NFT Stars Company overview
NFT Stars is an Australian NFT marketplace that prides itself on a wide range of products concerning audio, video, and digital art stakeholders. The client company wishes to start an NFT platform focusing on great experiences and Blockchain interconnection. The Chief Executive Officer, Dan Khomemko, has explained that the company hopes to create a stable cross-chain marketplace. This marketplace is meant to enable interconnection between blockchain users. The NFT Stars team has presented NFT technology as their primary technological strategy. The firm wishes to find a way how they can leverage NFTs for business functions such as scanning, marketing, purchasing, and interaction.
Thus, the company approached Buster Solutions with an overall goal to overtake streaming platforms such as YouTube and older eras of saving music on hard drives and mainly through P2P networks. They should be able to do this by adhering to domestic copyright laws.
Key Features
NFT radio
NFT AR mobile app
NFT Scanner
NFT AR customized rooms
Challenges facing the NFT Stars mission and vision strategy
NFT Stars faced a significant challenge with the music modernization act over digital copyright. Although the blockchain technology involved in NFTs is revolutionary in the creative and performing industry, It presents challenges. The music modernization act is in-charge of copyrighted issues involving digital streaming modes, and music licensing organizations such as the MLC (Music Licensing Collective) still expect to collect performance royalties. Based on the vastness of the audio and video industry, the project proved daunting.
The core team at NFT Stars asserted that Artificial Intelligence has been deemed helpful in identifying possible pirated works, which is a massive step in collecting royalties. However, this did little to solve the underlying problem due to the difficulty in prosecuting requirements. For music licensing organizations, the whole idea is to collect royalties. This raised the second challenge for NFT stars: Artificial Intelligence technologies establish ownership of the master to an artist or label, but what are the chances that the artist or label wishes to be involved in the administrative and technical aspects?
Solutions provided by us
The primary strategy we proposed to the client was based on creating a whole new music and royalties ecosystem. The system would ensure that labels and legal stakeholders receive their royalty checks.
We advised NFT Stars to enter into arrangements with individual artists, music labels, and publishers to park their art on the blockchain. We advised them to use smart contracts to manage usage, licensing, and royalty payments. While the creator formulates a smart contract, the smart contract involves their royalties, those of the relevant record label, and appropriate legal authorities of the country of origin. We advised the NFT STARS platform to ensure their platform is based on legal obligations.
Technology stack used
We advised NFT STARS to use Truffle technologies. This is because a smart contract involving multiple royalties is a new concept they would be introducing, and Truffle would provide the required development and testing framework. Additionally, Truffle stack would assume the firm on built-in smart contract compilation, linking, deployment, binary management, and direct interactive communication. The creator is in charge of their work and ownership, while NFT Star would undertake the administrative costs such as copyright ownership, legal implications, and royalty allocation.