Western Australia music startup Ocean Floor Music is set to launch stage one of their new product, a digital music collectible marketplace where users can sell, buy and create digital collectibles, while gifting fans with unique rewards.
OFM consists of a global team of contributors who work towards one shared vision, to help artists understand and create value in Web3, an online system based on a blockchain concept.
OFM’s marketplace will be the first release of the company’s overall vision, which includes a metaverse to enable real-time music performances between collaborators from various regions, and a crowdfunding platform for artists to fund projects and work with various industry professionals around the world.
Eskimo Joe’s Kav Temperley will be headlining the first stage of OFM’s music ecosystem with his debut digital collectible release, alongside several emerging artists from WA, including Triple J favourites Slumberjack, Alter Boy and Joan & The Giants.
The eight-time ARIA award winner is ready and thrilled to be part of this launch.
I’ve always been really excited by the idea of where music can go outside the traditional album format and OFM have inspired me to go into the world of digital collectibles and Web3.
Kav Temperley, Eskimo Joe
OFM co-founder Clint Arthur says the company is working on much more and believes the product will create a more accessible environment for breakthrough artists to overcome obstacle they may usually face.
“The NFT Marketplace is only part one. Simultaneously, we are working on the crowdfunding and metaverse branches of OFM, which will be rolled out in stages,” Clint said.
“Through Web3 crowdfunding, we will help remove barriers to entry for emerging musicians. With the metaverse build, we will create the opportunity for musicians to jam and perform live sets remotely in real time, overcoming previous geographical and technological obstacles.”
Indie band High Tropics front man Josh Stewart says this method of releasing music direct to fans via digital collectibles has helped grow his connection with his fans while providing a new source of income.
“Out of all my streams I have no idea who is listening, with NFTs I can know directly who is supporting me and have that connection with someone who likes my music straight away,” Josh said.
“I released a song in 2020 that now has 800,000 streams, which earned me around $3000. It cost me $1500 to record and release it, so I made $1500 in 2 years, but when I put the track out as a digital collectible, I made that amount in a week and could immediately fund my next song.”
OFM co-founder Sam Cutri also strongly believes digital collectibles is the future of the music industry.
By harnessing the power of NFTs or digital collectibles in Web3, we’re creating a new space where artists can earn an extra income stream and fund their projects in a unique way, we’re opening the door wider for the next wave of creativity and collaboration.
Sam Cutri, OFM co-founder
The marketplace will launch on 22 November, more information is available via this website.
