TokenTraxx aims to fully decentralise the entire music ecosystem by introducing the first purposely built protocol that meets industry-specific standards. The TRAXX Protocol is designed to underpin future permissionless innovations – expected to evolve as “Ethereum for Music.”
Initially, TokenTraxx will act as the guardian of this ecosystem – but will eventually hand over the governance to the community. The TRAXX Protocol has been developed using significant input from early adopters of TRAXX platform, artists, and music professionals. The overwhelming demand from Creators for an individual ownership structure that is interoperable with this permissionless protocol led to the launch of TRAXX Studios.
TRAXX Studios are designed to enable Creators around the world, regardless of their financial status, to launch their own “studio” on top of the TRAXX Protocol – allowing them to OWN the smart contract, digital collectibles and any other creation built within it. Furthermore, artists can create a predetermined, limited number of “Studio Tokens” that enable fans to be a part of their current and future creations.
Fans will have the opportunity to buy these tokens, which can be configured to give token-holders several benefits (such as a percentage of profits, meet&greets, access to VIP seats, opportunities to buy exclusive merch, etc.) to support the artist’s work. Artists are incentivized by this system to grow creatively and to engage meaningfully with their audiences so that their Studio Tokens appreciate in value. It is entirely up to the artist to decide what portion of tokens to sell – putting them in full control of their income.
The TRAXX Studio is a smart contract that will live on-chain on top of TRAXX Protocol. Although envisioned to become chain-agnostic, the first implementation of TRAXX Studios will be Polygon-based. Once the studio has been created, Studio Tokens will be generated with a fixed supply. Determined to further decentralise the ecosystem, TokenTraxx as a company aims to collect no fees/commission from running any activity on the protocol.
Fees generated by all the activities within the TRAXX Studio will result in TRAXX tokens being burnt out of supply. As there is a fixed capacity of TRAXX, this will increase the value of each individual Studio Token and benefit the community as a whole – driving a decentralised and self-sustainable system.