Author: hawwal O.
Category: Governance Proposal
Funding request: $275,000 cUSD
Executive Summary
Blaqk Stereo is a groundbreaking mobile music app blending the ease of Web3’s decentralization. It empowers music artists with instant tokenized earnings from their streams, eliminating delays and intermediaries for an efficient rewarding experience for not only artists but for every user on the platform.
Blaqk stereo applies the “mobile-first” approach to make transaction in cryptocurrency user-friendly and simplifies access to global financial services in which creatives can get rewarded directly stress-free.
Blaqk Stereo, a pioneering force in the music industry, has achieved significant milestones, establishing itself as a dynamic platform at the intersection of innovation and creativity. Our traction points underscore the success and impact we’ve garnered in the industry:
1. Grants and Funding:
- Blaqk Stereo has allocated a significant $20,000 USD in grants from the Creatives DAO of the Near Foundation to support artist projects. This funding underscores our commitment to transforming the music industry and reflects confidence in our vision.
2. Prototype Development:
- We have successfully developed and presented the Blaqk Stereo prototype, showcasing the DApp’s unique features and capabilities. This marks a crucial step towards bringing our vision to life and providing users with an unparalleled music experience.
3. Guinness World Record Achievement:
- In 2022, Blaqk Stereo made history by achieving the Guinness World Record for the Longest Recording Session with Multiple Artists. This remarkable feat not only demonstrates our commitment to pushing boundaries but also solidifies our presence as an innovative leader in the music industry.
4. Legal Entity Establishment:
- Blaqk Stereo has taken a strategic step by registering as a Limited Liability Company (LLC) under Delaware law in 2022. This legal status ensures a robust foundation for our operations and underscores our commitment to professionalism and compliance.
5. Official Project Website:
- Our official project website serves as the central hub for all things Blaqk Stereo. It provides a comprehensive overview of our vision, features, and updates, offering users a glimpse into the innovative world we’re creating.
Blaqk Stereo in one sentence:
Blaqk Stereo is a music mobile app that seamlessly combines Web2 convenience with blockchain technology, enabling instant tokenized royalty earnings for music artists while providing a rewarding experience for all users.
Video Presentation:
Mission:
Blaqk Stereo’s mission is to facilitate earning solutions and financial inclusiveness for music artists while creating a rewarding experience for subscribers.
Core values:
- Financial inclusiveness
- Seamless transaction
- Decentralisation
- Transparency
- Sustainability
Tech Type:
Consumer technology
Blaqk Stereo Problem statement:
Blaqk Stereo is revolutionising the music industry by introducing a mobile music app that combines the simplicity of a Web2 music app with the advanced features of Web3, including decentralization and instant tokenized royalties. This innovative solution is needed for several reasons:
1. Instant Royalties: Blaqk Stereo eliminates the traditional delay of up to three months for artists to receive their royalties. With instant tokenised payments, artists can access their earnings immediately, providing financial support and financial freedom.
2. Blockchain tech: By incorporating Celo technology, Blaqk Stereo reduces reliance on intermediaries and centralised systems who offer vague payment solutions which are exclusive to most regions. This financial inclusiveness ensures a more transparent and fair ecosystem for both artists and listeners.
3. Community Engagement: Blaqk Stereo fosters a sense of community by incorporating features like exclusive giveaways, NFT utilities, Launch pad & Launch deck. This engagement enhances the relationship between artists and their fans, creating a more supportive and interactive environment in the music industry.
4. Reduced Middlemen: Traditional music platforms often involve multiple intermediaries, leading to reduced earnings for music artists. Blaqk Stereo’s streamlined approach minimises the number of intermediaries, ensuring that a higher percentage of revenue goes directly to the creators.
Competitive Advantage:
Here are our current competitors we have an edge over:
Opulous, Audius, Spotify, Apple Music, Tidal, SoundCloud, Deezer, Boomplay
1. Artist Support:
- Music artists will gain access to unique offerings not found on other platforms which includes grants and music-related services, fostering a financially inclusive ecosystem for artists. Unlike traditional platforms that offer loans based on streaming revenue, our platform prioritizes grants and amenities, empowering artists at all stages of their careers.
2. Mobile App:
- Most Web3 DApps are confined to websites that are only accessible on laptops and computers. However, Blaqk Stereo breaks this mold by offering a dedicated mobile app, granting users convenient access to their favorite music and features anytime, anywhere. This ensures a seamless and user-friendly experience tailored specifically for mobile devices.
3. Friendly User Interface:
- Our platform boasts a user-friendly interface, enhancing the overall experience for both artists and listeners. Unlike most web3 products who with advanced features are tedious to navigate, Blaqk stereo offers an Intuitive design and navigation contribute to a positive and engaging interaction with the app.
4. Music NFT Marketplace & Streaming Platform:
- Blaqk Stereo uniquely combines a Music NFT Marketplace with a robust streaming platform. This dual functionality allows artists to monetize their work through NFT sales while offering listeners a diverse range of content.
5. Launch Pad Initiative:
- Through our Launch Pad initiative, Blaqk Stereo supports emerging artists by providing them with a crowdfunding interface package as an NFT fundraiser. This empowers music artists with the funds they need to fuel their indie projects, setting us apart as a platform that actively invests in the future of music.
6. The Artist Complete Toolkit:
- Blaqk Stereo goes beyond being a streaming platform; it serves as a comprehensive toolkit for artists. From promotional tools to analytics from leading industry marketing experts, we empower artists with the resources they need to thrive in the digital music landscape.
7. Payment Convenience:
- Our platform priorities payment convenience, ensuring that artists receive their earnings promptly and efficiently. This commitment to streamlined payment processes enhances the financial experience for our users.
8. Region-Focused:
- Blaqk Stereo understands the importance of regional diversity in music. We cater to regions, providing a platform for local and international talent. Fostering a more inclusive music ecosystem.
9. Instant Royalties Compensation:
- One of our standout features is the provision of instant royalties compensation. Unlike traditional platforms with delayed payment structures, Blaqk Stereo ensures that artists have access to their earnings immediately.
9. Indie Upload Distribution:
- Our platform actively supports independent artists who do not have the means to distribute with traditional distribution companies through our dedicated distribution channels. Blaqk Stereo provides indie artists with the exposure and opportunities they need to reach a wider audience.
Business Overview:
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Product Offerings: Instant royalty payments to artists, an NFT marketplace, and exclusive artist-subscriber interactions.
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Target Market: Ages 16-60, including subscribers from Apple Music, Spotify, and Boomplay.
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Unique Value Proposition: Artist support through grants initiatives, Instant royalty payments through streaming, NFT, and merch transactions with only a 10% commission.
Financial Overview:
1. Funds Raised: $20,000 in grants from the Creatives Dao of Near Foundation (Detailed financials available here).
2. Revenue Projection: $300 million in the next 5 years.
Blaqk Stereo Valuation:
SAFE PRE-Money: $5.6million USD (12 - 18 months post launch)
3. Key Financial Assumptions: Revenue from subscriptions, NFT purchases, and music streaming. Costs include tax, app management, and marketing.
Market Analysis:
1. Market Size: Africa’s music streaming revenue projected to reach $314.6 million by 2026.
2. Target Audience: Subscribers from Apple Music, Spotify, YouTube Music, Boomplay, and Audiomack.
3. Competitive Advantage: Financial support & inclusivity for all artists, Instant royalty payments, boarder-less payment ease and convenience, accessible globally.
Blaqk Stereo wallet:
Blaqk Stereo Proposition
ROI to Celo ecosystem:
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We propose to contribute 5% of Blaqk Stereo’s earnings annually for the next 3 years to the Celo Governance treasury.
With Blaqk Stereo’s current SAFE Pre-money valuation of $5.6 million (18 months post launch), this would amount to an estimated total contribution of $840,000 over the 3-year period. -
Blaqk Stereo is projected to generate around $300 million USD in revenue over the next 5-7years, our contributions to the Celo ecosystem would further amplify her growth and impact.
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Blaqk Stereo’s adoption of the stable token “cUSD” would increase the currencies liquidity, thereby sparking a higher demand and greater market confidence for the Celo ecosystem with an expected average of 100,000 - 300,000 active users on our platform within the next 2 years.
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Higher trading volumes from the Blaqk Stereo app will contribute to maintaining price stability of cUSD by ensuring its value remains closely pegged to the USD.
Blaqk Stereo as a public good:
Blaqk Stereo serves as a beacon of financial inclusivity for artists, offering not just a Dapp, but also vital financial support through grants and affordable amenities. By empowering artists to thrive, we echo Celo’s mission of creating prosperity conditions for all through accessible financial systems.
Assessing the ROI of Grants to the Celo Ecosystem
Absolutely! The provision of financial aid will incentivize a larger influx of creatives to engage with Blaqk Stereo, leading to increased transactions and ultimately enhancing the network’s overall value proposition. In addition, there is an allocation for builders interested in using our infrastructure to build forth-coming creative innovative projects.
Why Blaqk Stereo:
For Artists -
Blaqk Stereo offers artists what traditional platform don’t offer which is access to a financially inclusive ecosystem for artists prioritizing grants and amenities. We empowering artists at all stages of their careers.
For Subscribers -
In many regions worldwide, PayPal and similar platforms are inaccessible, requiring costly currency conversions. Blaqk Stereo, powered by Celo, offers a seamless, cost-effective payment solution. Subscribers will enjoy value at a lower cost and engage with artists through NFT collections, encouraging symbiotic relationships and earning opportunities by trading valuable music artist creations within vibrant communities.
Interested VCs / Partners
- Keynes Private Equity Group
- The Thread Group
- MAVIN music Group
Roadmap
Goal and Milestones:
Budget Breakdown
- Product development
- Legal and compliance
- Infrastructure and Operational Costs
- Grants
- Marketing and promotion to boost brand awareness.
KPI
- App Launch and Feature Development: The successful development and launch of the Blaqk Stereo app on the Celo mainnet within the specified time frame (5 months).
- Legal Compliance: Completion of the upgrade from LLC to Corporation status and obtaining all necessary licenses and permits within 1-3 months.
- Smooth Platform Operations: Ensuring the smooth operation of the platform by covering hosting and subscription. (Same time as development)
- Brand Awareness and Artist Onboarding: Implementation of marketing campaigns and successful onboarding of a minimum of 1500-3000 music artists within 5 months.
- Grants initiatives: Launch of various campaigns, events and workshops to help artists under a budget cap.
Budget
This a detailed breakdown of costing across Blaqk Stereo’s various tranches.
Note:
Payment is to be made at the beginning of each milestone. The next tranche of funding will be delivered upon the completion of the previously accomplished milestone.
EST. Time duration: 6 - 8 months
Milestones
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Product Development ($120,000):
- Time Frame: 5 months
- Infrastructure and Operational Costs ($40,000)
- Cover hosting fees and software subscriptions
- Maintain smooth operation of the platform
- Enhance app features for better user experience
- Integrate new functionalities - NFT marketplace
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Legal and Compliance ($30,000):
- Time Frame: 3 months
- Obtain necessary licenses for expansion
- Ensure compliance with global regulations
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Marketing and Promotion ($50,000):
- Time Frame: 4 months
- Launch targeted digital marketing campaigns
- Increase brand awareness through partnerships
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Grants ($75,000):
- Time frame: 5 months
| Description | Duration | Budget $ |
|---|---|---|
| Blaqk Stereo Hackathon (physical) | 3 months | 45,000 |
| Artist creative projects | 3 months | 30,000 |
Blaqk Stereo Hackathon
Theme: Creative innovation for the Future of Music & Art. (Build with Blaqk Stereo on Celo)
- Prize for winners:
- Winner - $5,000
- 1st runner - $3,000
- 2nd runner - $2,000
- Event budget:
- Hall - $15,000
- marketing / promotion - $5,000
- event planners / coordination - 15,000
Artist creative projects
- Artist accelerators (launch your project on Blaqk Stereo):
- Mini grants - $500, $1,000 & $2,000 (cap: $15,000)
- Amenities: Studio sessions, Promotional packages for artist projects, video sessions and other materials (cap: $15,000)
Blaqk Stereo SOP:
Standard Operating Procedure: Onboarding New Artists to Blaqk Stereo
Objective:
To ensure a seamless and standardized process for onboarding new artists to the Blaqk Stereo music app, facilitating efficient content integration and promoting artist engagement.
Scope:
This procedure applies to the content acquisition team and all personnel involved in the onboarding process at Blaqk Stereo.
Procedure:
1. Artist Submission:
- New artists submit their music and related information through the Blaqk Stereo app or designated portal.
2. Initial Review:
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The content acquisition team conducts an initial review of submitted materials to assess quality, authenticity, and suitability for the Blaqk Stereo platform which will be done automatically.
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Any incomplete submissions or discrepancies are communicated to the artist for resolution.
3. Rights Verification:
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The legal team verifies the ownership rights and licensing agreements for each submitted music release to ensure compliance with copyright laws and platform policies.
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Any issues regarding rights ownership or licensing are addressed with the artist or their representatives.
4. Metadata Collection:
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The content acquisition team collects metadata for each music release, including title, artist name(s), album artwork, genre, release date, and other relevant information.
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Missing or inaccurate metadata is corrected or supplemented through communication with the artist.
5. Quality Assessment:
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The content acquisition team assesses the audio quality of each music release to ensure it meets Blaqk Stereo’s standards for sound clarity and fidelity.
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Releases with significant audio issues are flagged for further review or rejection.
6. Artist Engagement:
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Upon successful review and verification, the content acquisition team engages with the artist to finalize the onboarding process.
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Artists are provided with information about their music’s inclusion on the Blaqk Stereo platform, including access to real-time royalty tracking and analytics.
7. Platform Integration:
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Approved music releases are integrated into the Blaqk Stereo Web3 platform, ensuring accurate metadata representation and seamless user experience.
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Releases are categorized and tagged based on genre, mood, and other relevant criteria to optimize discoverability for users.
8. Publication and Promotion:
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New artist releases are published to the Blaqk Stereo platform according to the approved release schedule, maximizing exposure and engagement.
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Promotional efforts, including social media announcements and newsletter features, are coordinated to highlight new additions to the platform.
Relevant Metrics for the usage of Blaqk Stereo:
Here are some relevant metrics about the usage of Blaqk Stereo:
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Number of Active Users: This metric indicates the total number of users who actively engage with Blaqk Stereo within a specific time period, such as daily, weekly, or monthly. It provides insights into the platform’s overall popularity and user retention.
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Listening Time: This metric measures the total amount of time users spend listening to music on Blaqk Stereo. It helps assess user engagement and satisfaction with the platform’s content.
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Number of Songs Streamed: Tracking the number of songs streamed on Blaqk Stereo provides insights into user preferences and popular content on the platform. It can also help identify trends and patterns in music consumption.
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Conversion Rate: The conversion rate measures the percentage of users who take a desired action on the platform, such as signing up for a subscription or purchasing an NFT. It helps assess the effectiveness of marketing campaigns and user experience design.
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Retention Rate: The retention rate measures the percentage of users who continue to use Blaqk Stereo over time. It indicates the platform’s ability to retain users and build a loyal user base.
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Geographic Distribution: Analyzing the geographic distribution of Blaqk Stereo users provides insights into the platform’s reach and popularity in different regions. It can help inform marketing strategies and expansion efforts.
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Feedback and Ratings: Monitoring user feedback and ratings on Blaqk Stereo helps gauge user satisfaction and identify areas for improvement. Positive feedback and high ratings indicate a positive user experience, while negative feedback may highlight areas needing attention.
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Engagement Metrics: Metrics such as the number of likes, comments, shares, and playlist creations can provide insights into user engagement and interaction with Blaqk Stereo’s features and content.
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Revenue Metrics: Tracking revenue metrics such as total sales, subscription revenue, and NFT sales can help assess the platform’s financial performance and monetization strategies.
Blaqk Stereo Tech Stack:
Technology Stack Overview
Frontend Development:
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Cross-Platform App Development: Utilising React Native for seamless iOS and Android app development.
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Blockchain Interaction: Implementing libraries for CELO blockchain integration and wallet functionalities.
Backend Development:
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Server-Side Development: Leveraging Node.js and Express.js for flexible and efficient backend development.
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Data Querying: Utilizing GraphQL for streamlined data querying and manipulation.
Blockchain Integration:
- Smart Contracts: Developing CELO-based smart contracts for tokenization, royalties, and other blockchain-related operations.
Database:
- Data Storage: Selecting MongoDB or PostgreSQL based on specific scalability and data structure needs.
Authentication:
- User Authentication: Implementing authentication and authorization using Stytch, Dock.io, or OAuth.
Payment Gateway:
- Blockchain Payment Integration: Utilizing Celo Blockchain Payment API for subscription models, in-app purchases, or donations.
Cloud Services:
- Cloud Infrastructure: Leveraging AWS or Google Cloud Platform for scalable and efficient cloud services.
Version Control:
- Version Control: Utilizing Git for efficient version control and collaboration.
Development Tools:
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Collaboration Tools: Employing GitHub or GitLab for version control and collaboration.
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Containerisation: Utilizing Docker for streamlined containerisation and deployment.
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Continuous Integration/Continuous Deployment (CI/CD): Implementing CI/CD tools like Jenkins or GitHub Actions for automated testing and deployment processes.
Testing:
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Unit Testing: Utilizing Jest or Mocha for efficient unit testing.
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End-to-End Testing: Implementing Cypress or Detox for comprehensive end-to-end testing.
Monitoring and Analytics:
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Application Monitoring: Employing Sentry or New Relic for real-time application performance monitoring.
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User Analytics: Utilizing Google Analytics or Mixpanel for in-depth analysis of user behaviour and engagement.
UI/UX Design:
- User Interface Design: Utilizing Figma for intuitive and user-friendly UI/UX design.
Security:
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Data Security: Implementing SSL/TLS protocols for secure data transmission.
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Application Security: Adhering to OWASP best practices for comprehensive application security.
Preferred Blockchain:
- Deployment Platform: CELO blockchain preferred for its reliability and industry adoption.
Team members:
Our team comprises of seasoned professionals with a deep understanding of both the music industry and blockchain technology. With diverse expertise ranging from UI design to App build to blockchain deployment, we possess the perfect blend of skills needed to innovate and execute Blaqk Stereo’s vision effectively.
- Founder, Blockchain dev: Hawwal Ogungbadero, IN
- Co-Founder: Nife O. IG
- UI/UX: Ololade A., IN
- Dev Lead: Victor A., IN
Partner / Adviser
- Victor AD: Award winning musician IG
- Don Jazzy: Founder Mavin Records, lN, IG
- (Prospective) Marek Olszewski @marek : Founder Valora, X, lN
Bio:
- Hawwal Ogungbadero is the founder of Blaqk Stereo music and Celo Tribe, an all-round creative and a Guinness world record champion for the longest recording session with multiple artists which was an initiative to provide a platform for young upcoming music artists in his community to showcase their talents. He is a crypto enthusiast and has been actively building in web3 for half a decade across networks. He’s committed to his one goal of providing sustainable life changing solutions through the use of web3 based technologies.
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Nife O. is a Talent Management and A&R with almost half a decade in music management and has worked alongside some of Afro-beats most promising music stars.
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Ololade is a UI/UX designer and she has worked on several projects one of which is Tappi which is platform that digitizes SMEs here in Africa. She’s the Ui designer of the Blaqk Stereo product.
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Victor A. has a decade of experience as a frontend engineer and is the lead dev on the Blaqk stereo product. He’s worked on a number of projects one of which is Evolve credit which is a bank lending app.
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Victor AD is a multitalented award winning Afro-beat artist and entrepreneur.
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Don Jazzy is Founder of Mavin music records and music industry giant who has produced the likes of Rema, Wanda coal, Ruger, and so many more world renowned Afro-beats stars.
Useful links
This project is open for discussions and recommendations, and I’m always available to respond to and feedbacks or comments. Thanks.
Cc @LuukDAO @juanjgiraldoc Celo Stewards
