This is the first post in our month-long Spotlight series.
Gavin Wood proposed the phrase Web3 in 2014, believing that decentralized technologies are the only way to preserve liberal democracy.
But what does that actually mean, and why should the music industry care?
We could write an entire post describing what Web3 is and what it represents, but we won’t. What you do need to understand is that Web3 refers to a decentralized ecosystem that runs on the blockchain. Apps and platforms are not owned by a single gatekeeper; rather, they are managed by users who can earn ownership stakes. It’s where those letters NFT live. But wait, we said we weren’t going to babble…
Here’s the thing to take away. It’s about becoming a member of a community where you can own your content, better engage with your fans, and cut out the middlemen. It’s where you can sell your music, artwork, videos, blog articles, and even your “Songs to Drink Tea to While Watching the Mandalorian” playlist.
This is where Token||Traxx enters the picture.
Token||Traxx provides a powerful opportunity for Creators to engage on every level with fans in unprecedented ways using NFT technology, whilst simultaneously creating a whole new income stream.
Right from their website, they boldly state, “Own Your Sound”. Token||Traxx is an NFT marketplace, built by musicians for the music community, launching in 2022. It provides you with a whole new way to create, curate and collect music.
Let’s break it down to a few points.
What is Token||Traxx?
- An NFT platform built by musicians, for musicians that provides opportunities and empowers creators with web3 tools to build and manage their own communities.
- A new way to reward music and content creators
- A platform that provides independent distribution and control over commercialization.
- A place for collectors to trade NFTs on a secondary market
What is a TRAXX Token?
What would a Web3 platform be without its own token?
TRAXX Token holders are able to vote on certain platform content. Tokens can be distributed to those who contribute to the community; the creators and curators. Holders may also enjoy other perks such as membership tiers, discounts, early access, airdrops, and more.
Stay up-to-date on the TRAXX Token launch.
You will need to get whitelisted first. Check out their website for more info and FAQ.
“It's about building communities. 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”.
Not financial or investment advice. Part of a paid partnership. Please do your research on NFTs, tokens, and other blockchain-based services before (apeing in) err, jumping in. Many projects have roadmaps and lite/white papers where you can find out more before investing.
The Web3 and NFT community are a vocal, and helpful group – feel free to ask around – you can find a lot on Twitter and in Discord. And feel free to ask any questions in the comments below.
BTW, did you set up your MetaMask yet? If not, we got you covered.