Round 9

Skyhitz

Music NFTs marketplace on Stellar
$
60,000
worth of XLM on the day of pay-out*
worth of XLM on the day after voting*
Website

Skyhitz aims to position itself as the best decentralized music market in the world. We provide musicians the tools to leverage their creativity and use Stellar to trade equity of their work in exchange for money or other assets. With the funds we plan to make our platform fully non-custodial and 100% based on Stellar.

In operation since

2021

Based In

Worldwide

Stage

Startup

Products & Services

Skyhitz plans to offer music creators a peer-to-peer marketplace were they can mint and trade music NFTs on Stellar and IPFS. We are a non-custodial organization that helps fund and support music creators by giving them the power to own and hold their creative assets without central authority or middle-man.


We facilitate transactions between fans and artists on the Stellar Network to grow and support a community that loves music. We aim to expand our reach to all music creators globally and bring equitable access to quality music through the power of decentralized technology.


No items found.

Goal & Budget

Grow to 50k community members and 1k creators by summer 2022.

  1. Beta Release - Music NFTs on Stellar + IPFS, wallet connection integration.
  2. Promote product via partnerships and influencers.
  3. Market product on all internet channels (social, organic, email, paid).

Our Request

Medium project scope - 60k

Progress so far

Alpha. 700 sign ups, 1200 Followers on IG. Only raising funds from SDF, no other investors. 

PROBLEM & SOLUTION

Creators don't have a good way to manage their music rights and raise money if they need to without having to give away most of their intellectual property. Skyhitz gives them the option to raise equity from their fans in exchange for a percentage of their creations.



How Skyhitz uses Stellar

We use Stellar for managing and issuing assets that creators can control without the need of a third party or label in between. We are a non-custodial organization so creators will always have access to their assets, anytime.


TARGET MARKET

Music creators are spread all around the globe making it great for distributed organizations to offer them services. Our power users are mostly young producers that want to show their talent to others without the need of labels or large promotion teams. The younger the producer, the more willing they are to try our service and share it with their friends.

REVENUE MODEL

  • Monthly subscription
  • Sell in-app credits so users can purchase shares of creations


PRICING STRATEGY

  • $7.99 per month
  • 3.1% on fiat to XLM transactions


SALES FORECAST

  • 95k ARR by end of 2022

FINANCIAL PLAN

  • Break even - seven months after launch date
  • Costs
  • Engineering
  • Frontend - 10k
  • Backend - 20k
  • Marketing
  • 30k

INDUSTRY AND MARKET RESEARCH

1 of 100 people create music, the number of music creators worldwide easily surpasses millions. Nearly one track per second is uploaded to Spotify and there are nearly 8 million creators on the platform today. This is an industry that will be forever growing since technology will replace most jobs in the future and a large part of the population will allocate their time to creative activities such as mixing, recording, songwriting and producing music.

THREATS AND OPPORTUNITIES

As technology advances at the current speed, soon we will have millions of people with new occupations in the creator economy. If governments adopt the correct crypto regulations there will also be more liquidity flowing into the internet, which will be used to buy online things such as music NTFS and beats on Skyhitz.

COMPETITION

Our competitors are mature companies that have been in the music industry for a while. Beatstars was founded in 2008 and it positions itself as our strongest competitor with a proven revenue model and addressable growing market. Our product is innovative in the way that gives producers the tools to grow financially from their creative talent and pull from a lot of resources that the cryptocurrencies ecosystem has. Our alternatives to target users is to show them that they can benefit way more from crypto than they currently are from fiat systems.

MARKETING AND  SALES

We plan to grow our customer base through social media and organic traffic. We will keep retention high with concurrent emails and valuable resources for music creators.

RESOURCES AND RELATIONSHIPS

Work relationship with SDF members Tyler van der Hoeven and Anke Liu.

No items found.

PROBLEM & SOLUTION

Creators don't have a good way to manage their music rights and raise money if they need to without having to give away most of their intellectual property. Skyhitz gives them the option to raise equity from their fans in exchange for a percentage of their creations.



How Skyhitz uses Stellar

We use Stellar for managing and issuing assets that creators can control without the need of a third party or label in between. We are a non-custodial organization so creators will always have access to their assets, anytime.


TARGET MARKET

Music creators are spread all around the globe making it great for distributed organizations to offer them services. Our power users are mostly young producers that want to show their talent to others without the need of labels or large promotion teams. The younger the producer, the more willing they are to try our service and share it with their friends.

REVENUE MODEL

  • Monthly subscription
  • Sell in-app credits so users can purchase shares of creations


PRICING STRATEGY

  • $7.99 per month
  • 3.1% on fiat to XLM transactions


SALES FORECAST

  • 95k ARR by end of 2022

FINANCIAL PLAN

  • Break even - seven months after launch date
  • Costs
  • Engineering
  • Frontend - 10k
  • Backend - 20k
  • Marketing
  • 30k

INDUSTRY AND MARKET RESEARCH

1 of 100 people create music, the number of music creators worldwide easily surpasses millions. Nearly one track per second is uploaded to Spotify and there are nearly 8 million creators on the platform today. This is an industry that will be forever growing since technology will replace most jobs in the future and a large part of the population will allocate their time to creative activities such as mixing, recording, songwriting and producing music.

THREATS AND OPPORTUNITIES

As technology advances at the current speed, soon we will have millions of people with new occupations in the creator economy. If governments adopt the correct crypto regulations there will also be more liquidity flowing into the internet, which will be used to buy online things such as music NTFS and beats on Skyhitz.

COMPETITION

Our competitors are mature companies that have been in the music industry for a while. Beatstars was founded in 2008 and it positions itself as our strongest competitor with a proven revenue model and addressable growing market. Our product is innovative in the way that gives producers the tools to grow financially from their creative talent and pull from a lot of resources that the cryptocurrencies ecosystem has. Our alternatives to target users is to show them that they can benefit way more from crypto than they currently are from fiat systems.

MARKETING AND  SALES

We plan to grow our customer base through social media and organic traffic. We will keep retention high with concurrent emails and valuable resources for music creators.

RESOURCES AND RELATIONSHIPS

Work relationship with SDF members Tyler van der Hoeven and Anke Liu.

No items found.

About the Team

Brendan Sheehan @atlanticdesign

Contractor, Designer, Developer

A front-end developer who can navigate his way through the stack. Always looking for creative, interesting and challenging projects. Currently exploring WebGL and Canvas based creative coding.

Worked as a sole or lead developer on many successful projects, including websites for the Coachella and Stagecoach festivals; biographical sites for Muhammad Ali and Marilyn Monroe; Blue Apron recipe delivery service; Conde Nast Traveler Passport; Tourneau; mini-sites for motion pictures Bad Grandpa, Best Man Holiday and Self/Less; and creative projects for the band Animal Collective.

My work has won one Webby Award, and has been nominated for two Webby Awards, two CSS Design Awards, one FWA Award, and one Award.

Alejo Mendoza

Founder, Developer @alejomendoza

Involved with music at a young age, Alejo has always believed that music is one of the most powerful forces behind human ingenuity.

After finishing music studies, he embarked on a journey to travel the world while being a producer of shows in cruise ships, this expanded his thinking on how creating and performing music can enhance people's lives. In 2013, he traveled to the city of Los Angeles to study and research how to transform

music so more people could become creators or experience at least once in their lifetime what it feels to make music.In this process, he met the founders of Splice in Las Vegas, who were just getting started and asked him to join their founding team as an engineer.

The company became a success for everyone involved and quickly reached more than a million customers worldwide in less than three years. After his success with Splice, Alejo challenged himself by starting Skyhitz, an organization with a mission to combine the power of decentralized economies with music.

*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)