Please describe your proposed solution.
The problem: The music industry is dominated by outdated, centralized models that favors intermediaries over artists and creators. Record label deals and funding deals in general within the industry are often opaque and one-sided resulting in unfavorable terms for artists. Artists often find themselves in a challenging position, losing ownership over their music and receiving only a small fraction of the revenues their music generates. Artists' creative control is also undermined, restricting their ability to freely express and distribute their work.
The core issue is that artists need viable, alternative options to:
- Get funded without loss of ownership
- Distribute their music
- Connect with fans at scale
This is what our proposal is all about.
Our proposed solution, Mozi, is a revolutionary platform designed to democratize and decentralize the music industry by empowering artists to be their own label. To achieve this, we're developing a suite of tools and features including:
- Enabling artists to mint their music as NFTs that are streamable and mintable,
- AI-powered studio for creating and editing music
- Decentralized crowdfunding for direct fan-to-artist funding
- Exclusive artist content and events unlock-able by NFTs
Our aim is to empower artists to perform all functions of a record label and more, while directly interacting with their fans and retaining full rights and ownership of their music and earnings.
Decentralized crowdfunding is one of our flagship features and something we’re most excited about. We believe in the power of communities and the bottom line is that we don’t think fans are as greedy as record labels and big companies are. We think if fans had the opportunity to collectively fund their favorite artists like record labels and big companies do, artists could receive the same or great amount of funding without having to sacrifice their rights and ownership of their music. The Mozi platform will aid artists in creating and deploying the crowdfunding smart contract to the Cardano blockchain and fans can interact directly with it to fund their favorite artists and get records of their contributions in the form of NFTs. Mozi will simply be an interface for artists and fans to interact with each other via the blockchain.
We will demonstrate our impact by tracking a range of metrics like the number of artists using our platform, the amount of revenue they generate, fan engagement, and the overall growth of our user base.
What's unique about our solution is its use of blockchain technology to give artists the tools they need to be autonomous, including the ability to crowdfund their projects, retain full rights to their music, and interact directly with fans. This solution aligns with Cardano's ethos of democratizing finance and creating a more equitable system. By utilizing Cardano's advanced blockchain infrastructure, we can build an innovative platform that not only empowers artists but also contributes to the wider adoption and utility of Cardano.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
The benefits that Mozi brings to the Cardano ecosystem are manifold:
- New User Acquisition: Mozi will attract a wide range of artists and music lovers to the Cardano ecosystem, increasing the number of active users and the overall adoption of Cardano. Within the first six months, our goal is to onboard tens of thousands of artists and fans
- Transaction Volume: Artists minting music NFTs, fans purchasing these NFTs, and the decentralized crowdfunding aspect will all contribute to an increase in transactions on the Cardano network.
- Real-World Use Case: Mozi presents a concrete, tangible use case for Cardano's blockchain technology, demonstrating its capabilities to a wide audience. This will help increase awareness and trust in the technology, as well as inspiring further innovative applications of blockchain.
- Educational Opportunity: Artists and fans new to blockchain will learn about the technology through their interactions with Mozi. This will spread blockchain literacy and demystify the technology for a broad audience, aiding in its adoption.
- Ecosystem Diversity: By extending the use of Cardano's blockchain to the music industry, Mozi diversifies the ecosystem's applications and enhances its resilience.
Mozi will not only help solve a key issue in the music industry but will also bring new users to Cardano, increase transaction volume, and provide a tangible use case, enhancing Cardano's growth and diversity. We aim to be a key player in Cardano's mission of democratizing social and financial systems.
How do you intend to measure the success of your project?
Data points:
- User Acquisition: Number of artists and fans who join the platform
- Transaction Volume: NFT sales, crowdfunding contributions, and fan tips, etc
- Funds raised: The amount of funding raised by artists through the platform shows the effectiveness of our solution in addressing one of the primary issues artists face: getting funded without losing ownership
In the short term, Mozi's impact on Cardano's growth would primarily be through an influx of new users and an increase in transaction volume, promoting the adoption of the Cardano blockchain and its native ADA token.
In the long term, Mozi contributes to Cardano's mission of democratizing social and financial systems by transforming a key creative industry, music, into a more equitable, decentralized space. By demonstrating a successful use case for Cardano's blockchain, we hope to inspire more innovative, decentralized solutions, driving the overall growth and development of the Cardano ecosystem.
Please describe your plans to share the outputs and results of your project?
Our plan to share the outputs and results of the Mozi project spans a wide array of platforms and stakeholders, ensuring broad dissemination and awareness.
- Sharing with the Music Industry: We'll promote the results of our project within the music industry to demonstrate our solution's viability and the potential benefits for artists and fans. This will involve reaching out to artists, record labels, music-related organizations, and industry media. We'll also attend industry conferences and events where we can present our findings and establish connections.
- Community Updates: We'll share regular updates with the Mozi community, including both artists and fans on the platform. These will take the form of newsletters, blog posts, and social media posts, and will cover progress updates, success stories, and new feature launches.
- Cardano Ecosystem: Given that we're building on the Cardano blockchain, we'll share our milestones and results within this ecosystem. This could be through Cardano community forums, the Cardano subreddit, and other related channels.
- Web3 and Blockchain Communities: To raise awareness among those interested in the intersection of blockchain and the arts, we'll share our progress with web3 and blockchain communities. This could include speaking at related conferences, participating in podcasts, and publishing articles on platforms like Medium.
The results from this project will drive our further research and development activities. User feedback and platform data will guide our future development roadmap and feature enhancements. Additionally, we plan to expand our work on music NFTs and blockchain-based crowdfunding to other areas of the arts such as writing, film, and visual arts, creating potential for new projects and initiatives. Our mission is not only to transform the music industry, but to redefine the relationship between artists and fans across all creative disciplines.