Machi X — the intellectual property marketplace — recently launched the Beta version of its platform for connecting copyright owners and their supporters. Conceived by Jeffrey Huang, the award-winning Taiwanese musician, Machi X is designed as an open marketplace for content creators, artists, and musicians to tokenize the intellectual property (IP) rights of their creations, enabling supporters to purchase fractionalized ownership in copyrights.
A ‘Mithril Forged Company,’ Machi X is based on the Ethereum cryptocurrency network, and its tokenized IP rights are compatible with the ERC-20 standard. The Beta launch is one of the first of its kind, bringing an open social marketplace that functions as a viable alternative for content creators to monetize their work by directly connecting with their supporters. The platform bypasses traditional copyright management avenues including powerful middlemen platforms and record companies that take significant cuts of revenue from artists.
Artists, particularly musicians, have long been on the wrong end of technology’s proliferation, consistently losing out financially to P2P file-sharing services like BitTorrent and commanding content platforms like YouTube. Machi X is tailored towards artists receiving a fair share of the revenue in their creative endeavors, reaching a global audience of supporters who can share in royalty success and collect their favorite musician’s tunes.
Jeffrey Huang was inspired by his own experiences in struggling with delayed royalty payments and intermediaries taking a cut of his creative revenue — an endemic problem in the music industry. Huang aspires for Machi X to allow artists to focus on their crafts, anchored by copyright tokens purchased by their supporters. Artists can tokenize their IP rights and stimulate their IP value by listing a specific portion of tokens on the Machi X market, bypassing many of the problems associated with uneven IP distribution.
There are currently IP rights for 8 songs available on the Machi X Beta from three different artists: Stanley Huang, Khalil Fong, and Nicky Lee. The Beta supports purchases of IP tokens in Maker Dai, the Machi X token, and USDT (Tether), and recently added withdrawal support for Dai and USDT. Machi X will continue to add more songs in the coming weeks, and in future, will expand beyond music to other creative works such as movies and television shows.
Machi X is partnered with Mithril — the decentralized social media platform for content creators. The Machi X token airdrop is scheduled for April 15, 2019. Machi X’s founder, Jeffrey Huang, is also the founder of Mithril and Asia’s largest live streaming app, 17 Live.