Machi X recently launched its Beta marketplace for musicians to distribute tokens representing intellectual property (IP) and copyrights directly to fans and supporters. As a novel mechanism for directly connecting fans and artists, Machi X is an open marketplace for fractionalized ownership in the copyrights of songs. The platform plans on expanding into more creative areas including movies and TV shows.
The market for IP rights is enormous, but it is mired in rent-seeking intermediaries that take a large cut of revenue — leading to uneven IP distribution for artists. Created by Jeffrey Huang, the world-renowned Taiwanese musician, Machi X is designed to leverage the power of tokens on a blockchain to reduce transactional friction and remove middlemen by connecting artists with their fans.
Artists have long suffered from uneven IP distribution and struggle with monetization following the advent of services like BitTorrent. Machi X opens a new avenue for fundraising and revenue for their creative works — bypassing the costly intermediaries born from the unfavorable licensing model.
With the Beta, fans can currently purchase IP tokens from three different artists and a total of eight songs. Users can buy songs from Nicky Lee, Khalil Fong, and Stanley Huang on the market with USDT, Maker Dai, or the Machi X token. Withdraws for Dai and USDT are also available via user wallets. Descriptions of IP tokens are complete with supply information, descriptions, trade volumes, market prices, and more.
Through Machi X, Huang is finally empowering content creators to focus on their craft and to give them the power to maximize the potential of their creations.
Artists can tokenize portions of their copyrights to music, distributing fixed amounts of tokens to their fans directly via the Machi X marketplace. Fans subsequently have fractional ownership in the corresponding songs, and can even store them in cold storage wallets as they are ERC-20 compatible on Ethereum. The tokens function as bearer instruments, so the current holder of the tokens is the owner.
Jeffrey Huang’s own experiences prompted him to explore the ability of blockchain-based tokens to fuel a better design for IP and copyrights management, and so, Machi X was born. Huang is also the founder of Mithril, a social media platform for content creators that Machi X is closely integrated with. He also founded 17 Live, Asia’s largest streaming app.
Machi X Token Airdrop
Machi X’s token airdrop is scheduled for April 15, 2019, and the company is moving forward with plans to extend its marketplace to other content creators.
The company is based in Taiwan.