ROCKI app is a user-based music streaming and digital payments platform that aims at creating the next-generation music platform built on the blockchain technology. The ecosystem incentivizes artists and listeners to participate in the platform by rewarding them with ROCKS tokens. Artists are given near-real-time royalty payments, which are paid in ROCKS. The practice helps them, especially in the modern, with COVID having affected the digital music industry, making artists fight for streaming pay. The marketplace was founded in 2020 by Bjorn Niclas, CEO and Co-Founder.
ROCKI marketplace allows users to purchase and own Music using NTFs (Non-Fungible Tokens). The NFTs issued on the ROCKI platform are embedded in a specific musing. Once individuals buy the NFTs, they own the Music. Both the artists and listeners are rewarded by getting what they required. Artists benefit from the Music NFTs on ROCKI by receiving an upfront revenue for issuing exclusive listening rights or selling royalty income. Rewarding fans and listeners with an upfront payment makes them financially vested in the royalty payments of the NFT music on ROCKI. Selling royalty income gives listeners exclusive listening rights of specific exclusive Music not available to the general public.
The ROCKI app is built on the Binance Smart Chain (BSC) network and is powered by two tokens, NFT-ERC721, and NFT-ERC1155. NFT-ERC721 Marks ownership and the right for Royalty income of Music, while NFT-ERC1155 Marks the rights for listening to an exclusive Music track. When an artist issues NFT-ERC721, they receive a certain percentage of future Royalty income set for the track on ROCKI. Therefore, the artists receive the upfront revenue while fans, being the stakeholders in the earnings of that track, can later sell or trade with others on ROCKI.
NFT-ERC1155’s exclusive listening privileges also bring revenue to artists and fans. They later sell, buy or trade it with others on ROCKI. After purchasing the NFT’s item, the fans wait until it is a limited edition when they sell it for profit.
The platform is open to all artists and their fans. Before they sell it, they enjoy the unique record, playing it as much as they wish. Some even build a collection of exclusive music listening rights, building up their library.
Either of the two NFT’s used in the platform is tradable to listeners and artists. Therefore, ownership of Music NFTs on ROCKI is bought, sold, or traded with other fans and listeners for a profit. The interaction in the platform makes owning and trading the NFTs fun. The rewards make the interaction of fans, Music, and artists on the ROCKI platform possible.
There are some critical features highlighted on the platform’s website:
ROCKI depends on the community of artists and listeners, where they explore the NFT music listening experience. The community earns royalty revenue in the process or exchange for other cryptocurrency assets, e.g., ERC-20 or ROCKS token.
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