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