The Ocean Floor story
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How to fund your next music project
Create your Smart Project Fund
For your next album, tour, festival, or any music project you can dream of. Set the value of your project and yourself upfront.
Set bespoke fan rewards
Bundle your exclusive NFTs, merch, beats, VIP experiences and videos as rewards for your fans and contributors. Get creative.
Tell your fans about the project
Promote the project to your audience via social media, your mailing list and OFM music communities for maximum engagement.
Receive your funds & produce your project
Your funding has reached its goal, matured and been released. Use our Music Marketplace to find collaborators. Start creating!
Share, sell and distribute your project
Reward your contributors, connect to fans and audiences globally. Let your project thrive with Ocean Floor Music.
Create to Earn
A new way for artists to be rewarded for their music creation
'Create to Earn' is a revolutionary new concept where artists are incentivised to create their own music projects. We are the first 'Create to Earn' project funding and rewards platform for music on the blockchain. Our mission is to enable artists to earn a living solely from their music by putting them at the top of the value chain. We have created a new model that empowers artists with wellbeing through financial stability.
How I will use Ocean Floor Music
We asked artists, fans and industry how they will use Ocean Floor Music…
The artist
Ruby May
The possibilities are endless for an artist. Anything that can be created can be made into a Smart Project Fund (SPF). Rewarding fans with exclusive NFTs - VIP BTS experiences, merch, prints, beats and videos - is an absolute dream of mine. I will promote the project via my socials, particularly Instagram, Facebook and my mailing list. The OFM Community will always be looped into any project I do'.
The fan
Murray Williamson
I will create an SPF for The Kount to produce a feature full-length album. This would be a complete vibe and help him get the recognition he deserves as one of the best producers of our day. In return for my investment I’d like to receive sample packs, merch, and a one-on-one beat making session. I’d promote the project by connecting with producers and beat-makers on Instagram and TikTok.
The industry
Matt Bray
I love the idea of asking musicians to make leftfield collaborations and see what happens. Musicians anywhere, at anytime, collaborating in each other's creative endeavours. I’m excited about the voice of the people - the DAO - commissioning works from artists. True creative inclusivity. Most of my energy will go into making the most mind blowing, paradigm shifting experience for the modern musician.
Our Community DAO
Ocean Floor Music is managed and run by its community. This community of members is what's known by crypto folk as a 'DAO' - A Decentralised Autonomous Organisation: Decentralised because the network is spread across the internet and peer to peer in nature, not controlled by a centralised institution; Autonomous because it is free to make its own decisions; Organisation because it is represented by a group with a common goal.
DAOs offer a new approach to business where everyone can be involved equally. By creating an open forum for our community to collectively call the shots, we can ensure that the platform always exists to best serve the needs of the artists, fans & industry partners that form the whole.
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FAQs
Ocean Floor Music (OFM) is the first 'Create to Earn' funding and rewards platform built on the blockchain. Governed by our DAO the ecosystem is community owned and run and will function as an intuitive and seamless web and mobile application. OFM will allow artists to fund projects, pay for music services, mint (create) NFTs and reward their community.
The platform features:
A Smart Project Fund that utilizes DeFi reward mechanisms and crowdfunding to fund music projects.
A Music Creators Market offering services for the creation of music.
An NFT Marketplace for creating and selling NFTs.
A Staking Rewards Program.
100% of fees generated in Ocean Floor Music goes back to the community.
'Create to Earn' is a revolutionary new concept where artists are incentivised to create their own music projects. We are the first 'Create to Earn' project funding and rewards platform for music on the blockchain. Our mission is to enable artists to earn a living solely from their music by putting them at the top of the value chain. We have created a new model that empowers artists with wellbeing through financial stability.
In simple terms, it's a digital database that can verify, transact and secure data on a transparent network. Blockchains can provide impenetrable security, transparency and autonomy. Ocean Floor Music utilises a blockchain called Ethereum, one of the largest and most highly evolved.
NFTs (non-fungible tokens) are unique digital assets e.g. videos, songs or images that are created (minted), logged and authenticated on a blockchain. Blockchain technology allows ownership and terms to be assigned to these unique digital assets. NFTs make it easy to own and sell digital content.
The Ocean Floor NFT Marketplace will host digital assets created by artists, fans and industry partners. It's where NFTs are minted, sold and traded. It's another new form of monetisation for our community allowing musicians to sell their music and collectibles, fans to sell fan-art and industry to sell digital assets.
Here's a case scenario: An artist mints 20 unique NFTs of a digital artwork clip to promote an upcoming album release. The artist stipulates via the NFT smart contract that they own all of the work's intellectual property and receive 20% of every sale after the initial sale of the NFT.
The Fan who buys one of the unique NFTs valued at X $OFM, is the sole holder of that unique NFT until they sell, whereupon they would then receive 80% of subsequent sales and the artist would receive 20%, thus creating a sustainable and ongoing rewards model for both.
Passive to this transaction, tokenomics will redistribute a small percentage of every transaction across the entire Ocean Floor ecosystem rewarding the entire Community.
Our NFT marketplace is non-exclusive meaning you can mint and place your NFT's in our marketplace or any other NFT compatible marketplaces of your choosing.
The Music Marketplace is aimed at creation. This is where artists can purchase creative services such as graphic design, videography, mixing and/or production. From freelance creative services to traditional music industry partners, you will find the service you need to release your project on our Music Marketplace.
OFM has its own cryptocurrency token that functions as currency on the platform. OFM's token is called $OFM and can be bought, sold, and swapped in the open market. $OFM has a limited supply and is an ERC20 token that resides on the Ethereum Blockchain.
$OFM tokens are used to fund projects and buy goods and services across the platform, including NFT's and music services. $OFM token holders also have community governance voting rights and our Defi staking program allows $OFM to be staked in our liquidity mining program.
Central to the platform's ecosystem is the Smart Project Fund (SPF). This is where artists, industry and fans alike can start a project fund with bespoke rewards and incentives driving community contributions. The fund will continue to receive rewards and yield interest through our staking program until it matures and the project becomes ready for creation. The SPF will then contract industry partners from our Music Marketplace to produce the project, that, once completed, will then be sold on our NFT Marketplace or traditional markets such as Spotify, record stores, tours etc...
Case study:
When a musician wants to record an album, they initiate a SPF and allocate contribution rewards such as 10 VIP Fan experiences, 20 rare NFT collectibles and 100 copies of an unreleased song as an NFT or a cut of royalties generated in our ecosystem to go back to the community.
A Fan Club in remote Australia wants a band to tour to their town. The Fan Club starts a SPF called Band Tour Our Town, the fund closes and is rewarded to the band, the band plays a free concert in the remote town because the SPF has paid them for the show.
A Music Producer wants to produce an artist. The music producer initiates an SPF, the fund matures and the music producer then provides the artist with a free music recording/production session where everyone gets paid, and artist receives a free record.
Infinite creative possibilities and rewards are available to our community who initiate Smart Project Funds to create and consume music.
Artist Fund:
Artist starts a fund for their next album, tour, film clip (this might include a salary to make this happen). They then bundle up a rewards package for their contributors (NFT's, VIP tickets, signed posters, merch, and maybe royalties for some of their songs). Artists then market to their fans and the Ocean Floor community. During the fund maturity period fans can receive staking rewards and fees generated in the Ocean Floor Music ecosystem.Fan Fund:
Fans start a fund for their favourite artists or collaboration of artists. An auto wallet is created and the fan will market to fan clubs ( e.g. the Band's fan social groups). Artists are notified of funding and have the right to reject-or-accept the funding. They will bundle up bespoke packages for their fans. The artist will create where the demand is in either music, video or touring.Industry Fund:
A studio could start a fund to produce the next line of emerging artists, contact the artists and then have their projects funded. A Festival could be set up in real life or in our metaverse funding the production and line up. All contributors are still earning rewards for their contribution as well as VIP experiences and merch...No OFM does not take royalties. Royalties are controlled by artists.
Some might think that OFMs Smart Project Funds are similar to crowdfunding, and there is an element of truth behind this. However, there is a major difference. The money donated to the project can earn a passive income for contributors. Placing your tokens into a SPF locks them in for a defined period of time. Over this time the fund will generate interest which can be returned to its contributors, or be used to further fund the project. 100% of Ocean Floor's revenue is distributed to token holders. Think of contributing to OFM as an ongoing reciprocal dynamic process rather than a static one-off payment.
DeFi, short for “decentralized finance,” is a term for a group of financial tools built on a blockchain. The idea is to remove the middle men such as banks and financial institutions who charge fees, so larger returns can be achieved.
There are many options in the DeFi space to accumulate good returns that OFM is capitalising on. One of the main tools in DeFi is called 'staking.' This is the process of locking up cryptocurrency in order to earn interest, much like a term deposit. OFM Smart Project Funds take advantage of Defi to supercharge crowdfunding returns.
OFM is launching as a 'Decentralized Autonomous Organization' or DAO. A DAO is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. The smart contract outlines the organisation's rules, which can only be changed via a vote. It can also send and receive funds without relying on a human-driven intermediary. Community owned and run.
$OFM token holders are entitled to nominate an individual for a council seat as well as delegate their vote to a nominee. Candidates for council members must be proposed before the due date of the election for the seven individuals best suited for the role of governing the platform. The DAO will then collate all proposed members from the OFM Council Discord Channel, and prepare the candidates to be voted on within a snapshot in time.
The Quadratic voting mechanism will be utilized to reduce the voting power of large $OFM holders and reduce plutocracy. This system is used successfully by several other protocols and we believe it is the fairest way to weigh votes.
The public launch is happening Q1 2022. Stay tuned for the release date!
Ocean Floor Music is the first 'Create to Earn' ecosystem on the blockchain. Creating wellbeing in the music industry through financial stability. Ocean Floor Music is a music creation, project funding, and rewards platform that is community owned and socially and environmentally aware. It's a Music Marketplace offering services and products for the creation and performance of music; an NFT Marketplace for minting and selling NFTs, distributing rewards, services and products, with 100% of revenue distributions back to the community and a staking rewards program.
OFM is committed to being socially and environmentally aware and has pledged to create charitable funds that will fund hundreds of social and environmental projects over the next 20 years.
Ocean Floor Music exists for the music community, and as a valued and contributing artist, music creator or fan in the music scene, we want to build from the ground up with people like you.
With many unsigned and independent artists being overlooked and undervalued Ocean Floor Music gives power to the artist and your music community, creating a fair and sustainable music industry.
Register now on our website or join our socials to find out more.