Music / NFT Marketplace, Metaverse, DAO
Ocean Floor Music sought to address the financial instability faced by artists in the music industry. They wanted to create a platform that would enable artists to fund their projects, connect with industry partners, and engage directly with their fans. Additionally, they aimed to develop a sustainable marketplace that would ensure fair compensation and incentivize all stakeholders involved in the creation and consumption of music.
Vegavid Technology collaborated with Ocean Floor Music to develop various products and solutions:
Smart Project Fund
Ocean Floor Music introduced the concept of a Smart Project Fund, where artists, industry partners, and fans can contribute to funding music projects. Contributors receive bespoke and financial rewards and have a stake in the project's success.
Ocean Floor Music established a retail marketplace where the Smart Project Funds are spent to create music, videos, marketing campaigns, and other related products and services. This marketplace connects artists with industry partners and allows them to utilize the funds generated within the ecosystem.
Ocean Floor Music developed an NFT Marketplace where artists, fans, and industry partners can mint, sell, and trade digital assets. This platform enables artists to monetize their music, fans to sell fan art, and industry partners to sell digital assets.
Ocean Floor Community DAO
To ensure community governance and inclusivity, Ocean Floor Music established a decentralized autonomous organization (DAO). Token holders have voting rights and can nominate council members, enabling them to participate in decision-making processes.
Here are some technical platform features used during the development of Ocean Floor Music: These technical features contribute to the functionality, security, scalability, and user experience of Ocean Floor Music during its development and operation.
The platform integrates blockchain technology, such as Ethereum or a similar blockchain network, to enable secure and transparent transactions, tokenization of assets, and smart contract functionality.
Smart contracts are utilized to automate various processes within the platform, including funding, revenue distribution, and asset tokenization. They ensure the execution of predefined rules without the need for intermediaries.
Ocean Floor Music employs decentralized storage solutions, such as IPFS (InterPlanetary File System), to store music files, artwork, and other digital assets. Decentralized storage enhances security, availability, and resilience by distributing data across multiple nodes.
The development process undertaken by Vegavid Technology and Bithashex included the following key stages:
The initial stage involves identifying the vision, goals, and key features of the platform. The concept is defined, and the team outlines how the platform will empower artists, engage fans, and revolutionize the music industry.
2. Technical Design
In this stage, the technical architecture and infrastructure of the platform are designed. The team determines the technologies to be used, such as blockchain and smart contracts, and plans how different components will interact and function together.
3. Development and Testing
The development phase involves writing the code, implementing the features, and building the platform. Developers create the smart contracts, integrate blockchain technology, and develop the user interface (UI) and user experience (UX) components. Extensive testing is conducted to ensure the platform functions as intended, addressing any bugs or issues that arise.
4. Deployment and Launch
Once development and testing are complete, the platform is deployed on the chosen blockchain network. The launch involves making the platform accessible to users, announcing it to the music community, and initiating marketing and promotional activities.
5. Iterative Improvements
After the platform's launch, Ocean Floor Music continues to gather user feedback and iteratively improve the platform based on the needs.
The Ocean Floor Music platform is built using a combination of various technologies to ensure its functionality and performance. Here are some of the key technologies used in its development:
Financial Stability for Artists
Ocean Floor Music provides a decentralized platform that allows artists to create a Smart Project Fund for their music projects. By incentivizing contributions from fans and industry partners, artists can secure funding for recording songs, going on tours, marketing campaigns, music videos, and more. This financial stability empowers artists to focus on their craft and pursue their creative vision.
Unlike traditional crowdfunding platforms, Ocean Floor Music ensures that 100% of the fees generated within their ecosystem are distributed back to the community. This revenue distribution model benefits artists, fans, and industry partners, ensuring that everyone involved receives their fair share.
Tokenization of Music
By leveraging blockchain technology and tokenization, Ocean Floor Music enables artists to tokenize their music, art, and merchandise. This opens up new revenue streams and allows artists to earn millions in new revenue through the sale of NFTs (non-fungible tokens) and virtual and real-world bundles.
Ocean Floor Music actively engages fans and the wider music community. Fans can invest in their favorite artists' projects, create fan clubs, and contribute to the overall success of the music industry. This deepens the connection between artists and fans, fostering a sense of community and support.
The company addresses the financial instability caused by the cancellation of live events and touring, which has been a significant challenge for artists. By transforming how funds are generated and distributed in a sustainable marketplace, Ocean Floor Music aims to improve the overall well-being of artists, fans, and the music business.
Decentralization and Governance
Through its decentralized autonomous organization (DAO) structure, Ocean Floor Music empowers token holders to participate in the governance of the platform. This ensures that community members have a say in the development of the ecosystem and how resources are allocated.
Ocean Floor Music is committed to making a positive impact on the environment. The company plans to fund social and environmental projects through its Smart Project Funds, addressing issues such as climate change, conservation, education, and healthcare. This demonstrates their dedication to sustainability and corporate social responsibility.
By partnering with Vegavid Technology, Bithashex successfully built a robust cryptocurrency exchange platform from scratch. The collaboration resulted in an enhanced user experience, increased trading volumes, strengthened security measures, and a competitive edge in the cryptocurrency market. The platform's successful implementation propelled Bithashex's business growth and positioned them as a trusted and innovative player in the industry. Vegavid Technology's expertise and tailored solutions played a crucial role in the success of the project, establishing a strong partnership between the two companies.
About Ocean Floor Music
Ocean Floor Music is a project funding, music creation, and rewards platform that has been founded by musicians for musicians, their fans, and the industry. The platform operates as a music marketplace, offering services and products for the creation and performance of music. It also includes an NFT marketplace for minting and selling NFTs, distributing rewards, services, and products. One of the unique aspects of Ocean Floor Music is its commitment to giving back to the community, with 100% of revenue distributions going back to the community and a liquidity mining program.https://www.oceanfloor.io/