SYSTEM OVERVIEW

Here is a step-by-step simple system overview of the Nitrility marketplace:

Note: At Nitrility, we’ve streamlined the complexity of Web3 and blockchain technology to focus on user experience. Our platform uses user-friendly tools like Magic Wallet for easy email-based sign-in, and NoRamp and Moonpay for straightforward, non-cryptocurrency transactions. Additionally, our in-house license history tool eliminates the need for users to delve into blockchain data, simplifying the process.

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Rightsholders

• Identity Verification: Rights holders register using their artist accounts on platforms such as Spotify, Apple Music, or SoundCloud, creating their seller profiles on Nitrility.

• Ownership Verification: We validate the identity and ownership rights of the artists to ensure authentic listings.

• License Listing: Artists have the flexibility to list their music licenses, specifying details like pricing, terms, and revenue sharing with co-rightsholders, and choosing the type of licenses (e.g., media or creator sync licenses).

• Marketplace Listing: Once agreed upon by all involved rightsholders, the music is listed on Nitrility as a licensable asset.

• Sales Tracking and NFT Representation: After a sale, each license is represented as a dynamic Non-Fungible Token (NFT) with updatable metadata, ensuring transparency and detailed tracking.

Buyers

• Account Creation: Buyers set up accounts, linking them to various other accounts like social media or business accounts for seamless transactions.

• Identity Verification: We verify the identities of businesses and individual creators to ensure secure transactions.

• Marketplace Browsing and Purchase: Buyers can explore various IP types and genres, purchase licenses, or place offers. Each purchase is converted into an NFT with verifiable, up-to-date metadata.

• License Usage: Each license purchase protects a single piece of content, valid across multiple platforms.

3rd Parties

• Receiving Copyright Claims: When platforms such as YouTube issue copyright claims, they provide Nitrility with essential data, including the user’s and video’s unique IDs, along with the song and artist names.

• Automated License Verification: We employ webhooks and our API to automatically verify a creator’s presence on Nitrility and check for any owned licenses. A valid license is marked as 'used' to prevent repeated usage.

• Data Reporting to Platforms: We send back comprehensive and accurate data to platforms via webhooks, bolstered by blockchain technology for maximum integrity and precision.

• Monitoring and License Misuse Prevention: We actively monitor and invalidate licenses used for inappropriate content, maintaining the integrity and efficacy of our system.

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Nitrility’s system is designed to be intuitive, secure, and efficient, revolutionizing the IP trade experience for rights holders, buyers, and platforms alike.