ETHunes
Decentralizing audio content licensing business by using NFTs to issue commercial and non-commercial licenses to content creators!
Project Description
The music licensing business has had an outdated business model for many years. Musicians and artists are not in control of their work and they only earn a fraction of the earnings. Content creators on the other side have a hard time finding music needed for their work and figuring out the complicated licensing structure.
Ethunes plans on solving this problem by turning the licensing business into an open NFT market.
Each artist can upload their work into the ETHunes and mint their track using ERC721 with the original audio stored in textile buckets. During the mint step, the artist will have the option to select the type of license they want to issue and set a price and max supply for each license type.
The content creators have access to this library and once they find a track they want to use in their work, they just have to select the type of license they want and a new license (ERC1155) will be issued to their ethereum account. Since each lazy-minted license is an ERC1155 token, the content creators can also buy more than one of each type and even sell it to others in a secondary marketplace.
This allows the artists to take back control of their work while at the same time provide an easy-to-use service for content creators in need of licensed audio content.
While in the old model, on average artists earned 13% of the income, in this model 95% of each license goes directly to the artists.
minting tracks and issuing licenses is the first step of ETHunes. We plan on offering other license structures in the future, to tap into the music streaming business, allow collaboration through minted IPs and also allow the reselling of unused licenses in a secondary marketplace in the near future.
ETHunes would not only work as a C2C business model but also by providing a framework for legal control it can help companies and enterprises manage the creative rights in their services and provide a platform for copyright control!
How it's Made
Each artist can upload their work into the ETHunes and mint their track using ERC721 with the original audio stored in textile buckets. During the mint step, the artist will have the option to select the type of license they want to issue and set a price and max supply for each license type.
The content creators have access to this library and once they find a track they want to use in their work, they just have to select the type of license they want and a new license (ERC1155) will be issued to their ethereum account. Since each lazy-minted license is an ERC1155 token, the content creators can also buy more than one of each type and even sell it to others in a secondary marketplace.
Our dApp is a Nextjs app that talks to our solidity contracts on the Ethereum (currently Rinkeby/Goerli testnet) with theGraph protocol's subgraphs as the indexer and query api (we set the poll interval so the dApp frontend will update automatically when contract events are emitted).
Detail info about songs are written to a metadata JSON file and store to IPFS through Textile.
