NFTs are quickly emerging as a crucial component of the new decentralized ecosystem. These digital certificates of ownership and authenticity are easily transferable, demonstrably unique, and, most importantly, programmable through smart contracts.
“Decentralising technology has created an opportunity to address a major problem in the music industry andToken||Traxx is not only the solution but takes it to the next level how we create, discover, enjoy, and own music,” says Token||Traxx co-founder and renowned producer TommyD.
Token||Traxx was born from a need to address the challenges of the music industry with people who are passionate about shaking up the status quo. Token||Traxx not only aims to solve the challenges faced by music creatives but use NFT technology to forge new value creation streams, facilitating more choice in how the music community control and profit from their intellectual property.
“Music is the soundtrack to our lives, but in modern times the creatives who produce the music we love are getting a raw deal for the value they create,” explains TommyD. “We have a broken situation when those that sell the music, the gatekeepers, are making more than those that make it. Years of optimization, driven by profit, has led to a system that doesn’t serve the artists as it should.”
TommyD points out four areas of concern.
Firstly, there are a handful of labels that dominate the landscape supported by the tech giant streaming services. Organized efficiencies between these parties stifle the revenue that flows back to artists.
Secondly, artist and publishing deals are outdated and one-sided, there is unbalanced revenue distribution between songwriter and master rights, and often only the label or publisher has a contract release clause.
Thirdly, only a small minority of artists take a disproportionate amount of the market share, as opposed to a system that supports a wider range of successful artists. This is perpetuated by the labels.
Lastly, the persistence of a lack of transparency with streaming rates, slow and unreliable royalty collection, and challenging processes for credit registration mean that the royalty and rights system is broken and unfair.
This has led to the collapse of music creator income. According to the UK Musicians Union, in 2019, 56% of professional musicians earned £20k or less, with 35% needing a second job just to make ends meet.
“Artists have been powerless to push back, until now,” TommyD explains. “When you respond to the needs of music artists with the capabilities of NFTs you’re presented with a powerful solution that offers endless possibilities. New markets where fans support emerging talent through NFT purchases and then share in the success of artists through NFT value appreciation. There are whole new revenue streams through NFT collectibles or monetized playlists. Artists can stay truly independent using contracts created on the artist’s terms, built into smart contracts, which could include rights and royalties management.
“Token||Traxx’s mission is to be at the center of the new independent music creator economy, driven by NFTs, providing a platform that redefines and enhances the value of music, which supports and financially benefits the whole community.
“We are at a crossroads in the history of music, presented with a rare moment in time to reset the balance in the favour of the creatives and their communities. It is time for them to own their sound,” summarises TommyD.
The TRAXX token will have its Token Generation Event (TGE) on March 14th, 2022.
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