completMusic streaming/NFT Defi DEX

Build a marketplace and exchange where artists/fans mint music NFT's representing song earnings. Streaming cost are set by artist/market.

Thirty years in the music and recording industry both as an engineer and as a international touring and recording artist. Tech geek at birth

My solution resolves around two key factors:

1. Music is mispriced currently at almost zero to most consumers due to streaming giants.  .003 cents a stream per average from Spotify.  Using a blockchain to remove the middleman, connecting fans directly to artist and then letting artist set their own streaming rates  (letting the market decide), artist income could increase significantly without costing the consumer anymore than they currently pay. 

Example: Currently a premium membership on Spotify is around 14$ US.  Artist generally receive .003 cents a stream on Spotify.  According to data provided by Spotify, the average user plays 15 streams a day.  That's 450 songs a month.  Rounded up to a 500 streams a month per user on average.   Let's say the base rate most artist set their streaming rate was 1 penny a stream.  That 14$ premium would give the above user all of their 500 streams that month for far less than they pay in a subscription.  And all the money went to the artist!  Three times as much as they get on Spotify.  Inversely, the base rate could be almost 3 cents for every artist on the platform and it would still be the same cost for the average user but 10 times the payout to the artist. 

2.  Now that music has a fair value in a fair marketplace, it can be fractionalized into shares that are actually worth something and sold as NFT's that guarantee a percentage of that songs earnings on the OME platform.  This is key for every musician that is not famous.  A famous rapper minting a rare song nft doesn't reflect the average musician.  By giving them a fair marketplace, their music and their NFT's have value.  In the above example, if an artist charges .02 cents a stream, they could sell off half of this amount as shares to token holders and they still receive 3x what they get now.  Plus, they have the immediate funds raised from the song nft sales. 

I have a Beta web app version of the complete platform that should be done and live in Q1 2022.  It will contain the streaming platform, artist marketplace/dashboard, NFT minting and sales platform and the ability to buy and sell tokens minted by artist.  The exchange portion will come soon after.  This may have been better suited being listed under the Dapps campaign but I put it under the Defi Seeding campaign as I believe the secondary markets that will develop around NFT's themselves will offer creative financial options for those inclined. 

With songs tokenized to reflect the endless earning vehicles they are, users can create their own NFT's and 'financial products' by combining highly sought after tokens they own.   Indexes, 'Mutual Funds' etc can all grow and evolve as the platform evolves.  

Example:  a user could hold ten of the top ten producing tokens on the OME platform.  Songs that regularly earn those token holders steady income.  That user could bundle those ten into a new NFT or variation that includes them all, (the mutual fund analogy)  Instead of funds that focus on a specific industry or sector, this would could be by song genre, style, by region, (top in Africa), or any number of ways.  This asset, backed by solid earnings, paying out in OM (the token used on the app) could be traded,  used as collateral for loans, for providing liquidity in the OM exchange. it's hard to identify all the possibilities as NFT's and this whole market is just beginning but it feels intuitive that it will. IMHO. 

 I have been building out the whitepaper and a website for the project to raise funds.

 omlab.io   (work in progress) 

Things have been moving fast since I first submitted this.  This week I onboarded two key members to my team. A developer with a small team that has agreed to build out the platform in exchange for being on the OME team and has given me a mid Feb/March completion date.  This will be a working MVP that can be used for beta testing. 

A Mister Wayne Miller, https://www.linkedin.com/in/waynemillernz/  has also come on board to serve as a chief of operations and to help fundraise.  

I'm was hoping to raise a minimum of 20k, The main use of these funds would go to hiring the dev talent to actually integrate my mvp/beta with the cardano blockchain.  I attended the catalyst town hall today and saw that there is a bootcamp and accelerator phase for projects that get funded.  My request for 20k was to hire much of what it looks like the bootcamp might help cover.  If this is correct then my amount needed might be far less.  

It's not immediately clear to me how a dapp gets launched on Cardano, but I doubt it's free. 

Basically, I want to launch this app on Cardano more than any other blockchain by far so however I get the expertise I need, I will endeavour to do it. 

My timeline at this point is this. 

Before the end of 2021, the whitepaper will be finalized as well as the main website, omlab.io, that explains the entire project.  Both are about 60% complete at this time. 
In Jan 22'  I'll begin registering users for the beta test of the platform.  I'll utilize existing contacts as well as social media for this. 

The paperwork has been filed for OMELabs Inc, C Delaware Corp.   

In Q1 of 2022 the mvp at ome.network will be launched and can start onboarding users to beta test it.  

The token ideally would be minted in Q1 of 2022.  As I said above, there are many aspects of the launching a coin that I need to utilize the communities help and expertise on in terms of the technical aspects of integrating a Cardano token into my dapp.  

Moving into Q2 and Q3 any any funding would go to development of the OME platform based on mvp feedback and data and if a native app is required, then work would begin on that process.  I have been quoted between 10 and 15k to build the native version.  Web storage, like AWS might be needed as users begin uploading and streaming content.  I would also look into using the IPWS if possible instead of AWS.  These cost would be a few thousand to start based on use obviously. 

Q4 2022 could see the native app being launched and the the integration with the blockchain to begin handing data as the mvp is phased out.  OM as a currency and OME as a platform would begin to capture market share as their utility and availability increase. 

In conclusion, I've been working steadily on this since 2019 and will see this project through no matter how it comes about.  I'm committed and believe there is a better model that can be applied to the music industry now with blockchain tech available.  I have been involved in the music industry for over 30 years, mainly based out of the San Francisco, CA.  I have performed around the world as a slide guitarist playing original music, founded VisionGuild a full service recording studio in late 90's and early 00's, recording dozens of projects in the Bay Area over a ten year span.  I have a large network of peers that are working musicians that are looking for a solution to the current problem.  I believe this could make a big difference.  Big things happen in little steps and I hope the Cardano community can help the project to that next step.  This is my first time submitting a proposal so any feedback is greatly appreciated.  Thanks for taking the time to read my proposal.