ZUG, Switzerland & LONDON--(BUSINESS WIRE)--Polymesh, the leader in public permissioned blockchain, announced today at FinTech Connect 2023 its upcoming integration with TokenTraxx, a new independent music and art creator platform driven by NFTs to support and financially benefit the whole arts community.
Web3 music promises to liberate artists from reliance on intermediaries, who retain large portions of the revenue stream and restrict the income potential for music creators, especially for new artists. Unfortunately, many existing Web3 music marketplaces fail to deliver the promised royalties, leaving artists back to square one.
Leveraging Polymesh’s settlement engine, TokenTraxx will issue music NFTs on Polymesh that automatically enforce royalties at the token level, something no other protocol in the entire Web3 ecosystem can currently offer. This is an important distinction, as it speaks to the principal reasons Web3 music technology was created in the first place.
“This collaboration shows that the industry is recognizing there’s a real power in NFTs ready to be harnessed,” said Graeme Moore, Head of Tokenization, Polymesh Association. “We’re excited to collaborate with TokenTraxx on the creation of foundational NFTs that will shape the future of music and allow actual ownership of the revenue stream for both artists and fans.”
Immutable royalties use the tamper-proof, transparent blockchain to ensure artists receive fair compensation for their work without risk of unauthorized modifications or revenue manipulation. This groundbreaking feature will establish a new standard in the music industry, reinforcing transparency and trust between creators, producers, fans, and stakeholders.
The technology will mean fans can buy a relatively unknown artist’s catalog and have the potential of sharing in rewards if the artist becomes famous. Any individual can own the royalties associated with songs or collections of songs. In parallel, TokenTraxx is developing partnerships with regulated entities to ensure these offerings can be delivered in a compliant fashion.
Polymesh is recognized for its highly secure and regulatory-focused blockchain platform designed specifically for the financial services industry. Utilizing the institutional-grade blockchain, TokenTraxx will also explore issuing music catalogs featuring natively-compliant tokens.
“TokenTraxx is proud to work with Polymesh and lead the music industry’s breakthrough into Web3, where technology meets musical expression and benefits both creators and fans,” said Jitin Jain, CTO at TokenTraxx. “Through NFTs and the power of Polymesh’s purpose-built blockchain, TokenTraxx is committed to reshaping the narrative of the creator economy and ensuring artists receive the recognition and compensation they deserve.”
Polymesh is exhibiting at Booth C10 at FinTech Connect 2023, December 6-7, 2023.
About Polymesh
Polymesh is an institutional–grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving challenges around governance, identity, compliance, confidentiality, and settlement.
To learn more, visit: https://polymesh.network
About TokenTraxx
TokenTraxx provides web3 infrastructure purpose-built for the music industry. With a tier-one team of music, web3, and growth experts, TokenTraxx has a unique position in the industry, focused on providing music communities with Music Web3 As A Service through TRAXX Studios - a network of decentralised, personalised, interconnected marketplaces providing the music industry with a full stack of fan engagement tools.
