Please describe your proposed solution.
We are proposing a unique way to promote cross-chain collaboration other than a bridge by allow other people to listen to their favorite Music NFTs on Cardano from other blockchains. Our Music NFT Media Player be cross-chain compatible which will help users from other blockchains to discover our Cardano. This will also allow us to make partnerships for instance with projects from other chains to have them work with other musicians in Web 3.0. We will fully develop our SoundRig Media Player here on Cardano as a proof of concept to attract other blockchains to come to Cardano.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Breaking down the barriers between blockchains will allow musicians to flow seamlessly from one blockchain to the next as well as their fan bases. This will improving the growth of each blockchain by onboarding new musicians and new consumers. By becoming cross-chain compatible it will require us on-boarding developers familiar with each blockchain.
At present we are looking to create partnerships with multiple projects on other blockchains to gain traction. We are establishing agreements with various Metaverse projects on other blockchains for example (<https://harmonyworld.one/>) to provide their musical content for their project such as concerts & in common areas, etc.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Risks: Not getting funding to allow us to on-board the necessary Devs to allow us to continue to expand to other blockchains.
The solutions we have for solving this potential hurdle are:
- Launch Primary sales to get small amount of working funds from fees
- Having self funded enough to get the marketplace developed will allow for secondary sales and an addition revenue stream
- Potentially offering paid promotional services (ex: Boosted artist will appear higher up in the category list or search result queue)
Risk: Difficulty to attract users from other blockchains
The solutions we have for solving this potential hurdle are:
- Media player attracts new consumers from other more establish music blockchains
- On-boarding web2 musicians with existing fan bases to again help with primary sales
- Strategic partnerships with projects on Cardano and other blockchains which will help our visibility as well as increase our brand credibility.
- Attend conventions for other blockchains and build brand awareness
Risk: Difficulty growing a community/customer base
The solutions we have for solving this potential hurdle are:
- Onboarding musicians from Web2 with existing fan bases to help grow a new consumer base in Web3
- Strategic partnerships with other projects to increase brand awareness as well as increase awareness of Web3 music on Cardano
- Working with the musicians on Cardano to help unify their fans on our platform to encourage organic growth
Risk: Difficulty making our marketplace cross-chain compatible
The solutions we have for solving this potential hurdle are:
- Building out our Cardano marketplace will allow us to generate a consistent revenue stream to finance R&D.
- We could potentially build on Milkomeda which is a more EVM friendly option