Share this article
Public blockchain Zilliqa has secured a $1.1 million partnership with NFT music platform Token||Traxx , with the goal of making the music industry more equitable and rewarding.
The high-performance network, which is committed to being carbon-neutral by 2022, aims to position itself at the center of the music creator economy by leveraging blockchain and NFTs to incentivize artists and satisfy fans.
The partnership is not Zilliqa’s first foray into NFTs; the protocol powers platforms like Mintable, Unicutes, play-to-earn platform DeMons – to name a few.
By tokenizing the music creation process, Zilliqa’s new partner will open up exciting engagement opportunities which include the evolution of royalty payments, rights ownership and playlists, elements found on Spotify and Apple Music but now turbocharged through distributed ledger technology. Token||Traxx is helmed by award-winning producer TommyD and former Warner Music chairman Miles Leonard.
Dr. Ben Livshits, Zilliqa CEO, said:
“With Token||Traxx, we’ve got a powerhouse of a team that draws expertise from music and entertainment, technology and business. Together, I believe we’re capable of making the music industry more rewarding for everyone by leveraging the benefits of blockchain.”
The terms of the new partnership include a combined injection of $1.1m from both Zilliqa as a company and its co-founder Max Kantelia, who added:
“Token||Traxx has created a game-changing model that will enrich the value chain of music creation, consumption and collection. Music has always been a passion of mine, and now I get the opportunity to see a new layer of it unlocked with my other passion: blockchain. I’m thrilled to see that tokenization is being applied to millions of music fans around the world. Looking forward to kicking off what will be a harmonious collaboration between Zilliqa, Token||Traxx and myself!”
By teaming up with Zilliqa, the music NFT platform will gain instant access to the former’s reputable, secure, and scalable protocol known for its low-cost minting and modest gas fees. The first permissionless blockchain and smart contract platform to be built on sharded architecture, Zilliqa is capable of processing thousands of transactions per second.
Miles Leonard said:
“There is an intricate and symbiotic relationship between the music community’s creators, curators and collectors. Their unique roles are all coordinated through the implementation and love of music. The Token||Traxx platform, through this partnership with Zilliqa, will allow these three essential roles to work and profit together, using a new income stream that rests on NFT technology. NFTs are the foundation of our future, with functionality that can redefine and enhance the value of music. We are confident that Zilliqa’s industry-leading solution in blockchain technology will bring music fans closer to this space.”
Zilliqa provides highly-performant, scalable, and secure blockchain solutions for enterprises and decentralized applications. Developed through academic research, Zilliqa is helmed by a team of experienced scientists, leading engineers, financial services specialists, and venture creators. Driven by the mission to catalyze and transform digital infrastructures across global communities and industries, Zilliqa’s technology has served as the backbone for use cases across the arts, asset securitization, content creators and the influencer economy, decentralized and open finance, digital advertising, financial services, incentivized marketing, and sports.
Adobe Will Offer NFT Verification in Photoshop
Adobe has announced an initiative that will provide creators of non-fungible tokens (NFTs) with verification tools. Content Credentials Will Power Verification Adobe’s new system, called Content Credentials, allows users to…
MDEX: Overlooked Decentralized Exchange That Pays You to Trade
Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…
Aavegotchi Launch Announced, 10,000 NFTs Available
Aavegotchi will release 10,000 NFTs as part of its Mar. 2 launch. Aavegotchi Launch Slated Aavegotchi is launching on March 2, the team has confirmed in a blog post. The…
3LAU: Spotify Earnings Prove Artists Need Blockchain
Back in May, Crypto Briefing reported an in-depth analysis of how music streaming services are impacting the entire music industry. It was noted that streaming services such as Spotify or…
Credit: Source link