One of the most exciting elements of web3 is the way it is expected to disrupt the music industry. TokenTraxx is doing just that by facilitating new and unique ways for artists and fans to interact with one another. Operating as a holistic web3 infrastructure for the music industry, the entire platform is powered by the TRAXX token and features 3 main segments: TRAXX Studios, Marketplace, and Advisory.
Before we dive into each of these, let’s get to know the team behind the project. The founders of TokenTraxx come from a diverse set of industries and backgrounds.
Bringing music expertise is Chief Creative Officer TommyD, an award–winning, multi-platinum music producer and DJ with over 60m units sold, who has worked with the likes of Kanye West, JayZ, Beyonce, Kylie, Rita Ora and Noel Gallagher.
Founder Curator Miles Leonard oversaw the careers of artists such as Coldplay, Kylie, The Gorillaz, among others, as the former Chairman of Parlophone, Warner Music. Jason Lamont also hails from the Warner Music family as a former VP and is a production expert in film, music, and fashion.
On the business side, CEO Tim Gentry has experience managing large-scale media organisations and was the former Global Revenue Director of The Guardian, leading mult-disciplinary teams to deliver hundreds of millions in digital revenues.
Paul Taylor is a tech entrepreneur, originating ventures with partners such as Cantor Fitzgerald in carbon asset trading, through to developing tech projects with listed ASX and AIM business. Paul has been involved in the crypto space when ETH was below $1 and takes the role of Chief Commercial Officer within the TokenTraxx team.
Finally, bringing veritable authority on cryptocurrencies and blockchain is Chief Financial Officer Brian Elders, Founder and CEO of Sors Digital Asset, a firm that helps companies bring to market and trade digital assets, and a partner at tokenization specialists, Black Manta.
TRAXX Studios and Marketplace
TokenTraxx enables artists to release their own studio tokens to establish direct relationships with their fans. This is done through TRAXX Studios, upgradeable smart contracts running on TRAXX Protocol. Creators can utilize the fully white-labelable minting software to deploy the smart contract and marketplace in unique environments, utilizing their own proprietary platforms. These smart contracts and marketplaces are fully Ethereum and Polygon compatible, supporting ERC-721, ERC-1155, and ERC-20 tokens, with Zilliqa compatibility in the pipeline.
Studio tokens, unique to each artist, can give token-holders exclusive perks. These benefits can include VIP seats, limited merch, meet and greets, or a percentage of profits/royalties. Through studio tokens, fans are able to invest in the future of artists they think will be successful, or that they purely want to support. Artists have full ownership of the smart contract and control over the tokenomics, including token supply, distribution, and how/when studio tokens are sold.
The TokenTraxx marketplace allows fans to mint, buy, and sell music-related NFTs. Users may collect these NFTs, trade them, or use them to claim special perks. These NFTs can be paid for in cash or crypto for ease of access and usability. There are major drops lined up for Q1 of 2023.
TRAXX is the platform token that aims to power the entire ecosystem. There is a total supply of 350,000,000 TRAXX tokens and they exist cross-chain on the Ethereum mainnet, Matic network (Polygon), and Zilliqa. Fees generated by all activities within TRAXX Studios result in TRAXX being removed from the supply, in the form of buy and burns.
TokenTraxx collects no commissions from running activities on the TRAXX Protocol and rather removes fees from supply, creating a self sustaining ecosystem. TRAXX can currently be staked on AscendEX for 50% APR!