Description

A 'listen, buy & trade' storefront interface for music minted in the all new MATOKEN (Music Album Token) - an NFT based music format, using Polygon. The combination of this new format along with our custom web3 storefront interface, aims to replicate and improve traditional music media systems using blockchain, to offer a more fair and efficient marketplace for independent recording artists, record labels and collectors.

MATOKEN Market showcase

How it's made

The matoken is a new music NFT format we have developed that can be minted or ‘pressed to the blockchain’. It can be bought and traded using our custom matokenmarket front end. It combines fractionalized NFT ownership, liquidity pools, encrypted file locations and a custom built matoken marketplace, all used in a unique way to replicate and improve the traditional music sales cycle. 1) Music is pressed to the blockchain 2) Music is sold for an initial time period at a fixed price 3) Music later on then becomes tradable, where the price will be dynamic based on the amount of liquidity available To make this possible we bake in all of the details during the minting process, and the publisher will receive the matoken NFT in their wallet. Song details, credits, genre, multiple recorded music files, bonus material and more is all saved in IPFS about the MAToken. Fractionalized portions of this matoken NFT can then be sold as copies of the music in the matoken market and when someone owns a fractionalized token, this will unlock the ability to play the audio files. Our Matoken NFTs are built on Polygon, so we have very low transaction fees and fast transaction times for minting and trading tokens. To move funds into our system from ethereum, our solution uses a custom built bridge, locks up the funds from ethereum main net and creates the liquidity on polygon. Our custom developed bridge simplifies the user experience as this process happens in the background. To simplify this process even further for those new to crypto, our marketplace and mint both integrate with the torus login system to allow users to sign on with their existing accounts. The music files, cover art and bonus content are automatically uploaded to IPFS during the minting setup. To add a layer of security and to prevent piracy, we additionally use NuCypher, a proxy re-encryption based algorithm, to encrypt the location of the audio files. This way, the music file will be available only for the intended recipient. The matoken minted files are presented to buyers on the custom built Matoken Market front end react interface. The site allows us to browse, buy and exchange music from/to a liquidity pool. The information gathered for the front end comes from a custom GRAPH API, which is updated on each mint. Music can be played from the encrypted links using the react based audio player at the bottom of the page.

Technologies used

IPFSMatic/PolygonNuCypherThe GraphTorusUniswap