Enterprise blockchain network Zilliqa has announced a million-dollar partnership with a prominent non-fungible token music platform.
Zilliqa is aiming to position itself at the center of the music creator economy with its latest partnership. Therefore, the collaboration will enable partners to leverage NFTs to incentivize artists and fans alike.
According to the annoucement, the deal worth USD 1.1 million will enable Zilliqa and Token||Traxx to streamline the tokenization of the music creation process. As a result, the collaboration could evolve decentralized royalty payments, rights ownership, and playlists. Traditionally, these have been controlled by centralized corporations such as Spotify and Apple.
📢ANNOUNCEMENT – @Token_Traxx has partnered with @Zilliqa, who will provide the blockchain for our revolutionary music NFT platform. We can’t wait to begin this journey with #Zilliqa and are excited for what the future holds. #OwnYourSound pic.twitter.com/ObpQ3i0gJF
— Token||Traxx #OwnYourSound (@Token_Traxx) November 11, 2021
In addition, Zilliqa CEO Ben Livshits commented, “Together, I believe we’re capable of making the music industry more rewarding for everyone by leveraging the benefits of blockchain.”
This Alliance will Provide Scalable NFT Minting.
Token||Traxx will gain access to Zilliqa’s secure and scalable protocol, which has been used for low-cost and high-speed NFT minting. Zilliqa uses sharding to solve scalability issues that plague more popular networks such as Ethereum. It can handle thousands of transactions per second, making it a good fit for NFT production in the music industry.
Also, Former Warner Music chairman Miles Leonard. who heads Token||Traxx commented: “The Token||Traxx platform, through this partnership with Zilliqa, will allow these three essential roles to work and profit together, using a new income stream that rests on NFT technology.”
It’s important to say that Zilliqa has been around for some time, launching in 2017 following a $22 million Initial Coin Offering (ICO). By 2022, the high-performance network plans to be carbon-neutral. Therefore, the partnership is not Zilliqa’s first foray into NFTs. The protocol powers platforms like Mintable, Unicutes, and play-to-earn platform DeMons.
Moreover, Zilliqa plans to launch a curator-led, artist-first marketplace that it claims will “redefine the NFT and traditional art space.”
Get ready for a curator led – artist first marketplace!
A collaborative marketplace where physical and digital art worlds collide
Bringing together artists, collectors, curators and brands.
Redefining the NFT and traditional art space. Stay tuned, we’re just getting started. pic.twitter.com/kJNPzaW3Bx
— Zilliqa (@zilliqa) November 24, 2021
$ZIL Price Outlook
Zilliqa’s native token, $ZIL, is trading at $0.08 when writing this article, which dropped 0.6% over the past 24 hours.
Also, $ZIL has taken a bit of a hit with the market-wide crypto correction. Consequently, it has lost 8% over the past week and 20% over the past month.
Finally, $ZIL marketcap is USD 1.1 billion, with a 24-hour trading volume of USD 71 million and a circulating supply of 12.7 billion tokens.
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