PREFACE: I submitted an earlier grant for Dapp development of a music marketplace and unfortunately I did not receive any word either way. This application reflects our progress and focus on one aspect of the Dapp which we feel is a clear market differential and our greatest gift to Web3 music as a whole.
During our prototype phase we highlighted a need and solution to create measurable value around NFTs that was not dependent on a narrow market of buyers or a bear or bullmarket. A metric, essentially based on fan engagement within and outside of Web3.
This application is a request of funds to build out this arm of the api.
Project name: Beats Per Mint (The Beat Analytic)
Description
We are developing, as a part of our BPM music protocol, an api that provides music markets with a much needed real world, Web2 and 3 analytic attached to the growing or declining value of a song or piece of content over time.
Vision
We want to reframe music NFTs (specifically) to be centered around fan engagement with curated musical experiences as opposed to selling music alone. An API that can be used in the broader music nft market grounding and tracking its value, forming a usable metric.
Problem
There is no consensus around the value of music NFTs because music itself has been devalued. In the context of Web3, it unfortunately caused a false market of a small subset of speculative collectors. Music has been essentially free for the past 20 years. Reverting to charging for music ignores this fact and that people in 2023 pay for experience. The old rules to music culture still remain; ie we do not flip, but collect and identify with music. This is where BPM comes in.
Solution/Product
We feel that the music market is what will be the great onboarder but it must first acknowledge where its value lies for the everyday fan in 2023. Our marketplace is built with Unlock, a subscription NFT protocol and will be a market of music related experiences and provide a means for Web3 music artists to build upon their brand with collectors as they develop a real fanbase.
One solution, to which this specific grant applies, is moving away from a speculative and financial market value and instead developing a metric using verified data from Web2 into Web3 to provide a dynamic metric or measure of value API.
Describe the project in detail including…
Our marketplace sells limited- subscription NFTS that form and collect memories with music artists you love resulting in a new bundled collectable NFT at the end of the subscription period. We are currently partnered with the Koii network who provide task nodes that scrape data from Web2. This data is funneled into our platform where our users vote and decide which content will be included in a resulting NFT mint.
During the subscription period and post mint, we continue to track how the NFT and the culture it creates is showing up in the world. We use this data to form a dynamic metric (like Web2 followers, engagement, but without the vanity). This we feel is how music will access its value over time.
The BPM music metric or Beat Analytic will be an API that can be accessed and implemented into other music NFT platforms creating a real consensus around the value of Web3 music separate from the “NFT Art market”
The music and art markets are two different cultural animals in the real world as they should be in Web3.
How does the project relate to blockchain or web3?
Explained above.
How are you encouraging other women/minorities to be part of your community?
It’s founder, myself, Hanifah Walidah, is a Queer Black woman. BPM’s first team member and UI/UX dev is Nyla Gershoni.
When BPM as a platform debuts it will be populated with a small set of projects. One of those projects will be Beam Me Down Music, which promotes reproductive rights through the distribution of AR filters and music. Numerous women Web3 and Web2 music artists are invited to take part.
This project was initially funded via Gitcoin and can be read in detail here.
Validation / Traction / Progress so far
We have a working Figma prototype and are now implementing front and back end. The MVP is on track to debut in March and will be focused on proving and improving the Beat Analytic.
Team
Founder, Hanifah Waldiah
30 years on stage, in the studio and around the table. A passionate music NFT advocate and producer of The Mint List Podcast. She focuses on a holistic protocol that serves the Web3 music ethos and the longevity of its musicians and the relationship they have with their fanbase.
UI/UX Designer, Nyla Gershoni
Passionate about using human-centered design and web3 technology to make a difference in peoples’ lives.
Front End Development
Kwasi Ogol
Frontend, React, JS Development and cyber security.Interested in creating a sustainable future and positively impacting mother nature
Backend Development, JIAO Yiwei
Full Stack developer and musician that spends his time between China and Vancouver.
Grant Amount Requested
$10,000
What it will be used for?
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Research
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api code dev
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iterations of code
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MVP server
Other ResourcesPartners
https://Koii.network (note: we use Koiis nodes, but the platform will live on Polygon)
How did you hear about MGD’s Funding program?
I met one of your reps at ETH Denver in 2022 and google.