Zilliqa public blockchain has joined NFT music platform TokenTraxx as part of a partnership deal worth $1.1 million. The goal of the partnership will be to modernize the music industry by making it more equitable and rewarding.
The platform that aims to become carbon-neutral by 2022 is looking forward to positioning itself in the music industry with the help of a powerful blockchain network and newly available NFT technology, which will be used as a bridge between real-world and blockchain technology.
Zilliqa's partnership with TokenTraxx is not its first rodeo in the NFT industry. The protocol powers platforms like Mintable, Unicutes and DeMons gaming platform, in addition to other solutions based on NFT technology.
With the tokenization of the music creation process, Zilliqa will create more opportunities for artists to receive royalty payments, rights ownership and other elements found on platforms like Spotify and Apple Music. All functions can be powered via distributed ledger technology or simply run on the blockchain.
Zilliqa is excited to join a company that includes powerful expertise from the music and entertainment industries and combine modern technology and effective business practices together. By collaborating with each other, the company's CEO, Dr. Ben Livshits, is looking forward to leveraging the benefits of blockchain.
One of the terms of the new partnership is the injection of $1.1 million from both Zilliqa as a company and its co-founder Max Kantelia, who believes in the game-changing model that TokenTraxx created and the value it brings to music creation, consumption and collection. All of these aspects of the industry will be combined with the most modern and actively developing blockchain technology.
After collaborating with Zilliqa, the music NFT platform will instantly gain access to a secure and scalable protocol that is being used with low costs and modest gas fees. Zilliqa's network is able to process thousands of transactions per second without facing issues like network congestion or extremely high gas fees.