Please describe your proposed solution.
How you perceive the problem you are solving:
- Currently there are limited ways to connect blockchain tech with irl events. With current marketplaces there are no good ways for a disgruntled party to bring legal action against sudo-anonymous parties.
Your reasons for approaching it in the way that you have;
- When dealing with Intellectual property rights, there has to be a legal entity to take custody of said rights. No rights holder will use a platform where they are restricted with no legal recourse due to malicious third party actors.
Who your project will engage, or who its stakeholders are;
- projectNEWM will engage directly with artist, managers/management companies, labels, catalog holders, as well as live concert venues (live nation).
How your project will be implemented;
- When creating an account on our platform the content will be required to go through KYC if they chose to fractionalize/mint their audio files. For added security that a consumer is indeed purchasing a song ip from the intended artist, we will implement a check mark system built upon DIDs.
What will happen as a result of your work (i.e. your outcomes)
- As a result of KYC and DIDs on our platform we will legitimize the trading of IP rights in a secure and responsible manner. This will facilitate a transition from Blockchain to RealFi and pave the way to an equitable platform for ALL creators and consumers.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
By building this framework and implementation process we will build a best practice and guide for others RealFi projects wishing to bridge from onChain to RealFi.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Risk 1: Identity Theft
Risk 2: Development Risk
Solution: Work with our security advisor Michael Fazio to mitigate risks.