Music_NFT
A decentralized platform where musicians mint and trade Music NFTs
Created on 8th August 2024
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Music_NFT
A decentralized platform where musicians mint and trade Music NFTs
The problem Music_NFT solves
People can use the Music NFT platform to:
Music revenue: Artists can sell their music directly as NFT bypassing traditional intermediaries and saving a lot of money.
Earn royalties: Musicians earn a fee each time they resell their NFT, providing them with an ongoing income from their work.
Prove Ownership: Collectors and fans can own unique digital assets, with blockchain ensuring authenticity and proof of ownership.
Trade securely: All transactions are protected by smart contracts, which provide transparency and eliminate the risk of fraud.
Artist Support: Fans can support their favorite artists directly by buying and trading their music NFT.
Challenges we ran into
One of the main challenges we faced was implementing a royalty distribution strategy. It required Solidity to meticulously manage payables and accurately count gas. Initially, the deal ran into issues where royalties were not allocated properly due to a misunderstanding of the transfer function.
To overcome this, we modified the smart contract to prepare royalty accounting and distribution before NFT was transferred to the new owner. We have also conducted rigorous testing of the agreement on test networks to ensure that it works as expected, allowing artists to continue to receive their share of revenue without any hand interference.