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 includes 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.
"With Token||Traxx, we’ve got a powerhouse of a team that draws expertise from music and entertainment, technology and business,”
said Zilliqa CEO Dr. Ben Livshits.
“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 tokenisation 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.
“There is an intricate and symbiotic relationship between the music community’s creators, curators and collectors,”
says Miles Leonard.
“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.”