Hi~I am Shuning. A happy semester is drawing to a close. In BCM214 course, my team members Luke, Jack, Tobias and Jacob and I designed an NFT platform based on charity and music. We spent a friendly and united semester together.
This Idea stems from the spike in the NFT platform through the end of 2020 and throughout 2021. Our idea of Oz music moments is an NFT (Non-Fungible Token) on the Blockchain, linked with the rise of NFTs, Cryptocurrency, and Digital Finance. Oz music moments takes part of its inspiration from NBA Top Shots (TS), an NFT serialised trading card. ‘Moments’ are acquired through digital trading packs, packs have a number of moments in them, also a limited amount of them are released at a time, this creates high demand.
We as a collective group believe this is the best time for a product like this to enter the digital market with the expanding NFT market that seems to be ever-growing as we see more and more digital currencies becoming available and taking off. The plan for this innovation is to split the profits between the artist who the moment is about and a charity of their choice, this would give bands and artists an opportunity to support their communities and personal beliefs. The combination of the NFT platform, in the Australian music industry, is in our eyes the next important step in bringing the industry into the digital age, not only do we think employing the NFT concept will make it a more interesting and unique industry to look at but will also put these artists on the global centre stage, encouraging other countries music industry to consider following in our footsteps.
In the beginning, we had some inevitable language barriers, such as I often couldn’t understand some strange slang. But everyone was so enthusiastic about explaining the slang to me. Fortunately, all my team members are kind and patient. When we were work in a group, I didn’t even know what a blockchain was. I was nervous because I had to work with strangers, but we finished each assignment together in a relaxed atmosphere.
In the first presentation, I was responsible for the risk section, and I did some research on the risk of blockchain. Then, I was in charge of the concluding discussion and analysis of the story part in Group Report. I did some research on convergence in communications and digital media, and surveyed our stakeholders, social contribution and social innovation.
At first, we did a blockchain design for music, but as DA grew and others thought about the recent natural disasters in Australia, we decided to design a music-oriented, philanthropically based blockchain platform. We promoted it on different platforms, and mine was on YouTube.
We are extremely excited to continue working on The Oz music moments and finding other opportunities that we could utilise Non-fungible tokens in a beneficial way to support a hurting industry and good causes.
Beck, J., 2021. Can NFTs Crack Royalties And Give More Value To Artists? | ConsenSys.
[online] ConsenSys. Available at: https://consensys.net/blog/blockchain-explained/cannfts-crack-royalties-and-give-more-value-to-artists/ [Accessed 5 June 2021].
Health.gov.au. 2021. Sports industry economic analysis. [online] Available at:https://www.health.gov.au/resources/publications/sports-industry-economic-analysis
[Accessed 5 June 2021].
ethereum.org. 2021. Non-fungible tokens (NFT) | ethereum.org. [online] Available at:
https://ethereum.org/en/nft/ [Accessed 5 June 2021].
Music Australia. 2021. How the Australian Music Industry Works. [online] Available at:
https://musicaustralia.org.au/discover/the-professional-music-industry/how-theaustralian-music-industry-works/ [Accessed 13 May 2021].