Metrics and learnings
A key strategy for us to gain our fair share of the music NFT market is to be the go-to platform for data analytics and research.
At the time of writing, we’re averaging 8k monthly organic visitors and signed up 500 users. These numbers are only representative of users landing on Soundpickr and consuming our data tools.
There are some key learnings after 3 months of analysing user data:
✅ Most visitors land on Soundpickr after searching for their favourite artists on Google
✅ A very small percentage of users (9%) go to our main data feeds to research artists
✅ Most users go to other artist pages using the “Similar artists” section within an artist page
We can assume that our users find new artists based on suggestions over actual search and that our main data feed is (for now) a secondary page for music fans.
For that reason, we’re now working to achieve:
🎯 Better user experience on artist pages
🎯 Improve suggestion algorithm for users to discover other artists
🎯 Make it easier for users to navigate through all musicians that are selling NFTs vs. those who are not
🎯 Add new data points & improve tools to increase the sign up/visitor ratio
For those who have been keeping up with our Discord updates, you’ll know about our current deals to tokenise 250k songs.
The process of onboarding such huge quantity of files into web3 has proven to be challenging and we’ve spent the past 3 months updating, optimising, breaking and rebuilding our smart contracts and web3 engines.
As of May 2023, we’ve tokenised past 75k songs and are aiming to have tokenised the full catalogue by the end of Q3. We’re working on a number of deals with partner record labels to have commitments for 1M songs by the end of 2023.
✅ Creating a web3 music standard was paramount for us to create tools that make it easier to onboard music in mass
✅ Drag & drop tools to tokenise music are incredibly useful if users tokenise small amounts of music (less than 10 at the time). We created a unique music uploader that allows rightsholders tokenise songs in a few seconds with no fees.
✅ Regular revision of our web3 engine code has been very important to ensure we continue optimising the automation of web3 processes.
Some of our biggest stepping stones:
🎯 Large songs needed to be compressed. We had to run through a number of reiterations of the compressing code as we noticed quality loss during the early days
🎯 Our web3 engine struggled to tokenise a single label’s catalogue. As an example, it took close to 400 hrs to tokenise 7k songs. We’ve now managed to reduce the time but there’s still work to be done.
As mentioned on our Discord, we had to cut down on community & marketing efforts to push our sales and partnerships. We’ve been confirming deals with some of the most exciting players in music & web3 gaming and we’ll be slowly announcing these during the upcoming weeks and months.
We’re getting to a very healthy place with our main products and are in the process of reactivating the community.
Once we’ve refined our plans and community roadmap we’ll be sharing all the details with the community.
NFTs & Token
In late 2021, we released two small NFT collections for OGs and to get the community going.
At the time, we spoke about a larger collection with some hints to rewards and tokens. After a few iterations of our tools and business models, we are now finalising the processes and plans for a NFT and Token drop with exciting incentives for holders and users.
Once we’ve got the all-clear, we’ll share our lightpaper and roadmaps with the community.
Big rewards and benefits coming very soon!