dripit is an upcoming platform building in the intersection of Music x web3, creating direct artist-to-fan engagement channels & generating value streams for all parties involved.
Our submission for Chainlink's Block Magic hackathon is Battles - a prediction market - for artist stats on Spotify, a complementary activity to the MusicFi ecosystem we're building on Avalanche.
Battles is a music themed permissionless prediction market: fans can pit artists against each other, competing over Spotify stats (i.e. weekly listeners).
For the scope of the Hackathon, we are using USDC as the underlying token
The main goal is to create a positive flywheel effect that boosts artists' signal, while keeping fans positively engaged.
Speculation on artists' performance has two positive-sum effects on the market we're tapping into:
- fans with solid grasp of the market can capitalize on their knowledge & aptitude
- artists get their signal boosted organically, as fans that bet on their success are now incentivized to help them grow & perform better on digital distribution platforms
Any user can create a market with options of their choice. The only constraints are:
- pick artists/tracks from Spotify
- market duration: open for 1-2 weeks prior to settlement
Being a permissionless protocol means that there are no platform-provided markets; all activity is organically generated by users.
Battles odds are the ratio of USDC in each side of the bet. As long as a market remains open for users to participate, odds are still fluid! Odds are finalized when the market closes. [add an example]
Market makers receive 1% of the total prizepool as incentives for creating a new market.
There are two ways for one to join dripit:
Users that already have a self-custody wallet like Core, Metamask or Rabby can connect to dripit as they would with any dapp.
We're providing an easy path to using dripit without having your own wallet, or know anything about crypto & blockchain. Just sign in using a social account of your choice, or even email!
Whichever path a user chooses to follow, they still need to register an account with dripit. You will be automatically redirected to registration page after signing in for the first time.
We provide a wide array of onramp services that allow you to swap your FIAT currency (USD/EUR etc) to USDC with minimum friction and fees.
- Select the Battle you want to participate in
- Pick a side
- Enter the amount of USDC you want to deposit in the selected side of the market
- Submit transaction
- Select the type of Battle you want to create. Available Battle types are: i. Artist vs Artist - weekly listens ii. Track vs Track - weekly listens As the names suggest, each Battle type allows you to pit artists or tracks against each other
- Select Artists (or Tracks) for each side
- Select target week
- Place an opening wager - to create a battle you must take a side, same as any other participant!
- Submit battle
After successful creation, your battle will be available in Battles homepage. You can always track your own Battles from your Dashboard.