3 Ways TokenTraxx is pioneering the music NFT space

Giving the Creators, Curators and Collectors the tools they need to thrive in the Web3 environment

by TommyD, co-founder of TokenTraxx

From cassette players to streaming providers, the music industry has seen its fair share of technological advancements that have changed the industry in monumental ways in the last few decades…and with no signs of slowing down! Hence, it is no surprise that non-fungible tokens (NFTs) have begun to disrupt the music industry in more ways than one.

TokenTraxx

TokenTraxx has a vision to bring fresh innovation to reward people’s creativity fairly. We aim to forge a whole new way to create, curate and collect music through NFTs, enabling true creative freedom in music — something we 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.

Simply put, we are pioneering the NFT space in the music industry by being the first platform that rewards the unique symbiosis of music creators, curators, and collectors. Here’s how:

Music Creators

NFTs are a way to gain true ownership over an asset, in this case, a song, playlist or album. They have unique identification codes, think of it as the creation of digital scarcity. As a music creator, blockchain technology can facilitate NFT rarity and functionality across many aspects of music engagement: tracks, playlists, tickets, merchandise and even tailored VIP packages.

Creators can create and mint exclusive NFTs that they know will bring new value to their fans with an exclusive and new multifaceted fan club experience.

Furthermore, on TokenTraxx, creators will be able to allocate a percentage of their Writers Revenue (WR) to a TokenTraxx Royalty NFT. These NFTs feature a unique TokenTraxx smart contract that entitles the holder to a royalty share. WR is essentially the payouts that are allocated to music Creators, mostly generated from streaming platforms such as Spotify or Apple Music.

For example, a creator may choose the first 10 of a series of 100 NFT’s, to each include 5% of the WR. This would allow the owners of those R-NFTs to share in the traditional revenues generated when that music is used in anything from a stream to a potential BMW advert. By doing this, creators are opening doors to possible 10x sales, as these Royalty NFTs may increase considerably in value and could be massively lucrative to collectors who have bought a Royalty NFT with WR included.

Fans can, for the first time, share in the success of their favourite Creators music and hardcore fans will feel even closer to their heroes

Imagine purchasing a Coldplay Royalty NFT with WR when they were just starting out as a band — mind-blowing!

TokenTraxx will also pioneer NFTs by bringing a whole new element to live performances, where NFT auctions can be geocentrically held around specific gigs. For example, creators could hold a one-off auction for the baseball cap they’re wearing, or receive ‘tips’ through the TokenTraxx app during a live performance. This is a huge step forward in the revolution of the music industry.

Music Curators

TokenTraxx will revolutionise and elevate the role of the Curator in music. Curators don’t always make the music but they know a great track when they hear it and essentially are key to joining the dots with music discovery and adoption.

Through the incredible TraxxList concept, TokenTraxx will reward a Curator's ability to hunt out, compile and share amazing music.

Music Collectors

Music collectors drive the value and demand of music in the industry. TokenTraxx has recognised this phenomenon and is at the forefront of this untapped opportunity.

TokenTraxx is developing new ways to highlight a Collectors prowess. Similarly to crypto and blockchain influencers, music collectors will be judged based on their ability to buy low and sell high, capturing the birth of a track and profiting from a bullish market due to the explosion in popularity.

Building the future of music

Ultimately, TokenTraxx is looking to dominate the NFT space in order to bring a unique and fulfilling experience to the whole 360-degree music industry. We aim to achieve this through a unique approach of focusing on not just music Creators but also music Curators and Collectors. We are headed by a team of highly experienced industry professionals with a burning passion for music development running through their very own veins.

Join us

If TokenTraxx sounds like the sort of place you want to be, join us on our journey. Visit our website to get on the guestlist for launch or join the conversation on our community channels:

• Website (get on the guestlist)
• Twitter (join the conversation)
• Telegram (group chat)
• Discord (collaboration)