify verified checkmark Publish with social media channels and accounts
tier2: Musician plan + Synced lyrics Premium beat samples Sponsored content ISRC/UPC Codes Included Receive 100% distribution royalties Daily sales analytics, trends, & statistics Concert tickets & Merchandise Customizable label name Customizable release date Customizable preorder date Customizable targeted ads Customizable iTunes pricing Customizable ISRC codes 2 artists or bands
tier3: Musician plan + Analytics for artists, agents, radios, labels, telco's, & brands Advertising affiliation programs Receive 80% sync licensing fees Receive 80% monetization revenues Customizable monthly or annual fees Customizable preorder date Customizable iTunes pricing Customizable ISRC codes 5-100 artists or bands
What's next for X-Wave
XWave roadmap: Tthe future of music User Research and Validation Music KPIs, MAUs, and monthly listens Release beta XRP Ledger on NFT-Devnet Add data privacy, collection, and sharing clause Publish to Google Playstore App Store Release beta XRP Ledger in production
Built With
- xrpl
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