Skyhitz Features
Skyhitz is a next-generation recording label platform powered by smart contracts that enables users to discover, stream, collect and invest in music NFTs while providing transparent monetization for creators.
View MoreKey Features of Skyhitz
Skyhitz is a next-generation recording label platform powered by smart contracts that enables users to discover, stream, collect, and trade music NFTs. The platform combines blockchain technology with music streaming, offering artists a way to monetize their work through NFTs while providing fans opportunities to invest in and earn returns from the music they support. It features a unique money-based discovery system where engagement metrics like streams, likes, and downloads drive NFT values and charts.
Smart Contract Integration: Uses Stellar's Soroban smart contracts for efficient, low-cost transactions and transparent revenue distribution between artists and fans
Interactive Top Chart System: Dynamic ranking system based on APR (Annual Percentage Rate) generated from user interactions including streams, likes, and downloads
Simplified Wallet Setup: Easy digital wallet creation using just email, making it accessible for users new to blockchain technology
Investment Mechanism: Allows users to invest in music NFTs with as little as 0.31 XLM and earn returns based on the NFT's performance and interaction metrics
Use Cases of Skyhitz
Artist Monetization: Musicians can tokenize their work and earn revenue through streams, likes, downloads, and NFT investments
Music Investment: Fans can invest in their favorite artists' work and earn returns based on the music's performance
Music Distribution: Artists can distribute their music through blockchain technology while maintaining control over their creations
Fan Engagement: Listeners can actively participate in supporting artists while earning rewards for their engagement
Pros
Low barrier to entry with simple email-based signup
Transparent revenue distribution through smart contracts
Multiple ways for both artists and fans to earn
Cons
Requires understanding of cryptocurrency and NFTs
Platform success depends on active user engagement
Limited to users willing to invest in cryptocurrency (XLM)
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