Machi Xhas officially launched its Beta marketplace for intellectual property (IP) and copyrights, presenting a new opportunity for artists to capitalize on their creations by directly connecting with their fans and supporters. The platform is predicated on tokenizing IP and copyrights to enable artists to distribute fractional ownership straight to their fans on the Machi X marketplace.
Fans can buy tokens using Maker Dai, USDT, or the Machi X token for collection purposes or to profit from further copyright opportunities with the token. The platform is ERC-20 compatible (i.e., Ethereum) so the tokens can be stored in any ERC-20 wallet including cold storage wallets like Ledger and Trezor.
Artists can distribute tokens to fans with fixed supplies that represent fractional ownership in creations such as songs or albums. The marketplace bypasses costly intermediaries and the proliferation of P2P streaming services like BitTorrent that have become endemic challenges artists have faced in properly monetizing their creations.
Machi X was formulated by Jeffrey Huang, the famous Taiwanese musician, based on his own negative experiences in working with licensing agreements for royalty payments and the reduced cut he would receive from his work. Machi X reaches a global audience of supporters who, by buying tokenized IPs, open up a new avenue for artists to profit from their work. Artists can either choose to extend a large portion of their IP tokens to fans upfront to support their creative work or slowly distribute them on the marketplace — it’s entirely up to them.
Currently, eight different songs from three different artists — Stanley Huang, Khalil Fong, and Nicky Lee — are available for tokenized IP buy/sell on the Beta. Users can also withdraw and deposit their Dai or USDT directly from the marketplace’s built-in wallet. The Beta is the first open marketplace for tokenized IP rights and copyright management, offering advantages for both fans of artists and the artists to finally be able to focus on their crafting their creative work with an enhanced funding model.
Jeffrey Huang is also the founder of Machi X partner, Mithril, which is a decentralized social media content platform based on Ethereum also. Machi X has a scheduled airdrop for the Machi X token on April 15th, 2019, and you can follow them on Twitter, Telegram, and Facebook.
Machi X is based in Taiwan and plans on extending its marketplace into more creative sectors including TV and movies following the Beta.