DjookyX will be integrated with Concordium Blockchain to increase security for users
ZUG, Switzerland, March 9, 2023 /PRNewswire/ — Music and fintech startup DjookyX announces it will integrate with Concordium Blockchain to increase security, ensure transparency and usher in a new era of trust on its platform.
DjookyX is a global online marketplace that allows artists to sell shares of their royalty rights while maintaining copyright ownership. This is a huge advantage for music creators who gain access to funding and expert resources, and provides other rights holders with a fluid 24/7 marketplace.
DjookyX’s mission is to democratize, decentralize and diversify the music industry by giving power back to the artists, creating fair opportunities for all, and helping an industry of music creators that has been hit hard financially by the Covid-19 pandemic.
Fans looking to buy royalty rights with DjookyX can examine the full breakdown of how artists plan to spend the funds, plus factors such as consumer feedback, past success and market traction. They can participate in an auction, after which the royalty rights are stored in a wallet and can be traded on the secondary market.
These wallets and smart contracts will be integrated with the science-based proof-of-stake blockchain Concordium, whose groundbreaking ID framework will work to ensure trust and transparency for everyone using the platform. Artists and investors can benefit from identity verification on DjookyX and the ID framework, validated by a third party, which allows users to share only the personal data they are willing to share, uniquely balancing privacy with accountability.
“DjookyX is a new reality – the brave new world of the global music industry. With just a few clicks, our marketplace connects the world’s best undiscovered artists – directly, without any intermediaries – with a global community of music lovers and potential investors,” says Djooky’s CEO and co-founder Andrey Dakhovskyy
“This partnership with DjookyX gives Concordium unique access to an already well-established user base of +200,000 individuals. Embarking on a journey to rebuild DjookyX as a WEB3 brand on top of Concordium will be an interesting tetras formation to support,” says Torben Kaaberhead of commercial at Concordium.
CONTACT:
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