Competitive Advantage
How we will use modern technology
- 1.NFT's and Ownership We allow artist to generate non-fungible tokens (NFT’s) based on the Ethereum blockchain that are minted upon approval of their music. This takes advantage of the latest advancements in blockchain technology and brings it to fingertips of creators on our platform.
- 2.Artist Revenue As Limelight distributes music on to major streaming platforms, we enable artists to earn further exposure on markets available around the world. Artists earn 90% of the revenues generated from their streams, which is competitive to a distribution service like United Master, who do not promote the artist whatsoever.
- 3.Social Media Following Furthermore, with @DailyRapFacts and @RapAccess, we plan to showcase talented Limelight artists on our social media platforms and website, which combine for over 500 million impressions a month. We have now also launched a “Restore the Underground” Spotify playlist that is updated weekly with music from Limelight creators in different regions all over the world. Incentives like these give limelight a serious competitive advantage, and encourage artists, as well as fans, to use a service like limelight for their music.
- 4.Fan Funding The last piece of the puzzle is having the financial resources to empower this talent even further. Our long-term plan is to implement a feature that allows artists to be funded directly from their fans, through either investment or crowd-sourced funding. To aid in this objective, we built a Limelight token ($LMLT), a cryptocurrency to work alongside the platform based on Ethereum’s ERC-20 token. As the merit value of artists fluctuates through engagement, we use it as an evaluation tool in the backend. If the artist hits a certain threshold, it will allow them to initiate an initial coin offering (ICO), where fans purchase stake with Limelight token, in exchange for a piece of the artist’s non-fungible token; based on Ethereum’s ERC-1115 contract representing their music catalogue. The artist will be able to use the funds generated from the ICO to pay for the much-needed aspects of being an artist such as arranging concert tours, travel, music videos, etc. Surely, with our platform only making this feature available to those that are talented enough and simply chosen by their own audience, they are likely to benefit from exploring other revenue-generating artist activities.
- 5.Fully Transparent Collaborations and Deals As it is talent that will dominate the Limelight platform, we want to encourage collaboration amongst creators to create even more contribution to the community in its entirety. Currently, many creators in the industry must rely on other parties to bring about results. Artists generally need to pay other artists for features, and take their word that it will be done. There have been many cases of creators suffering from scams by their fellow artists and we plan to solve this problem as well. By using Ethereum’s smart-contract technology, we have built it to allow artists to collaborate on projects with royalties, completion agreements, and delivery expectations. Thereby, revolutionizing the way musicians, producers, and all Limelight contributors handle ownership of their collaboration, to ensure the ‘who’, ‘what’, ‘when’, ‘where’ and ‘why’ of the collab is clear from the start.
Last modified 1yr ago