Ushered in by NFT Technology, a New Era of Value Creation in Music Begins Through Token||Traxx
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
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.”
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Secondly, artist and publishing deals are outdated and one-sided, there is unbalanced revenue distribution between songwriter and master rights,
Read more on cryptonews.com
