A new music NFT platform, TokenTraxx, is revolutionising the way we understand NFTs and their role in the music industry.
The London-based company is a new platform and community offering innovative ways to create, curate and collect music using NFTs. Today (14th March) they launch their TRAXX network token, the “currency” which enables their marketplace.
The platform promises fans and subscribers that they can have a stake, emotional and financial, in the artists they love.
This was made by Tommy D, a long-time DJ and house music fanatic. Tommy D has worked with the likes of Graffiti6 and has remixed for Kanye West, Beyoncé and Jay-Z. He has been spinning tracks over at the Ministry of Sound and is now ready to share his love for music through the blockchain.
For TommyD, his company – co-founded with Miles Leonard, the ex-Chairman of Parlophone Records and Warner Music who’s worked with the likes of Gorillaz and Tinie Tempah – is about paying it back, and paying it forward, both for fans and artists.
“We've allowed the system to come that’s not working for creators,” he says of the music industry. “Creators need support, emotionally, and financially. And it's not working because they're not getting either.
“So at Token Tracks, we invite artists on and say: ‘Right, what have you got, what do you need? You could do this, we could do that…’ We've got a team of people that we put around them, and we help them come up with NFT concepts that they can then put through the Token Tracks platform.”
Miles Leonard says: “Our mission is to empower artists to easily tokenise songs, albums, and merchandise, thereby revolutionising the way fans engage with the artists they love.
“I’ve always found artists are very loyal when you give them the freedom and space to be creative,” he continues. “They have a desire to imagine new dimensions to their music, to attract new audiences and build their brand and following. Token Traxx is a community that supports and encourages this.”
What really matters to the creators of Token Traxx is the ability to build a network with like-minded people. “It's about building communities,” says TommyD. “It's about offering collectables, rarities.” And in turn, by creating “tiered membership schemes”, fans and artists are closer “in a way that we’ve never been able to do before”.
As of today, Token Traxx are taking their first public steps to change the way music is made, shared and enjoyed, with artists and fans able to explore the functionality and benefits of the company’s marketplace by “joining the guestlist”.
Click here for more information on the TRAXX token sale.