We’re thrilled to announce the launch of the new version of Skyhitz, the platform where artists and fans come together to discover, support, and share music NFTs, all while creating value for everyone involved. We designed it to harness the power of blockchain technology, specifically leveraging Stellar’s Soroban smart contracts, to make the process of interacting with music NFTs efficient, affordable, and rewarding.How It WorksWe connect musicians, NFT enthusiasts, and music lovers through a seamless platform where music NFTs from multiple networks can be discovered, collected and shared. Our mission is simple: to give artists a way to monetize their work while giving fans a stake in the success of the music they love. Here’s how it works:1. Free Account Setup: A new user only needs an email to create a free account. Once the account is created, they are assigned a public key and can fund it by transferring XLM to that public key.2. Music Streaming and Interaction: For every stream of a music NFT, 0.1 XLM is transferred to a smart contract and locked in escrow associated with that music NFT. For every like, 0.2 XLM is transferred and locked in the escrow of the music NFT. For every download, 0.3 XLM is transferred and locked.3. Investing in Music NFTs: Users can invest a minimum of 0.31 XLM in any music NFT to earn a percentage of its future revenue from streams, likes, and downloads. The returns are based on the Annual Percentage Rate (APR) generated by each NFT’s revenue. The higher the interaction with the NFT (streams, likes, downloads), the higher its APR and the higher the return for the investor.4. Dynamic Chart Driven by APR: Music NFTs on Skyhitz will move up the chart based on the highest APRs. The higher the revenue generated by streams, likes, and downloads, the higher the APR, and the more visibility the music NFT gets by rising to the top of the chart.5. Submit Music NFTs: Through our landing page, you just need your email and a link to the NFT. We will review it, and if accepted, you'll get rewarded.Soroban: Powering Efficient and Cheap TransactionsAt the heart of Skyhitz is Soroban, Stellar’s smart contract platform, which handles transactions efficiently and at a low cost. Soroban allows us to process music NFT transactions, including streaming, liking, and downloading, in a quick and secure manner, with minimal fees. For every transaction, Soroban ensures that payments are processed instantly and securely. With fees as low as 0.01 XLM per transaction, both artists and fans benefit from seamless interactions without high costs eating into their income.Rewarding Fans for Their ParticipationWe believe that fans should be more than just passive listeners, they should be actively rewarded for participating in the music ecosystem. Here’s how we do it:As fans engage with their favorite music, they create value for both themselves and the artists. Anyone can invest in music NFTs and earn returns based on the APR from interactions (streams, likes, and downloads). As more people interact with a music NFT, the higher its APR grows, allowing fans to benefit from the music’s success.A Money-Based Discovery System Where Everyone WinsSkyhitz introduces a money-based discovery system where the platform’s top-charting NFTs are driven by real engagement and investment:Artists win by earning revenue from streams, likes, and downloads. The more people interact with their music NFTs, the more they earn. Fans win by earning rewards for their participation and by investing in music NFTs with high APRs. As these NFTs grow in popularity, the value of their investments can increase. The platform thrives because it encourages real interaction and mutual investment. The highest APR music NFTs rise to the top, creating a transparent and performance-driven ecosystem.Our money-based discovery model ensures that both artists and fans are incentivized to actively engage with the platform, driving the success of the music and creating value for all participants.Join the Music RevolutionWe’re excited to welcome artists, fans, and crypto enthusiasts to Skyhitz. Whether you're an artist looking to monetize your work or a fan eager to support and earn from the music you love, Skyhitz offers a groundbreaking platform where music meets blockchain and everyone wins. Sign up today and start discovering music NFTs like never before. Together, let’s build the future of music!
