The Polymesh Association announces an innovative collaboration with TokenTraxx, a groundbreaking music and art creator platform driven by non-fungible tokens (NFTs), aiming to transform the music industry.
In a move set to revolutionize the intersection of Web3 and the music world, the Polymesh Association is excited to unveil its upcoming integration with TokenTraxx. TokenTraxx, an independent music and art creator platform, is designed to empower artists through NFTs, bringing transparency and financial benefits to the entire arts community.
Web3 music represents a paradigm shift, liberating artists from the constraints of intermediaries who often retain significant portions of the revenue generated, particularly impacting emerging talents. However, some Web3 music platforms have struggled to deliver on the promise of fair royalties, leaving artists without the full benefits of their work.
TokenTraxx seeks to address this issue by leveraging Polymesh’s robust settlement engine to issue music NFTs on the blockchain. What sets this collaboration apart is the automatic enforcement of royalties at the token level, a feature currently unparalleled in the Web3 ecosystem. This aligns with the core principles that prompted the creation of Web3 music technology in the first place.
Graeme Moore, Head of Tokenization at the Polymesh Association, expressed excitement about the collaboration, stating, “This collaboration shows that the industry is recognizing there’s real power in NFTs ready to be harnessed. We’re excited to collaborate with TokenTraxx on the creation of foundational NFTs that will shape the future of music and allow actual ownership of the revenue stream for both artists and fans.”
One of the groundbreaking features introduced through this collaboration is the concept of immutable royalties. By utilizing the tamper-proof and transparent nature of the blockchain, TokenTraxx ensures that artists receive fair compensation without the risk of unauthorized modifications or revenue manipulation. This innovative approach is set to establish a new standard in the music industry, fostering transparency and trust among creators, producers, fans, and stakeholders.
Fans will have the opportunity to purchase a relatively unknown artist’s catalog and potentially share in the rewards if the artist gains fame. This model allows individuals to own the royalties associated with songs or collections of songs. TokenTraxx is also proactively developing partnerships with regulated entities to ensure compliant delivery of these offerings.
Polymesh, known for its highly secure and regulatory-focused blockchain platform tailored for the financial services industry, will play a crucial role in the integration. TokenTraxx, in collaboration with Polymesh, will explore the issuance of music catalogs featuring natively-compliant tokens, further solidifying its commitment to reshaping the creator economy.
Jitin Jain, CTO at TokenTraxx, expressed pride in the collaboration, saying, “TokenTraxx is committed to reshaping the narrative of the creator economy and ensuring artists receive the recognition and compensation they deserve.”
The Polymesh Association and TokenTraxx’s pioneering efforts aim to set a new trajectory for the music industry, merging technology and artistic expression while ensuring fair compensation for creators and fans alike. This collaboration represents a significant step forward in the convergence of blockchain technology and the music ecosystem.
Photo by Mink Mingle on Unsplash
Read other stories: Authic Labs and Aurus Join Forces to Redefine Digital Collectibles with Gold-Backed NFTs
The Rise of Metaverse Tokens: Navigating Cryptocurrencies in Virtual Worlds
