Our long-time partner from Vienna, Global Rockstar, is a digital record label enabling its users to share their favorite artists’ success and acquire shares in songs as Music NFTs.
Global Rockstar enhances users’ experience by allowing them to invest in their favorite artists’ work and collect proceeds from online streaming, radio broadcasts, CD sales, etc., for over the 70-year duration of the recording copyright. With Sprinterra’s support, Global Rockstar launched what would become the world’s first Music NFTs investment platform in November 2021. Global Rockstar founder, Christof Straub, calls it the most direct fan engagement.
WHAT IS A MUSIC NFT?
Right now, most available NFTs (Non-Fungible Tokens) are JPGs or picture NFTs. Music NFT is the latest hit in the NFT technology. Music NFT is a collector’s item that could be purchased to support artists and songwriters. There is no physical property to NFTs; it’s all digital – it is a token secured on the blockchain that contains a piece of music-related work. This could represent partial ownership of a song; it could also mean ownership of a part of a specific element of a musical composition or unreleased recording or an entire music video associated with this NFT.
HOW DID GLOBAL ROCKSTAR & SPRINTERRA HAVE CHANGED MUSIC NFTs FUTURE
Thanks to the GlobalRockstar platform, musicians can earn more and connect with their audience, while fans become shareholders of new hit songs. An initial investment in a so-called Securities Music NFT (S-Music NFT) could increase in value, and its owner can hold or trade it in the future. Ultimately, it is a win-win scenario for everyone involved. With S-Music NFTs, even the unknown artists, who are only starting their music career, can now release their songs and make a profit by targeting the right audience, finding their most loyal fans, and cultivating the relationship. This might sound like a Patreon, but the Global Rockstar platform also brings unique benefits to fans. GlobalRockstar‘s users have an opportunity to become early investors in an up-and-coming artist and be part of their favorite musicians’ success through participation from proceeds from online streaming, radio or other media outlets broadcasts, and even CDs or vinyl records sold.
THE INTRODUCTION OF COLLECTIBLES AND RANKED AUCTIONS
In May 2022, Global Rockstar & Sprinterra introduced C-Music NFTs, where the ‘C‘ stands for Collectibles, as in rare collectible items. These include an exclusive and never-to-be-released song or version of a composition by a famous artist. In other words, owners of a C-Music NFT are the only ones in the world who can listen to this particular track and play it to their friends & family.
Like all Global Rockstars’ Music NFTs, the C-Music NFTs come with the ownership of an artwork animation and, in most cases, with a special fan goodie for the top bidders (e.g., a visit to the recording studio, the artists’ original first handwritten notes of the song, a backstage pass, private video call with the artist, and other). The C-Music NFT can be kept forever or traded up, and rarities tend to increase in value.
GLOBALROCKSTAR.COM A PLATFORM FOR EVERY MUSIC LOVER
The good news is that GlobalRockstar’s users don’t need crypto-currencies or special knowledge. Simple, secure, and transparent – are the cornerstones of Global Rockstar’s Music NFTs philosophy. Even the cryptocurrency wallet creation flow has an intuitive, easy-to-use interface, thanks to Sprinterra’s user-friendly workflow integration. It is as simple as online shopping.
SPRINTERRA’S EXPERTISE IN MUSIC NFTs & BLOCKCHAIN
To comply with the existing regulations, Sprinterra has chosen the ERC1155 standard for tokens relating to the songs the investors earn the proceeds from and the ERC721 standard for the collectible NFTs. Sprinterra’s solution utilizes Amazon’s native services like Lambda Functions, RDS, DynamoDB, EC2, and ECS, which allow us to keep the service quality and availability even under high load. To keep the share prices relatively low and affordable for many users, we have selected the Polygon layer 2 sidechain within the Ethereum blockchain due to its low transaction fees and high security.
Collectible sales involve multiple editions of one NFT, so Sprinterra has created a semi-silent auction model for the collectible NFT sales. The highest bidder gets an NFT edition #1, and the lower bidders receive lower NFT edition numbers. The NFTs are minted to a company wallet before the auction starts and transferred to the winner’s wallet after the auction ends.
Once the users bid on the NFT, they are notified whether they qualify to receive an NFT edition, but they don’t know the edition number and current maximum bid. If they are outbid and no longer qualify to receive an edition, they will receive an email notification. To guarantee the performance and security of the auction, Sprinterra utilized the following AWS services: ApiGateway, Lambda Functions, RDS, SQS, and EventBridge.
Sprinterra’s engineers have integrated with MagicWallet to keep the transactions uncomplicated and seamless. It allows a non-crypto user to create a cryptocurrency wallet within a few clicks. Also, Sprinterra is currently working on adding the support of the other wallets for more advanced crypto users.
Last but not least, alongside the NFTs auction launch, Sprinterra’s developers have undertaken a massive project of updating and upgrading GlobalRockstar’s website to attract the right audience and convert more visitors. GlobalRockstar wanted to appeal more to the crypto users, so Sprinterra followed the latest design trends and technological advances so the homepage and other pages would feel “fresh” and competitive from what Sprinterra had done for GlobalRockstar a few years back.
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