Polymesh, a frontrunner in public permissioned blockchain solutions, revealed a groundbreaking integration at FinTech Connect 2023 with TokenTraxx, an emerging platform for independent music and art creators powered by NFTs. This integration aims to empower and financially support the entire arts community through innovative technologies.
Liberating Artists from Traditional Revenue Models
The advent of Web3 music technology promises to liberate artists from the constraints of traditional revenue models that often involve intermediaries retaining substantial portions of the revenue stream. Polymesh and TokenTraxx aspire to address this challenge by introducing a system that ensures fair compensation for artists, particularly emerging talents who face hurdles in maximizing their income potential.
Unique Offering Through Polymesh’s Settlement Engine
Polymesh’s settlement engine is positioned as a game-changer in this collaboration, as TokenTraxx plans to issue music NFTs on the Polymesh blockchain. Unlike existing protocols in the Web3 ecosystem, this integration will automatically enforce royalties at the token level. The significance lies in the fact that this capability aligns with the core objectives that prompted the creation of Web3 music technology.
Establishing a New Standard with Immutable Royalties
The introduction of immutable royalties on Polymesh’s transparent and tamper-proof blockchain is poised to set a new standard in the music industry. This feature ensures that artists receive fair compensation without the risk of unauthorized modifications or revenue manipulation. By fostering transparency and trust among creators, producers, fans, and stakeholders, Polymesh and TokenTraxx aim to reshape the dynamics of the music industry.
Empowering Fans to Share in Artist Success
With this technology, fans gain the ability to purchase a relatively unknown artist’s catalog and share in potential rewards if the artist achieves fame. The ownership of royalties associated with individual songs or collections becomes accessible to any individual, marking a significant shift in the relationship between artists and their fan base. TokenTraxx is concurrently establishing partnerships with regulated entities to ensure compliance in delivering these offerings.
Polymesh’s Institutional-Grade Security in the Music Industry
Polymesh’s reputation for providing a highly secure and regulatory-focused blockchain platform, tailored for the financial services industry, positions it as an ideal partner for TokenTraxx. The platform’s institutional-grade blockchain will facilitate the exploration of issuing music catalogs featuring natively-compliant tokens.
TokenTraxx’s Commitment to Reshaping the Creator Economy
Jitin Jain, CTO at TokenTraxx, expressed pride in collaborating with Polymesh to lead the music industry’s entry into Web3. Through the use of NFTs and Polymesh’s purpose-built blockchain, TokenTraxx is dedicated to reshaping the narrative of the creator economy. The focus remains on ensuring artists receive the recognition and compensation they rightfully deserve in this transformative era of music technology.