Skyhitz

Music NFTs on Stellar
$
120,000
worth of XLM on the day of pay-out*
worth of XLM on the day after voting*
Website
NFTs
Wallet
Community
Candidate:
SCF #7
SCF #8
SCF #9
SCF #10
Winner:
SCF #9

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 continue growing the platform worldwide while serving as many musicians and fans as we can.

In operation since

February 2022

Based In

Worldwide, incorporated in Delaware

Stage

Startup

Products & Services

  1. Added full support for Stellar with Wallet Connect via Lobstr Wallet.
  2. Created an in-app Stellar wallet that is extremely easy to use for users that are new to crypto.
  3. They can buy XLM with credit or debit card in a simple two step process using Stripe.
  4. They can withdraw to any Stellar wallet at any time.
  5. They can become premium subscribers by paying $7.99 per month.
  6. Added minting, buying and selling music NFTs support.  
  7. Added pricing to each music NFT that is currently on sale.
  8. Added links to Stellar expert for each NFT minted on our platform.
  9. Created welcome, sign up and log in emails.
No items found.

Previous submission

What's new?

  1. Added full support for Stellar with Wallet Connect via Lobstr Wallet.
  2. Created an in-app Stellar wallet that is extremely easy to use for users that are new to crypto.
  3. They can buy XLM with credit or debit card in a simple two step process using Stripe.
  4. They can withdraw to any Stellar wallet at any time.
  5. They can become premium subscribers by paying $7.99 per month.
  6. Added minting, buying and selling music NFTs support.  
  7. Added pricing to each music NFT that is currently on sale.
  8. Added links to Stellar expert for each NFT minted on our platform.
  9. Created welcome, sign up and log in emails.

Goal & Budget

  • A solid brand well positioned in the crypto music industry with one mainstream media article talking about us and how we are changing the game for music creators.
  • Launch Skyhitz podcast series with 3 episodes featuring music creators.
  • 3000 active users at the end of 2022 with an excellent product.
  • 10k interested or related music industry follows on social media.

Steps to get there

  • Build an exceptional product with help from top professionals.
  • Build the foundation of a solid long term brand with creative content.
  • Work with music creators to show them the benefits of our technology.
  • Work with digital artists that give us more visibility and portray our mission values.  
  • Attract new members from referrals and trust building.

Our Request

  • Front-end Development - 30k
  • Backend Development - 30k
  • Marketing & Brand- 30k
  • Creative content - 10k
  • Artist partnerships - 20k

Progress so far

We were in the development stage last time we submitted to SCF, now we are in the start-up phase acquiring users and talking to them to iterate on the product. In the beginning of May we got our first paid user and first trade, interest in the platform is growing exponentially with many artists wanting tutorials on how to get their music NFTs up on Stellar.

Here are our stats:

  • 648 active users.
  • 2000 followers on Instagram.
  • Reached an audience of nearly 87K people, growing 579%.
  • Received several invites to music and crypto podcasts to explain our mission.
  • We were part of the NFT panel at Stellar’s Kinetic conference in Miami.
  • Incorporated as Skyhitz, Inc in Delaware.
  • Got interest from the best React Native developers to work with us.
  • With raised funds the past round from SCF, we got the traction we needed. It allowed us to be where we are, with a good functional product and recurrent users. We are operating worldwide, our customer support is managed via Instagram.
  • One deal with an independent R&B music label.
  • Conversations with Interscope Records, Splice, Mantis VC and Alex Pall (The Chainsmokers)

Overview

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.


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. We plan to attract a lot of organic traffic by pre-rendering our entire site logged out pages with dynamic content so search engine crawlers can give us more visibility.

RESOURCES AND RELATIONSHIPS

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

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.


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. We plan to attract a lot of organic traffic by pre-rendering our entire site logged out pages with dynamic content so search engine crawlers can give us more visibility.

RESOURCES AND RELATIONSHIPS

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

No items found.

About the Team

Brendan Sheehan

Contractor, Designer, Developer @atlanticdesign

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.

Nathalia Combariza

Creative Director @nathalia1ch

A creative mind that always manages to create the perfect message for each user in accordance to its market. Once she finds a brand's target, Nathalia is a genius at communicating that message to its audience.

In her work she focuses on creating the bond between the platform and the users, where they feel supported and appreciated. She makes the user experience frictionless from the perspective of the brand's values and connects the entire team to work aligned with culture and purpose.


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)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5, 2022 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)