According to sources closely following the developments surrounding non-fungible tokens – NFT’s, Myx, yet another platform opens with the main goal of getting the artists themselves back in control.
As these reports note, built with blockchain technology, Myx offers decentralized streaming. This essentially means artists on the platform can earn up to three times as much from streaming like Spotify, with uncapped revenue potential.
Artists can release unlimited tracks and collections as one-of-ones or multiple edition NFTs on the Polygon platform. What’s more – the NFTs will be automatically available on another popular platform, OpenSea. As a result, artists have the opportunity to generate income from secondary sales.
Music NFTs on Myx include proof of authority and digital signature. In addition, files are encrypted with the highest security and stored with IPFS to protect against piracy.
Artists can use the platform to collaborate with other artists. The Myx feature “Pod” enables co-writers to collaborate and receive royalties proportional to their Pod ownership. Furthermore, Pods enables fans to invest in their favorite artists and earn alongside them.
Myx is currently in a soft launch phase, with streaming scheduled for launch in the second quarter of 2022. It joins a list of other blockchain-based music platforms that are rapidly emerging as serious competition for traditional streaming platforms.
