An artist’s newly released track is uploaded to the server similar to any web2 streaming platform like SoundCloud. 

The artist then decides how many editions of the new track listening token NFTs they want minted.  These NFTs have no impact on other NFTs related to the track and are simply capturing the attendance for the listening party.  In other words, you would not be prevented from using other web3 services for this track (eg, a streaming royalty split utility NFT).

AudioNode can assist in analyzing the best number of editions for an artist’s release

A listening party date is set and announced via traditional socials and on the sound.xyz discord, a community with over 1000 members, many of whom are prior purchasers of listening party NFTs.

During the listening party, as soon as a listener decides they like the song and want to purchase the listening party NFT, they enter a cue.  The edition number the listened is offered will correspond to what place in line they entered the cue. 

The listener will then have 40 seconds to decide if they want to purchase the edition before giving up their spot to the next in the cue.  Accepting the edition (at a fixed price set by the artist) will then transfer the NFT edition to their digital wallet.

Contact the AudioNode team for assistance with listening party NFT initial pricing

After the track ends, listeners who purchased an edition of the NFT are given access (via their digital wallet holding the newly purchased listening party NFT) to make a comment on the track in the time stamp of their choosing (similar to SoundCloud).

A “golden egg” gift is hidden within a pre-determined time stamp of each new release track for all listening parties.  The listener who commented at the hidden time stamp will be upgraded to a 1/1 special edition NFT with additional utility perks set by the artist (tickets to a show, a shout out on socials, etc).

The NFTs are then automatically listed on opensea where owners are able to list them for sale and NFT collectors are able to put in purchase offers.  Higher edition numbers are often higher value items.  As soon as an NFT is sold and transferred to a new user, the original owners comment on the track is removed and the new owner is able to make a comment at a time stamp of their choosing.  Re-sales are also eligible for the “golden egg” hidden prize if the prize has not yet been claimed during the original listening party.

NFT owners and anyone visiting the track release page are able to see their ranking based on NFT ownership, memorializing their spot at the listening party.