Author’s Information: My name is Rafal, I am software developer and NFT enthusiast. My email is rafalkoro@proton.me, discord handle FoxKroop#6930.
Simple Summary: This NIP introduces a decentralized music streaming platform based on NFTs, providing artists with fair compensation, transparent royalty distribution, and listeners with an immersive, community-driven music experience as a compelling alternative to traditional platforms like Spotify.
Abstract: Decentralized Music Streaming system envisions a decentralized ecosystem where artists tokenize their music as NFTs on the blockchain. This revolutionary approach ensures transparent royalty distribution, eliminates intermediaries, and allows listeners to directly support their favorite artists through NFT ownership.
Motivation: Traditional music streaming platforms often face criticisms for unequal artist compensation and lack of transparency. The motivation behind this NIP is to address these issues by leveraging NFT technology to create a decentralized, artist-centric music streaming alternative that fosters a direct connection between creators and their audience.
Rationale: By tokenizing music as NFTs, this proposal aims to empower artists with direct ownership control, fair compensation, and a decentralized community of listeners. This innovative model disrupts traditional streaming paradigms, offering transparency in royalty distribution and creating a more equitable and engaging platform for both creators and consumers.
Specification: The Spotify Alternative NFT system is outlined by the following key components:
- Music NFT Standards:
- Music NFT standards will be established to guide the creation, transfer, and management of music NFTs. These standards will encapsulate details such as track metadata, ownership information, and suggested guidelines for royalty distribution.
- Decentralized Royalty Distribution Guidelines:
- The community will collaboratively define and adopt decentralized royalty distribution guidelines. These guidelines aim to automate transparent royalty distribution to artists based on agreed-upon rules, ensuring fair compensation for their work.
- Community Engagement Features:
- The platform will incorporate community-driven features to empower listeners to engage with artists, participate in exclusive events, and directly support their favorite musicians through NFT ownership. These features will be designed with a focus on inclusivity and interaction within the music-loving community.
Open-source Commitment: I commit to open-sourcing the NIP and grant permission for developers within the Mint blockchain ecosystem to build protocols and applications based on this NIP.