Token||Traxx is a new music platform on a mission to reward artists’ creativity fairly through the innovative use of NFTs. It aims to forge a whole new way to Create, Curate, and Collect music, enabling true creative freedom in music – something they call Music 3.0.
Using proprietary NFT technology, Token||Traxx will empower and transform artists to easily tokenize songs, albums, and merchandise – revolutionizing the way fans engage with the artists they love.
The platform’s infrastructure is built on Zilliqa’s blockchain technology.
However, underpinning all of this is the TRAXX platform and exchange token. Ahead of the upcoming TRAXX token sale on March 14, Token||Traxx has announced details of the utilities underpinning their token.
The benefits of the TRAXX token
The Traxx token intends to have the following benefits :
- Providing a transactional means of buying NFTs
- Staking
- Membership to the Token||Traxx platform
- Pre-launch access
As Traxx is the entry point to the Token Traxx membership-based token economy, deflationary pressure on the TRAXX token will be effected in several ways:
- Staking for membership tiers and selected benefits
- Staking for early access to selected NFT Drops
- Platform effecting token buy back from underlying profits
Think of it like this -Why Stake a Traxx Token – well, what do you want?
Staking Traxx tokens is your entry point into this movement.
- Want discounted gig tickets – you got it -TT is collaborating with promoters to deliver.
- Want your favourite unsigned artists on the platform – you got it – TT stakers will be able to submit artists proposals and vote on the weekly feature
- Want access to lifetime festival passes? – you got it – TT stakers will get first access to these drops
- Want lifetime club membership? – you got it – TT stakers will get first access to these drops
- Want limited edition merch? you got it – TT stakers will get first access to these drops
- Want fan experience packages – you got it – TT stakers will get first access to these drops
- Want free mentoring sessions with TT creators? you got it -TT stakers can apply for these sessions
- Want an annual awards event? – you got it -TT stakers can vote in and attend the annual TT academy awards
- Want access to exclusive TT club nights – you got it – TT stakers and VIP guaranteed
- Want to profit from supporting your favourite artists? – you goat it -TT is working with selected partners to provide staking opportunities
- Want to champion a sound? -you got it TT stakers can vote on a monthly TT platform focus -say Asian fusion or afrobeat
- Want to hear innovative new music? – you got it – TT stakers will be able to access the VIP choon room curated by the TT Team
- Want to earn for Curating a playlist? -you got it – Each month a TT holder will be invited to Curate and post a playlist and earn from this
- Want to produce your own NFT? – TT stakers will be invited to apply to spend a day in the studio with our founder TommyD
- Want to get bespoke and personalised artwork from the artists you own the NFT for?
NFT usage
Token||Traxx aims to take the experiences of creators, curators, and collectors up a notch by incorporating many different permissions within the smart contract of the NFT sale, hence facilitating tailored engagement on many levels.
Fast and secure blockchain technology
While seasoned crypto investors may be used to common issues in the space, such as wallet theft or exchanges going south, new crypto users may jump at such wanton disregard for their hard-earned money.
Therefore, it is essential to build trust. How can one do this?
Essentially an educational program to handhold crypto newbies to the process. Teaching a Creator to teach their fanbase on environmental concerns, concepts around blockchain, and wallets is essential.
For example, every second a transaction takes is an added second of anxiety, and wonder if something is going wrong.
Building on a fast blockchain that will display transaction processes in real-time ensures transparency and how long a transaction will take to complete.
That is why Token||Traxx built TRAXX on Zilliqa. Zilliqa is an exciting and new blockchain platform designed to scale in an open, permissionless distributed network securely.
It is the first blockchain to enable sharding on its mainnet. Sharding is devising the network into several small networks capable of processing transactions in parallel.
Hence, the transaction rate in Zilliqa will increase as the mining network expands.
Zilliqa leverages proof-of-work (PoW) to establish identities and perform sharding. Unlike several existing blockchain platforms like Ethereum, Zilliqa does not employ PoW to achieve consensus.
This will result in several advantages, including reducing high energy costs associated with PoW and a more stable payout with low variance since miners reach consensus on several blocks with a single PoW.
This also means the processing fee per transaction can be significantly reduced. Due to low or insufficient fees, issues associated with delays will not apply to Zilliqa as the number of transactions processed per second will increase.
This proves that Zilliqa is geared with the right tools to rock the music industry quickly and securely.
Token||Traxx aims to bring NFTs to the masses. As a result, Token Traxx aims for low or zero gas fees. Play your part in shaping the platform.
VIP membership and exclusive experiences
Besides shaping the platform, TRAXX holders will unlock a series of additional benefits by using the TRAXX token to acquire VIP status monthly. Some of the benefits include invites to participate in prize draws and discounts.
Furthermore, VIP status will open doors and invite unique experiences with Token||Traxx, partner festivals and events, and exclusive creator and curator experiences.
Royalties
There are a lot of costs that need to be covered, including royalty licenses. There are licenses attributed to the sale of an NFT and licenses attributed to music streaming. In both scenarios, these licenses are split into three categories:
- Master rights – the recording
- Publishing rights – the song incorporated in the recording
- Performance rights – the performers on the specific recording
By encouraging all creators to sign onto the platform and create digital wallets, royalties could be distributed automatically. Token||Traxx aims to have every track under the sun in the long run.
In the long run, the team aspires to provide more value to creators, curators, and collectors alike than other platforms such as Apple Music and Spotify.
Join the movement
Token||Traxx is at the forefront of the music industry revolution because the company is headed by a team of experienced industry experts with a passion for music running through their veins.
Co-Founder and CCO, TommyD who is also an acclaimed award-winning producer, commented, “What we have with Token||Traxx is the perfect hybrid of music discovery, adoption, curation, and monetization.”
TRAXX (The Token Traxx Marketplace platform and exchange token) will launch on March 14th, 2022. If you would like to find out more about the platform, you can visit their website and sign up for the guest list here:
Disclaimer
NOTE – Both the level of token ownership and the potential rewards and benefits of membership are subject to change. These benefits attach to membership which may be accessed by those who are token owners. They will not attach to the tokens themselves.
All staking processes and protocols will be affected by third parties and will be subject to satisfactory compliance with all laws and regulations relating thereto.
The TRAXX token will be created on March 14th, 2022, and made available to those who wish to participate in the TOKEN TRAXX NFT MARKET PLACE.
The Token Traxx token will be made available for purchase by SORS DIGITAL ASSETS LIMITED (SORS), which is registered as a VASP according to the Central Bank of Ireland rules.
SORS has not yet opened formal registration. Guestlist members will be informed by SORS as soon as registration is opened.
Token Traxx MusicLimited is not a regulated entity. Ownership of the tokens carries considerable risk and should not be contemplated by anyone who does not have specific knowledge of the use, purpose, and transmission of tokens.
This Press notification is not an offer to sell or promote the sale of tokens. Token Traxx tokens will be unregulated and will not be sold as an investment.
The sale of tokens when it occurs will be subject to satisfactory compliance with all laws and regulations relating thereto and to purchasers entering binding contractual terms.
The use of the Token Traxx platform and participation in the marketplace and use of the Token Traxx token to engage with the functionality provided by the platform and marketplace will be subject to separate terms and conditions. Token||Traxx™ is the Trading Name of Token Traxx Music Limited registered in England under Number 13753129.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Source: https://beincrypto.com/tokentraxx-release-details-around-traxx-token-utilities/