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Development of a Scalable NFT Music Marketplace Platform

darly solutions

eCommerce

Challenges in the Current Music Industry

Emerging artists struggle to earn a sustainable income from music streaming due to low per-stream royalties. Existing platforms don't adequately compensate creators, hindering their ability to create authentic art and build viable careers. Fans lack opportunities to directly support artists and own unique pieces of music history.

About the Client

An Australian startup revolutionizing the music industry by enabling artists to monetize their work through NFTs and providing fans with unique digital collectibles.

Project Goals

Launch a user-friendly NFT music marketplace for artists to sell digital pressings (albums, EPs, singles) to fans.
Enable artists to sell Smart Formats merchandise alongside music.
Ensure album sales contribute to music charts in key international markets (UK, Ireland, Germany, Australia).
Achieve a user engagement rate of at least 60% for both artists and fans.
Secure a signup conversion rate of at least 15% within the first year.
Achieve a monthly transaction volume growth rate exceeding 10% within the first year.
Maintain a cart abandonment rate below 70%.
Achieve a Net Promoter Score (NPS) of at least 70.
Develop a responsive and performant platform meeting or exceeding specified technical performance metrics.

Core Marketplace Functionality

Artist profile creation and management.
Music catalog creation and management (albums, EPs, singles, bonus content).
NFT minting and selling functionality.
Smart Formats merchandise store.
Secure payment processing (including cryptocurrency support).
User authentication and authorization (artist and fan roles).
Search and filtering capabilities for music and merchandise.
Recommendation engine for Digital Pressings.
Comment and review system.
Email verification and code support.
Reporting and analytics dashboards for artists.

Technology Stack

React

Redux

Storybook

Node.js (for backend - implied)

Database (e.g., PostgreSQL - implied)

Cloud Hosting (e.g., AWS, Azure, GCP - implied)

External System Integrations

Payment gateway integration (e.g., Stripe, Coinbase Commerce)
Email service provider (e.g., SendGrid, Mailgun)
Analytics platform (e.g., Google Analytics)
Chart reporting services (e.g., Spotify for Artists API - implied)

Performance and Scalability

High performance and responsiveness (average response time < 0.3s).
Optimized Largest Contentful Paint (LCP) < 2s.
Scalable architecture to handle increasing user traffic and transaction volume.
Responsive design for optimal viewing on all devices (desktop, mobile, tablet).
Secure platform to protect user data and prevent fraud.
High system usability scale (SUS) score (>85).
High task success rate (>85%).

Expected Business Outcomes

This project is expected to drive significant growth for the client, resulting in a 16% increase in transaction volume, improved artist compensation, enhanced user engagement, and a stronger position in the evolving music industry. The platform will foster a sustainable ecosystem where artists are fairly rewarded and fans can directly support their favorite creators.