Deep Dive into the TRAXX Token
Within the last decade, digital downloads and streaming have completely disrupted the music industry, permanently altering how consumers listen to and engage with music. This paradigm shift has had a knock on effect, changing how rights and revenues are managed and how royalties are paid. Sadly these changes have not worked in the artists favour. As the years have passed, it has become increasingly difficult for the majority of music Creators to make money.
Artists are making fractions of pennies per stream with some struggling to even find a sizable audience to begin with. 65% of pro musicians in the UK earn less than $20k a year and 95% of artists on Spotify make less than $1k a year.
The system is in dire need of an overhaul, however to date the technological ivory tower has been impenetrable, with creators unable to make a change and combat the imbalance of the streaming era. Aspirations of both financial and creative freedom have seemed out of reach.
Yet we are in one of the best periods for music output and discovery, with technology easily facilitating complex recordings and the internet a quick, simple and free way to promote.
It’s just that music Creators are not getting paid for their output because they can’t harness a decent income from a smaller fanbase.
However things are changing with the evolution of Non-Fungible Tokens.
Non-Fungible Tokens
The common misconception around NFT’s is that they are some kind of product that can be traded. This is true to an extent but a better example is an Amex card. The card itself is made of plastic and comes in different colours. The colours signify a status within Amex itself that then translates to to the real world.
NFTs are the same. They are community building and managing programs, centered around a Creator’s artistic output. The type and quantity of a music Creators NFT’s a Collector owns, defines their connection to the Creator.
NFTs are generally one of a kind, or a collection of a limited number of issues; this is made possible through their unique identification codes. Think of it as the creation of digital scarcity. In the music industry, blockchain technology can facilitate NFT rarity and functionality across many aspects of music engagement: tracks, playlists, tickets, merchandise and even tailored VIP packages.
TokenTraxx
TokenTraxx is a new music platform on a mission to reward artists’ creativity fairly through an innovative use of NFTs. It aims to forge a whole new way to Create, Curate and Collect music, enabling true creative freedom in music — something they are calling Music 3.0.
Through the use of proprietary NFT technology, TokenTraxx will empower and transform artists to easily tokenise songs, albums, and merchandise — revolutionising the way fans engage with the artists they love.
The platform’s infrastructure is built on Zilliqa’s blockchain technology. Underpinning all of this, however, is the TRAXX Platform and Exchange token.
The benefits of the TRAXX Token
The Traxx token intends to have the following benefits :
- Providing a transactional means of buying NFTs
- Staking
- Membership to the TokenTraxx platform
- Pre-launch access
- Staking for membership tiers and selected benefits
- Staking for early access to selected NFT Drops
- Platform effecting token buy back from underlying profits
Think of it like this -Why Stake a Traxx Token — well, what do you want?
Staking Traxx tokens is your entry point into this movement
· Want discounted gig tickets — you got it -TT is collaborating with promoters to deliver
· Want your favourite unsigned artists on the platform — you got it — TT stakers will be able to submit artists proposals and vote on the weekly feature
· Want access to lifetime festival passes? — you got it — TT stakers will get first access to these drops
· Want lifetime club membership? — you got it — TT stakers will get first access to these drops
· Want limited edition merch? you got it — TT stakers will get first access to these drops
· Want fan experience packages — you got it — TT stakers will get first access to these drops
· Want free mentoring sessions with TT creators? you got it -TT stakers can apply for these sessions
· Want an annual awards event? — you got it -TT stakers can vote in and attend the annual TT academy awards
· Want access to exclusive TT club nights — you got it — TT stakers and VIP guaranteed
· Want to profit from supporting your favourite artists? — you goat it -TT is working with selected partners to provide staking opportunities
· Want to champion a sound? -you got it TT stakers can vote on a monthly TT platform focus -say Asian fusion or afrobeat
· Want to hear innovative new music? — you got it — TT stakers will be able to access the VIP choon room curated by the TT Team
· Want to earn for Curating a playlist? -you got it — Each month a TT holder will be invited to Curate and post a playlist and earn from this
· Want to produce your own NFT? — TT stakers will be invited to apply to spend a day in the studio with our founder TommyD
· Want to get bespoke and personalised artwork from the artists you own the NFT for?
NFT Usage
One of the ways TokenTraxx aims to take the experiences of creators, curators and collectors up a notch is through incorporating many different permissions within the smart contract of the NFT sale, hence facilitating tailored engagement on many levels.
Fast & Secure Blockchain Technology
Whilst seasoned crypto investors may be used to regular issues in the space such as wallet theft or exchanges going south, new crypto users may jump at such wanton disregard for their hard-earned money. Therefore, it is important to build trust. How can one do this?
Essentially an educational program to hand hold crypto newbies to the process. Teaching a Creator to teach their fanbase on matters around environmental concerns, concepts around blockchain and wallets is important. For example, every second a transaction takes is an added second of anxiety, and wonder if something is going wrong. Building on a fast blockchain that will display transaction processes in real-time, ensures transparency and how long a transaction will take to complete.
That is why TokenTraxx built TRAXX on Zilliqa. Zilliqa is an exciting and new blockchain platform that is designed to securely scale in an open, permissionless distributed network. It is the first blockchain to enable sharding on its mainnet. Sharding is the act of devising the network into several small networks capable of processing transactions in parallel. Hence, the transaction rate in Zilliqa will increase as the mining network expands.
Zilliqa leverages proof-of-work (PoW) to establish identities and perform sharding. Unlike several existing blockchain platforms such as Ethereum, Zilliqa does not employ PoW to achieve consensus. This will result in several advantages including the reduction of high energy costs associated with PoW and a more stable payout with low variance since miners reach consensus on several blocks with a single PoW.
This also means the processing fee per transaction can be significantly reduced. Issues associated with delays due to low or insufficient fees will not apply to Zilliqa as the number of transactions processed per second will increase. This proves Zilliqa is geared with the right tools to rock the music industry fast and securely.
Low to Zero Gas Fees
TokenTraxx aims to bring NFTs to the masses. As a result, TokenTraxx aims for low or zero gas fees. Play your part in shaping the platform
VIP Membership & Exclusive Experiences
Besides shaping the platform, TRAXX holders will be able to unlock a series of additional benefits by using the TRAXX token to acquire VIP status on a monthly basis. Some of the benefits include invites to participate in prize draws and discounts. Furthermore, VIP status will open doors and invites to unique experiences with TokenTraxx, partner festivals and events plus exclusive creator and curator experiences too!
Royalties
There are a lot of costs that need to be covered including royalty licenses. There are licenses attributed to the sale of an NFT and licenses attributed to the streaming of music. In both scenarios, these licenses are split into 3 categories:
- Master rights — the recording
- Publishing rights — the song incorporated in the recording
- Performance rights — the performers on the specific recording
By encouraging all creators to sign onto the platform and create digital wallets, then royalties could be distributed automatically. In the long run, TokenTraxx aims to have every track under the sun.
In the long run, the team aspires to provide more value to creators, curators and collectors alike than other platforms such as Apple Music and Spotify.
Join the movement
TokenTraxx is at the forefront of the music industry revolution because the company is headed by a team of experienced industry experts with a passion for music running through their veins. Co-Founder and CCO, TommyD who is also an acclaimed award-winning producer commented, “What we have with TokenTraxx is the perfect hybrid of music discovery, adoption, curation and monetisation.”
TRAXX (The Token Traxx Marketplace platform and exchange token) will launch on 14th March 2022. If you would like to find out more about the platform, you can visit their website and sign up to our guestlist here: https://tokentraxx.com/
Disclaimer
NOTE — Both the level of token ownership and the potential rewards and benefits of membership are subject to change. These benefits attach to membership which may be accessed by those who are token owners. They will not attach to the tokens themselves. All staking process and protocols will be effected by third Parties and will be subject to satisfactory compliance with all laws and regulations relating thereto.
The TRAXX token will be created on the 14th of March 2022 and made available to those who wish to participate in the TOKENTRAXX NFT MARKET PLACE. The TokenTraxx token will be made available for purchase by SORS DIGITAL ASSETS LIMITED (SORS) which is registered as a VASP in accordance with the rules of the Central Bank of Ireland. SORS has not yet opened formal registration. Guestlist members will be informed by SORS as soon as registration is opened.
Token Traxx Music Limited is not a regulated entity. Ownership of the tokens carries considerable risk and should not be contemplated by anyone who does not have specific knowledge of the use, purpose and transmission of tokens. This Press notification is not an offer to sell or promote the sale of tokens. Token Traxx tokens will be unregulated and will not be sold as an investment. The sale of tokens when it occurs will be subject to satisfactory compliance with all laws and regulations relating thereto and to purchasers entering binding contractual terms. The use of the Token Traxx platform and participation in the marketplace and use of the Token Traxx token to engage with the functionality provided by the platform and marketplace will be subject to separate terms and conditions. Token||Traxx™ is the Trading Name of Token Traxx Music Limited registered in England under Number 13753129
