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Decentralized music marketplace TRAX secures $2.9 million in funding via Internet Computer blockchain

Internet Computer

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TL;DR

  • London’s TRAX raises $2.9M in Internet Computer blockchain funding, merging blockchain with the music industry.
  • TRAX’s DAO aims to enhance artist-fan connections with exclusive content, driven by its recent funding.
  • TRAX’s initiative reflects a growing trend of using blockchain for deeper artist-fan engagement in the music industry.

In a significant development for the blockchain and music industries, London-based startup TRAX announced on January 16 that it had a successful funding round, raising 314,000 $ICP (approximately $2.9 million) through Dfinity’s Internet Computer blockchain. 

TRAX’s innovative approach combines the features of a content aggregator and a social marketplace, primarily targeting music artists and their most devoted fans, often termed “superfans.” This initiative with Internet Computer blockchain aligns with the findings of Goldman Sachs’ Music in the Air Report, which identifies superfans as a lucrative market segment, spending substantially more on music than average consumers.

Decentralization: A new era for artist-fan engagement

The funds raised by TRAX will empower its decentralized autonomous organization (DAO), where $TRAX token holders will have a say in utilizing these resources. This move towards decentralization in the music industry represents a shift from traditional business models, offering a more engaging and personalized platform for artist-fan interactions.

TRAX’s strategy revolves around offering exclusive content and events, aiming to fortify the bond between artists and their superfans. This approach not only benefits the artists in terms of revenue generation but also enhances the fan experience by fostering a closer community.

Future outlook: Expanding the superfan economy

It is essential to know that TRAX’s funding round is a testament to blockchain technology’s growing interest and potential in various sectors, with the music industry being a notable example. The company’s focus on the superfan economy is well-timed, considering the industry’s shift towards more personalized and engaged fan experiences.

With the successful completion of their funding round, TRAX is poised to onboard and nurture more artists within this burgeoning economy. This move aligns with the broader trends in the music industry, where companies like Tune.FM and Sona are also making significant strides by leveraging blockchain technology.

Meanwhile, Internet Computer has also seen significant developments in its blockchain ecosystem, attracting various initiatives worldwide.  The network was announced as one of the 17 ecosystems attracting many new developers in the blockchain sector.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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