21 July 2022
How NEWM Is Democratizing The Music Industry With Web3 & Decentralization
NEWM is a decentralized project that aims to be The Future Of Music. By leveraging the Cardano Blockchain and Web3 technology, NEWM allows music artists to own, sell and distribute their intellectual property without ever losing control of it. The technology will create an entirely new asset class, merged with a Defi platform. This intends to fully disrupt how the music industry and sinister contracts work - giving freedom back to artists.
The main challenge presented itself after NEWM’s core idea was mapped out. The project required AIKIT to precisely define roles, features, and functions and prepare the framework for their development. Decentralized projects run on blockchains, which are publicly accessible and bulletproof, which meant the platform’s core had to be coded and audited before being deployed. This required a level of expertise few smart contract developers possess.
AIKIT joined the project as a strategic consultant in charge of business and IT development. AIKIT helped NEWM’s team to define the scope of the project and assess the potential risks. Based on that crucial data, the AIKIT team then developed safety countermeasures to account for every single one of those potential risks. AIKIT also helped to design the entire development plan in phases so the commercial roadmap could be met for investors, artists, and users. Putting the right team in place was also an obstacle - but with AIKIT’s expertise, a bespoke roster of pros with the skills and seniority to succeed was swiftly gathered.
The team was put into place in less than one month. And the entire development plan was strategically segmented into independent phases that enabled the company to fulfil its launch plan.
A careful control system on royalties and token flow was mapped out, developed, and audited, to make sure the MVP was seamless.
“Without the industry expertise, reliability, and ability to source the right technical team, this project would have only been an idea-stage startup. AIKIT’s support was crucial in making that idea a reality. Thanks to AIKIT we have been able to deliver a platform that will protect users, and grant a seamless, safe and revolutionizing experience to everyone.”
NEWM Co-Founder & Co-CEO.