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Polygon, an Ethereum scaling platform onboarding millions to Web3, has partnered with NFT music platform Token||Traxx ahead of its Token Generation Event (TGE) this month. The collaboration will allow Token||Traxx to leverage Polygon’s low-cost and interoperable infrastructure to build out its music NFT marketplace.
Polygon Studios — the NFT and gaming arm of leading Ethereum scaling protocol Polygon — will also be offering grant funding to Token||Traxx’s new, independent music creator economy which is set to make a seismic paradigm shift within the music marketplace. The Polygon foundation will support the development of the Token||Traxx software and their emerging artists as they continue to grow their Web3 creator economy.
Token||Traxx is a new marketplace that redefines and enhances the value of music, by supporting and financially benefiting the entire music community using Non-Fungible Tokens (NFTs) technology.
Token||Traxx will be multi-chain, using Polygon along with other networks including its strategic founder partner Zilliqa which it will bridge to later this year.
“NFTs have the opportunity to positively disrupt the music industry, providing creators with a greater share of the distribution rights while conveying verifiable ownership to fans. By leveraging Polygon to accomplish this goal, Token||Traxx unlocks the full potential of the Web3 creator economy and sidesteps the prohibitive transaction fees and latency associated with Ethereum,” said Ishan Negi, Chief of Staff, Polygon Studios.
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.
Those who have a good ear for music can become Curators and can earn from their ability to spot untapped potential by building brilliant playlists.
And as you would expect from a music NFT market place; Collectors can search tracks, artists and genres to build their NFT libraries which they can showcase to the community or trade on the open market.
Tim Gentry, Chief Operating Officer and co-founder of Token||Traxx said:
“Token||Traxx is delighted to join forces with Polygon,” “Polygon’s sustainable and ultra low-cost blockchain and interoperable ecosystem presents the perfect launchpad for the project. With cross-chain technology and cross-chain bridges in place Token||Traxx will run with increased elasticity, providing users with freedom of choice.
“Through Polygon’s novel Ethereum scaling solution, we will be getting excellent user experience with high-speed transactions, near-zero gas fees and superb community governance. Cross-chain capabilities will also maximise secondary NFT markets for us,”