Blockchain based Music NFT Marketplace

In this era of technology, blockchain is changing the world. It might seem complicated but the core concept of blockchain is quite simple. With time passing, blockchain technology is getting more and more mature, and we are witnessing its new applications. One of those applications is NFTs. A Non-Fu

Project Title

Blockchain based Music NFT Marketplace

Project Area of Specialization

Blockchain

Project Summary

In this era of technology, blockchain is changing the world. It might seem complicated but the core concept of blockchain is quite simple. With time passing, blockchain technology is getting more and more mature, and we are witnessing its new applications. One of those applications is NFTs. A Non-Fungible Token is a unique and unreplaceable digital token. It gives its owner all its rights and allows them to use it wherever and however they want. This Blockchain-based peer-to-peer NFT Marketplace will be a DApp (Distributed Application) that will be purely used for selling and purchasing music. The music creators and independent artists from all around the globe can make great music and then convert them into an NFT and put it on sale on this NFT marketplace. Then their fans, collectors, or anyone who wants to buy or use their music anywhere can just purchase and own it without any hassle. Because of this, the artists can be paid directly without any intermediate third parties. And earn much more than what they could on other platforms. Moreover, they could interact with their fans directly, and the fans could buy their favorite artist's work directly from them.

Blockchain is an emerging technology, system developed on the blockchain has a great impact to change the world's industries working way. One famous example is cryptocurrency in the form of Bitcoin which takes over paper currency. Blockchain collects information together in blocks and each block has different transactions linked with the previous block. Like Bitcoin there are other cryptocurrencies too, one of them is Ethereum or ETH. Most are part of the ETH. An NFT marketplace is a platform where NFTs can be stored, displayed, traded, and minted. In these times it's difficult for new artists and music producers to gain recognition and sell their music. We are particularly focusing on creating an NFT marketplace that will focus on selling and purchasing music using NFT technology. It will be based on ETH tokens targeting audio and video music. This marketplace is designed to encourage the artists by easily allowing them to sell their work directly to fans. It will turn music into a liquid asset through the power of NFT technology.

Project Objectives

Blockchain-based NFT Market place allows the direct sale of music and audio files by the artist to the fans and cuts out the major cost of the well-established music industry.  With help of different tokens, artists can sell their music without any additional fees. NFT can solve the problem of Ownership that is faced by a lot of digital artists. There is no fully accurate method to record the ownership of digital data. NFT technology will help with the problem of intermediates and it will provide a new model through which fans and artists can interact. NFTs allow digital assets to become unique in the sense that the original asset can be verified with certainty.

Fans can directly own the work of their favorite artist and money will directly go to the artist. After that fans can also trade their assets with other people and earn from it.

Project Implementation Method

• Use react.Js for front-end development with html css bootstraps Javascript and wanila css.
• We are using hardhat for smart contracts compilation and deployment.
• Use hardhat local Blockchain nodes for deployment.
• Openzeplline library is used for smart contracts.
• Solidity is the programming language that is used to write smart contracts
• Chai library to test smart contracts.
• Integration of web3 using web3.js
• Using smart contracts ABI to connect it with the front-end.

Benefits of the Project

• The system has decentralized no need for any third party.
• It benefits artists to promote their music NFTs to their fans.
• Immutability, data cannot tamper with by anyone.
• Secure the contracts with the cryptography technique.
• Transparency NFTs are accessed by the public key and private key.

Technical Details of Final Deliverable

REGISTRATION:

• The user will log in and sign up using MetaMask.
• In this system, all users must register.
• Each user creates an account and gets a unique public key and private key for transactions.

MINTING NFT:

• Only verified artists can mint an NFT.
• Only music-related content can be minted such that mp3/AIFF or mp4/mkv.
• An artist can upload his/her content and add details about it like name, description, and price.

SELLING NFT:

• An artist can only place a minted NFT as sellable.
• The Artist has the option to sell multiple NFTs at a time.
• A non-artist can sell an NFT but can’t mint a new NFT.
• Also, the user can set the price of an NFT.

BUYING NFT:

• Users can search artists and NFTs.
• Users can also view the NFT price, description, and artist description.
• If the buyer clicks on the buy now button, then the piece of code called smart contract self-execute and checks the condition, then approval send to the buyer with a money transfer request.
• The buyer signs and confirms, and the NFT is transferred to the buyer.
• A minor transfer fee will be cut according to the original price.

Final Deliverable of the Project

Software System

Core Industry

Media

Other Industries

IT , Finance

Core Technology

Blockchain

Other Technologies

Internet of Things (IoT), Others

Sustainable Development Goals

Industry, Innovation and Infrastructure

Required Resources

If you need this project, please contact me on contact@adikhanofficial.com