Ushered in by NFT technology, a new era of value creation in music begins through Token||Traxx

The NFTs are rapidly becoming a key component of the decentralized ecosystem. These digital certificates of authenticity and ownership can be easily transferred, are unique and can be programmed through smart contracts.

TommyD explains that music is our soundtrack, but today’s creatives are being paid a low price for the value they provide. We have a problem when the gatekeepers of music are making more than the ones who make it. The system has failed to serve artists because of years of optimization driven by profit.

TommyD identifies four areas of concern.

First, there are only a few labels that dominate the streaming media landscape. Organized efficiency among these parties can stifle revenue that goes back to artists.

Second, artist and publisher deals are obsolete and one-sided. There is an unbalanced revenue division between master rights and songwriters, and sometimes only the label and publisher has a release clause.

Thirdly, a very small number of artists have a significant market share. This is in contrast to a system that supports more artists. The labels perpetuate this trend.

The final problem is that there is no transparency in streaming rates, slow, unreliable collection of royalty payments, and difficult credit registration processes. This means that the royalties and rights system has become unfair and broken.

This has resulted in the collapse of income from music creators. According to the UK Musicians Union in 2019, 56% professional musicians earned less than PS20k, while 35% needed a second job to make ends meet.

TommyD says that artists have been powerless to resist the change until now. The NFT capabilities allow you to respond to the needs and provide endless possibilities. NFT values appreciation allows fans to share in the success and support emerging talent. NFT-monetized playlists and collectibles can open up new revenue streams. Smart contracts that are tailored to the terms of artists can allow them to remain independent. These smart contracts could also include royalties and rights management.

“We are at an important crossroads in music history, and have the rare opportunity to reset the balance in favour of creatives and their communities. TommyD says it is now that they can own their music.

On March 14th 2022, the Token Generation Event (TGE), will take place for the TRAXX token.

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