Hello Secret Community!
Today we're featuring Eqoty, a content-protected marketplace dApp for utility-backed music NFTs!
Eqoty is taking full advantage of Secret Network’s on-chain private data to give artists a platform to release and sell high-quality music. Eqoty aims to release its music store on mainnet in early 2023.
This blog aims to explain all of the major features of Eqoty’s initial release and briefly go over features to come.
Eqoty’s founders believe that digital music ownership has never truly existed. Instead, owning ACCESS to digital music through a company has been the norm. This is concerning from a consumer standpoint as the purchaser's access depends on the company's existence. If there were a decentralized way to sell and trade access to music which is permanently stored on servers not controlled by any one company, you would have a system where a consumer could own access to their own copy of digital music. Through Secret Network’s decentralized and encrypted NFTs, along with encrypted decentralized permanent storage, true digital ownership is finally possible!
Eqoty aims to be the first platform to make it easy to own digital music. Ownership of the music through the Eqoty platform is analogous to buying a physical record which you have full control over. From the artists’ perspective, Eqoty helps them monetize their music through on-chain music sales and streaming, all with substantially lower fees than any Web2 solution. Eqoty also makes it easy for artists to release utility-backed music NFTs for sale which feature novel content protection and monetization options that are only possible on a blockchain like Secret Network which offers privacy.
Preview the web app launched on testnet to get an early look at their marketplace.
Unlimited Quantity Sales
Eqoty is the first Web3 music marketplace to offer artists the ability to list traditional digital music for sale in unlimited quantities, just like popular Web2 platforms such as Bandcamp, Beatport, or iTunes Store. Currently, all other existing Web3 NFT music stores can not offer this simple feature as none utilize blockchains that support private data. With private on-chain data, Eqoty can ensure only people who purchase the music can download or stream it. On each sale, Eqoty charges significantly lower fees giving more power to the artist.
Limited Quantity/Collectable Sales
Artists can sell a limited quantity of their songs to their most loyal fans (super fans) to raise money for a project or to just make income. Limited quantity drops can be a powerful tool for smaller artists who do not have the team or notoriety to achieve large monthly stream counts needed to make a living off of Web2 streaming platforms.
Splitting payments between a group of people is always a task with friction, whether it be a group dinner or splitting the rent with roommates. The process is even more awkward for artists who create a track together. This is why Eqoty added payment splitting natively to make it as easy and as transparent as possible for everyone to get paid based on their agreed-upon percentage of the content they create.
Eqoty wants to make it as easy as possible to browse the music store and access your library on any device with native desktop, Android, and iOS apps. For early access, visit the Eqoty Discord to request to become a beta tester.
Eqoty is more than just music sales. Artists will be able to add utility to music listings with premium NFT editions that bundle perks. Perks can include custom artwork, concert/event tickets, a unique message from the artist, a behind-the-scenes video on the creation of the song, claimable codes for merch, discord access and much more.
Expanded Payment Options
Currently, users can only buy music directly by connecting their crypto wallets. To be attractive to music fans, many of whom may not be crypto savvy, Eqoty plans to introduce accounts with managed wallets that allow users to easily make purchases using fiat currency by credit card.
Eqoty is the first truly decentralized Web3 platform for buying and selling digital music. Eqoty endeavors to be a marked improvement on existing Web2 and Web3 platforms thanks to the content privacy provided through Secret Network. It will allow artists to support themselves from their most loyal fans while providing those fans with value that hereto was not possible.
This covers the planned initial launch of Eqoty’s music marketplace including some information on upcoming features. But much more is planned in the future, follow them on social media to stay up to date!