These are some of our frequently asked questions.
Ocean Floor gives power to the artist and music community, bringing artists to the top of the value chain and driving evolution in the music industry.
Our platform enables the music industry creator economy through digital asset and creative services trading, peer-to-peer project funding, next generation virtual reality music entertainment and a global community for music industry collaboration.
‘Create & Earn’ is our call to action for artists to create their own projects that will be funded and rewarded upfront. As a Create & Earn project funding and rewards platform for music on the blockchain, our mission is to help artists create value in Web3. We believe Create & Earn is the mechanism to do just that.
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.
Digital collectible are another term for NFTs (non-fungible tokens), which are unique digital assets e.g. artwork, videos, songs, collectibles, experiences, or a combination of these, 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. NFTs can be more than just digital art - they can also have utility assigned to them, such as merchandise, concert tickets or even unique collectible content. Artists can get creative and make it special, your fans will love it!
No, the Ocean Floor Marketplace is stage 1 of a bigger music ecosystem that includes features such as peer-to-peer project funding, a creative services marketplace and an incredible live performance metaverse that enables real-time collaboration between artists.
Here’s a hypothetical use case:
An artist mints 20 unique NFTs of a digital artwork / video 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 10% 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 90% of that sale and the artist would receive 10% of sales in perpetuity, thus creating a sustainable and ongoing rewards model for the artist.
Passive to this transaction, tokenomics will redistribute a small percentage of every transaction across the entire Ocean Floor Music ecosystem, rewarding the entire community.
Our NFT marketplace is non-exclusive meaning you can mint and place your digital collectibles in our marketplace or any other NFT compatible marketplace of your choosing.
The Music Industry Marketplace is where artists can purchase creative services such as music production, session musicians, video production and graphic design. From freelance creative services to traditional music industry partners, you will find the services you may need to finish your project. Also, industry professionals can use the marketplace to find artists to collaborate with.
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.
Yes, your $OFM is free to trade on the open market - meaning it can be bought, sold for cash or swapped for other cryptocurrency tokens as you wish.
$OFM tokens are used to back projects and buy goods and services across the platform, including NFTs 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 OFM platform is the Project StartUp. This is where artists, industry and fans can start a project with bespoke rewards and incentives driving community contributions. The Project StartUp will continue to receive rewards and yield interest through our staking program until it matures and the project becomes ready for creation.
Here are three hypothetical use cases:
Case 1: a musician wants to start a new project - which could be an album, tour, film clip, single - it’s up to them. Before doing so they initiate a Project StartUp and set contribution rewards to act as utilities in their NFT - they could be x10 VIP fan experiences, x20 rare NFT collectibles and x100 copies of an unreleased song, or a cut of royalties generated in our ecosystem to go back to the community. Our NFTs are completely customisable.
The musician then markets the project to their fans and the Ocean Floor Music community. During the fund maturity period fans can receive staking rewards and income from fees generated in the Ocean Floor Music ecosystem.Case 2: a fan club in remote Australia wants a band to tour their town. The fan club starts a Project StartUp called Band Tour Our Town. The project closes and is rewarded to the band. The band plays a free concert in the remote town because the Project StartUp has paid them for the show.
Case 3: a music producer wants to produce an artist. The music producer initiates a Project StartUp, the project matures and the music producer then provides the artist with a free music recording/production session where everyone gets paid, and the artist receives a free record.
Infinite creative possibilities and rewards are available to our community who initiate Project StartUps to create and consume music.
No, OFM does not take royalties. Ownership remains 100% with the artist. Only artists are able to decide whether to include a share of royalties as part of an NFT that fans can buy.
Ocean Floor Music is crowdfunding on Web3. Web3 technology allows the contributions donated to the project to earn a passive income for contributors. Placing tokens into a Project StartUp locks them in for a defined period of time. Over this time the Project StartUp will generate interest which can be returned to its contributors, or be used to further back the project.
Only transactions on the OFM platform incur a small fee. Building on a layer 2 solution such as Immutable X will allow micro transactions at zero gas fees.
Once we have established how we integrate with Layer 2 we will have clarity on the fee structure. We can assume fees will be 2-5%.
100% of those fees generated in the Ocean Floor Music’s ecosystem are distributed back to our community of staked token holders.
DeFi, short for “decentralised finance,” is a term for a group of financial tools built on a blockchain. The idea is to bypass 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 Project StartUps take advantage of DeFi to augment crowdfunding returns.
DAO stands for Decentralised Autonomous Organisation. Think of a DAO as a community of like-minded people who share the same interest or beliefs - which in our case, is a self-governed community who wants to support musicians and help create great music.
The DAO ensures that this community exists peer to peer across the internet and isn’t controlled by any centralised power, allowing it to be free to make its own decisions.
OFM’s Music Creator DAO will become an open forum for our community to collectively call the shots so we can ensure that Ocean Floor always exists to serve the needs of the artists, fans and industry partners that form the whole. 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 utilised 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.
To understand Web3, it's important to know what Web1 and Web2 are.
Web1 is considered the first version of the internet where information or products were presented to visitors like news or a catalogue on a web page. A few people were writing content and web pages for a large amount of people.
Web2 then emerged with the introduction of social media where internet users moved on to writing and creating their own content. Most people joined platforms like Facebook and Instagram and created content while the platforms grew off the back of the users’ content and the user had become the product. It was no longer just about reading, but about contributing
Web3 moves away from the above large centralised platforms into decentralisation, putting the power back in the hands of users. Creators are rewarded for their own content and time and are incentivised to retain ownership. This is done through Web 3 tech that allows things like NFTs, crypto tokens and DAOs. In Web3 everything is conducted without the need for tech companies, banks, or any other middlemen and goes back to the independent roots of the internet.
The public launch is happening Q4 2022. Stay tuned for the release date!
Ocean Floor Music’s main function is to fund the creation of music, to share and trade music, products and services and help develop emerging artists by connecting artists with fans and industry.
Ocean Floor Music leans into its community owned and run ethos to set it apart and emphasises rewarding artists and token holders.
OFM's NFTs are minted on the Ethereum network. Ethereum will soon shift its underlying infrastructure to a new model known as Ethereum 2.0 that will slash its energy consumption by 99.95 per cent.
OFM will be using a layer 2 solution such as Immutable X improving scalability and further improving the environmental impact with carbon neutral NFTs.
OFM is committed to being socially and environmentally aware and has pledged to create charitable funds supporting social and environmental projects.
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.
Ocean Floor Music gives power to the artist and music community, helping to create a fair and sustainable music industry.
Good question, we made a video that explains better than we ever could:
We can't speak for all musicians, but from the ones we asked, they gave us a few reasons:
- "Out of all my streams I have no idea who is listening. With NFTs I can know directly who is supporting me and have that connection with someone who likes my music straight away."
- "There's no middleman, there's a direct line between the collector and the artist."
- “I put out a song in 2020 that now has 800,000 streams, which earned me around $3000. It cost me $1500 to record, mix and promote, so I made $1500 in 2 years of that song. When I put that song out as a collectible NFT I made that amount in a week and could immediately fund my next song.”
- "It's cool. It's just a cool piece of art. And I attach utility to mine that music lovers like so they're getting more than just my music."
- "The music model has been broken for a long time and it's very hard to make a living. Any way you can fund music outside of the traditional gatekeepers is really exciting."
- "By buying my digital collectible, not only are you now my favourite person but also attached and invested in someone whose music you love, and helping me live and keep creating more music."
- "I like the feeling that someone who supports me early also benefits the more successful my career gets, it rewards both of us."
Our crowdfunding platform is about 80% complete and will be released very early next year.
Our metaverse, that enables artists to collaborate in real-time remotely and includes performance spaces, writing rooms and music stores, will follow shortly after
For now, here's an early teaser...
©Ocean Floor Labs Pty Ltd 2023