Greetings IOT Fintech 101 community,
I want to develop an NFT-centered platform curated for artist (musical, digital, paint/illustration) and influencers (on social media with large followings) in which they can tokenize their art, music, or social-media posts so that their fan base can buy, swap, bid, or sell these NFTs on demand–or at their convenience. I would like this platform to include other services for clients/users, such as creating a wallet in which the users can deposit funds so that they may buy, sell, swap, or bid on demand and at their convenience, and I would like to offer the clients (artists/influencers) a service that would enable them to create their own dynamic token-economy based on their fan engagement, through which the artist/influencer can reward their most devout fans through a given token economic-model designed for a given artist/influencer to suit the demands/desires of their fans. These fungible tokens can be exchanged and purchased on the platform, and they can be used to buy content on the platform from a given artist/influencer. Depending on the artist/influencer that the fungible tokens belong to, those fungible tokens may only be used to buy content from that particular artist/influencer whom they pertain to.
1. Value Proposition(s) with design-thinking exercise:
Problem Scenario: Artists and influencers want an easy and convenient way in which they can tokenize a digital or physical art piece, a song, or a social media post, and sell to their fanbase, or collectors. However, there is no way to ensure that a physical NFT can be securely transferred from one holder to another, ensuring its authentication as “original,” and that upon receipt of physical NFT, the blockchain updates via the state of the smart contract used to settle the transaction, and the NFT is successfully transferred from one user to another, and the artist gets paid out for the reselling of that NFT.
Alternatives: I heard some artist on Clubhouse discuss the possibility of maintaining their physical NFT and simply sell the NFT title to a buyer. In other words, the owner of a physical NFT will be the original creator, but the rightful owner of that NFT on the blockchain will be owner of that NFT on the blockchain–only–whilst the original creator remains with the original piece. This doesn’t seem like a fair transaction given that the buyer probably wants to own and possess the physical product (NFT) rather than simply “owning” it on the blockchain.
Value Proposition: Our platform ensures that artists and influencers can tokenize their digital and/or physical art pieces, songs, or social media post through our services, and gives the artist direct access to bidders so that they can sell their NFTs. Our platform also ensures that physical NFTs are successfully transferred from a seller to a buyer, and that the NFT is successfully delivered, verified and updated on the blockchain upon the deliverance of the item.
Problem Scenario: There is no platform where communities can gather to organize a virtual gallery of NFT collections. Basically, if owners of digital NFTs want to share and showcase their collections, they would have no easy or convenient platform in which to gather. Users can always get creative with how they organize virtual–or even physical–galleries of the NFTs they collected, but doing so would be difficult and time consuming, reducing the amount of galleries that can be thrown at scale.
Alternative: The users find creative ways to organize their own galleries and take on the burden of creating the experience and security of the NFTs in their galleries. They might create a subpar experience at best.
Value Proposition: Our platforms can serve as a custodian for the NFTs, where users can store the NFTs that they purchase from our platform–or from other platforms-- and they can create, organize, and customize their own galleries and invite users to them.
Problem Scenario: users new to the crypto space and the NFT world want a fast, easy, and safe way to purchase, bid for, trade, or sell NFTs but are too scared to use other platforms that require metamasks, or wallets using hash strings and are afraid or overwhelmed by the amount of research required to use these products safely.
Alternative: New users may take the time to learn how to use meta-mask, store their own crypto and NFTs on it, and keep it secure, or use dApps to purchase, bid for, or trade and sell NFTs. There are sites like OpenSea or Rarible which are marketplaces that offer similar services.
Value proposition: Our service would allow for other features like gallery rooms, blockchain crosstalk and NFT management. Our platform would also work to promote artists new work, and artist discovery via discovery feeds and algorithmic matching. Our service would make it easy onboard users with a social media platform designed interface for increased familiarity and usability.
2. Customer Segments:
Artists, influencers, fanbase, collectors, average users looking to purchase cultural capital. Targeted toward Gen-Z.
Quick Pitch Peer Presentation:
A. intro, With your positioning statement,
For Artists and Influencers who need a convenient way to tokenize their digital and/or physical art pieces, songs, and social media posts, CosmicBuc is an NFTs and Rewards Token platform that helps artists and influencers create NFTs and sell directly to their audiences. Unlike the other NFT platforms, our platform allows artists to create reward tokens to give their audiences access to exclusive content, and it allows for the safe transference of physical NFTs from user to user in a safe, transparent, and convenient manner.
For example, take an artist who wants to tokenize a physical art piece and auction that piece, CosmicBuc is a platform that enables this particular service in a convenient and easy manner, connecting the artist to the bidder, and ensuring the smart contract that enables the transaction. If that artists want to create a rewards token and distribute it to their fanbase to unlock exclusive content, or trade those rewards token in towards a purchase of that specific artist’s NFT, they could use the platform to do so. If I want
B. Who is/are the top persona(s)
Artists, Influencers, potential NFT Collectors (interchangeably referred to as collector or lay user)
C. Whats cool about the value prop?
That you can securely transfer physical NFTs, and users have a platform to display and share their NFT collection and invite other users to go and check it out. It’s a platform for NFT collectors to gather where they can buy, trade, sell, auction NFTs, and a platform where artists and influencers can create NFTs to auction and sell on the platform and to their followers, and rewards tokens sold or rewarded to their followers that unlock exclusive content.
D. If applicable, how do they differ between the personas?
The personas differ because the artist, influencers, and NFT collectors all have different purposes for using the platform. It is unlikely that artists would use the platform simply to buy NFTs. Artists would likely find the platform appealing because of the services we would offer specifically curated for them–i.e. the tokenization of one of their art pieces, their ability to create their own rewards token economy, and their ability to auction their NFTs to their audiences, and appear on home feeds, discovery feeds and so on). The NFT collector would use the platform to share their collections with friends, and networks of like-minded folk, and they would likely use the platform as a means to buy and collect NFTs, and create social events around their collections, and the collections of others. There are separate values propositions to cater to the different personas.
This product would be marketed to artists and influencers first and foremost. The idea is that if we can get individuals that have a following or a community to join and use the platform’s services, then the network effect should work to our advantage. So the artists and influencers use their channels of communications (be it social media, or podcasting, or whatever) to promote a rewards token economy they have created for their exclusive content, or an NFT for a digital or physical artwork. With a smartphone, and biometrics, we can onboard new users so that we can get them an account with us that would allow for account to account payments, and wallet for the NFTs or tokens they purchase.
4. Customer Relationships:
For Artists and influencers, we would hold conferences where we can share our developing vision for creating a platform that can serve as a digital marketplace where artists can create and trade exclusive content for their followers. We would also ask Artists and Influencers to share their thoughts on our vision, and ask for feedback, or for desired features. We would provide 24/7 customer assistance with representatives, chatbots, and emails to resolve any issue. Regarding collectors and casual users, asking them for feedback on the app’s performance is key for our development. Having Chatbots, and a trusted 24/7 number they can call when they experience issues is incredibly important because some customers feel reassured when they can speak to an individual directly–having the ability to speak to a representative when all other methods fail seems like a pleasant option, and we want to create the best experience possible. Holding semi-annual virtual conferences and an ongoing discord channel where the casual users/NFT collectors can gather and discuss features they’d like to see on the platform would be key as well. Securing their funds, and sending out text message alerts and push notifications is another feature we would leverage to open up the channels of communication for the users to feel like they are always a message away from speaking to a chat bot, or a representative if need be. We would reward them for joining the platform and offer rewards (like a number of tokens from their desired artists) or the platform’s native coins, which can be used to buy exclusive content on the platform, or as rewards points for NFTs. We want to allow customers to customize their profiles and the galleries they create/organize. We want to encourage all users of the platform (be it artists, influencers, collectors) to express themselves and customize their profile pages to reflect their interests, and hobbies, and create an ecosystem where different communities can come together and socialize over their artistic tastes and preferences. Whether you’re a Burning Man enthusiast, or Stage Coach enthusiast, let your freak flag fly and meet others who share your passion for music or art through different channels. We also want the interface to be easy, and user friendly, so with simply connecting a bank account on the offset, your wallet will be connected to your profile so logging in and accessing your account data should be as simple as reading your biometrics or speaking to the to confirm purchases or transactions, or to log-in.
5. Revenue Streams:
We would take a fee from each transaction that occurs on the platform, and we would take a monthly service fee for artists and influencers who use the platform to create NFTs. We would collect fees for allowing the creation and organization of customizable gallery rooms for collectors who want to create socials around their NFT collections. The advantage is that artists and influencers can create multiple NFTs at once, and we would take care of tokenizing a given product, and creating the mechanism by which to transfer physical units directly using smart contracts. While the platform would be free to the casual users, artists and influencers would have to pay a fee for using some of the services specifically curated for them. There are a few other
6. Key Activities:
Serve as a custodian for NFTs on our platforms, app maintenance, be a service provider for Artists and Influencers for tokenizing digital and/or physical art, music or social media posts, be a platform for people leasing and organizing gallery rooms for digital social events; use blockchain technology for security and transfer of funds and physical units. Provide a service for organizations seeking to transfer physical units using blockchain technology.
7. Key Resources:
Blockchain developers, web and app developers, API aggregators, BaaS for embedded finance, fundraising, crypto whales, artists and influencers, and any investor looking to invest in the NFT space, particularly the investors interested in the cultural space of music, art, and communitas.
8. Key Partners:
Green Dot for account and transfer API, Chainlink for blockchain crosstalk and off-chain data for changing state of smart contracts, Gemini for institutional-grade custody.
9. Cost Structure:
Cost structure will be mostly fixed because revenue drivers might be variable based on the onboarding and customer acquisition–increased use of platform and services. The cost driver will be mostly on the service stacks we purchase to provide our overall platform services and experience. Unfortunately, I couldn’t find much information on how much some of these services will cost, but I will continue to do my research, and will edit this post if I find out the costs. For sure acquiring developers would be based on the scope of the project, and this is a relatively large projects.