Ethereum layer 2 solution Polygon has announced a partnership with NFT music platform Token||Traxx. The collaboration will give Token||Traxx the means to build out its NFT marketplace by leveraging Polygon’s low-cost and interoperable infrastructure.
As well as using Polygon’s cheap infrastructure, the Token||Traxx NFT platform will also benefit from grant funding from Polygon Studios, the NFT and gaming arm of the layer 2 giant.
On top of this, the Polygon foundation will support the continued development of the Token||Traxx platform, together with the artists that choose to use the platform.
Ishan Negi, chief of staff of Polygon Studios, said:
"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,"
Token||Traxx is a new NFT marketplace which is looking to take part in the potential massive shift of the entire music sector into NFT (non-fungible-token) technology.
Its aim is to be at the centre of a new independent music creator economy, by providing an NFT platform that will revolutionise how music is distributed, while supporting the creative music community as a whole.
The Polygon infrastructure will enable Token||Traxx to become a multi-chain NFT marketplace, allowing it to operate on chains such as Zilliqa, which is already a strategic founder partner.
According to Tim Gentry, COO and co-founder of Token||Traxx:
“Token||Traxx is delighted to join forces with Polygon,”
He added:
“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,”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.