Music and fintech startup DjookyX announces it will integrate with Concordium Blockchain to enhance safety, ensure transparency, and usher in a new era of trust on their platform.
DjookyX is a global online marketplace providing artists with the opportunity to sell shares of their royalty rights while maintaining ownership of their copyrights. This enormously benefits music creators who get access to funds and expert resources and provides other rights-holders with a liquid 24/7 marketplace.
DjookyX’s mission is to democratise, decentralise and diversify the music industry by giving power back to the artists, creating equitable opportunities for all, and helping an industry of music creators who have been badly financially affected by the Covid-19 pandemic.
Fans who would like to buy royalty rights with DjookyX can investigate the full breakdown of how artists plan to use the funds, plus factors like consumer feedback, past success, and market traction. They can take part in an auction, after which royalty rights are stored in a wallet and can be traded on secondary markets.
These wallets and smart contracts will be integrated with 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 are able to 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 which uniquely balances privacy with accountability.
“DjookyX is a new reality – the brave new world of the global music industry. In 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 presents Concordium with 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 Kaaber, Head of Commercial at Concordium.