Skyhitz

Skyhitz: Revolutionizing Music Ownership with Smart Contracts and Music NFTs

Skyhitz is a next-generation recording label built on the Stellar blockchain, offering a groundbreaking way for music fans, collectors, and creators to discover, stream, and invest in unique music tracks. By leveraging smart contracts, Skyhitz aims to redefine music ownership and accessibility, providing artists with full control over their creations and fans with direct access to the best releases.

What is Skyhitz?

Skyhitz is a decentralized platform designed to connect musicians, NFT enthusiasts, and music lovers. It allows users to discover, collect, and share music NFTs, creating value for everyone involved. The platform leverages Stellar’s Soroban smart contracts to ensure efficient, affordable, and rewarding interactions within the music ecosystem.

How does Skyhitz work?

Skyhitz operates through a seamless platform that facilitates the discovery, collection, and sharing of music NFTs. Here’s a breakdown of how it works:

1. Free Account Setup: Users can create a free account using just their email. Upon creation, a public key is assigned, allowing users to fund their account by transferring XLM (Stellar Lumens).
2. Music Streaming and Interaction: Each stream of a music NFT transfers 0.1 XLM to a smart contract locked in escrow. Likes transfer 0.2 XLM, and downloads transfer 0.3 XLM, all locked in the music NFT's escrow.
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. Returns are based on the Annual Percentage Rate (APR) generated by the NFT’s revenue from streams, likes, and downloads.
4. Dynamic Chart Driven by APR: Music NFTs move up the Skyhitz chart based on their APR. Higher revenue from streams, likes, and downloads increases the APR, giving the NFT more visibility.
5. Submitting Music NFTs: Artists can submit their music NFTs via a landing page by providing their email and a link to the NFT. Accepted submissions are rewarded.

Key Features of Skyhitz:

• Music Wallet Setup Made Easy: Effortlessly set up a digital wallet with just your email for seamless and secure transactions.
• Discover the Best Music NFT Collections: Dive into a variety of exceptional music collections available on the platform.
• Collect Your Favorite Music NFTs: Purchase fractions of your favorite music pieces or own the entire masterpiece.
• Free Music Download: Enjoy your music offline without restrictions, creating a personalized MP4 collection.
• Interactive Top Chart: Discover trending creations influenced by user interactions like buying, streaming, and liking.
• Stellar On-Ramp: Instantly get Lumens (XLM) delivered directly to your Skyhitz account using just your email. This feature provides global access with zero Skyhitz fees, allowing seamless support for artists and music purchases.

Why is Skyhitz important?

Skyhitz is important because it addresses several key challenges in the music industry:

• Empowering Artists: It gives artists more control over their work and monetization, bypassing traditional intermediaries.
• Rewarding Fans: Fans are rewarded for their participation and can earn returns by investing in music NFTs.
• Transparent Transactions: Using smart contracts ensures that all transactions are transparent and secure.
• Lower Costs: Stellar's Soroban smart contracts enable efficient transactions with minimal fees.
• Democratized Access: Provides a platform where both artists and fans can thrive by encouraging real engagement and investment.

How to use Skyhitz?

1. Set up your Music Wallet: Simply provide your email to create a secure digital wallet.
2. Explore Music NFTs: Browse through a variety of music collections and discover new artists.
3. Invest in Music: Purchase fractions of music NFTs to support artists and earn potential returns.
4. Engage with Music: Stream, like, and download music to increase an NFT's APR and your potential earnings.
5. Top Up with Lumens: Use the on-ramp feature to add lumens(XLM) to your account instantly, enabling you to purchase NFT, support artists and interact with Skyhitz ecosystem.

What are Music NFTs (MFTs)?

Music NFTs (MFTs) are unique tokens representing ownership of a music piece. Skyhitz uses MFTs to allow users to purchase fractions of their favorite music and earn rewards based on the music’s performance. Skyhitz mints only one MFT (Music NFT) of each music piece

Skyhitz and the Future of Music

Skyhitz aims to build a future where artists are rightfully rewarded for their creativity, and fans can enjoy music in new and exciting ways. By leveraging blockchain technology and smart contracts, Skyhitz is pioneering a new era of music ownership, accessibility, and monetization.

Testimonials

(Note: There are no direct testimonials provided in the original content. To enhance this section, Skyhitz could incorporate user reviews or feedback to build trust and credibility.)

FAQ

(The provided FAQs are very basic. Expand these based on real user queries to improve the guide.)

Can I simply enjoy and listen to music on the platform without purchasing MFTs (Music NFTs)?

Yes.

Do I need a wallet?

Yes.

Conclusion

Skyhitz represents a significant step forward in the music industry, providing a decentralized platform that empowers artists and rewards fans. By harnessing the power of blockchain technology and smart contracts, Skyhitz is creating a more transparent, accessible, and equitable ecosystem for music lovers worldwide. 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. Join the music revolution today!