KOLO.Market has announced plans to collaborate with Polygon Studios and OxPolygon to develop a healthier ecosystem by leveraging the low gas fees and faster transaction speed of Polygon.
The announcement was made by publishing a tweet from the official Twitter handle.
Polygon is a Layer 2 scaling solution that functions along with the Ethereum blockchain. The network’s cryptocurrency is represented as MATIC, and Polygon is ideal for launching decentralized applications.
So far, it has catered to more than 19,000 decentralized applications with a total of 13+ million users and more than 3 million transactions daily. Jaynti Kanani co-founded Polygon with Sandeep Nailwal, Anurag Arjun, Mihailo Bjelic, and six others.
The platform is backed by Coinbase, Mark Cuban Companies, and Binance. Founded in 2017 as Matic, the brand was officially changed to Polygon in February 2021. A recent achievement by the platform came in April 2022 when it was announced to be completely carbon neutral.
KOLO.Market is a streaming platform that is decentralized in nature. KOLO.Market uses its native token called $KOLO to request services, buy goods, or participate in event transactions.
The users can earn $KOLO by listening to and combining different music pieces. KOLO.NFT offers an edge to its users by organizing music concerts in the metaverse. Such concerts are in the presence of various well-known music artists.
The ticket to the music concert is the Music-NFT that users obtain. The NFT also rewards users as they continue to enjoy the music. It is based on blockchain technology, enabling the platform to tackle issues related to data tampering, copyright verification, data traceability, management of streaming music, and rights maintenance.
Musicians benefit from the infrastructure of KOLO.NFT helps improve the efficiency of royalty payment while protecting the rights & interests of musicians.
KOKO.Market has partnered with other platforms, namely DACAPO, Marco Polo, and Naxos, to mention a few. The work on the platform is described by extracting five main keywords to form 25 characteristic attributes.
The collection value of music depends on its rarity level. KOLO.Market divided all the pieces of music into four categories, namely Unique, Gold, Silver, and Bronze, with the proportion of 1%, 9%, 20%, and 70%, respectively. The value of a collection is higher if it belongs to the rare category.
Music works are also divided based on their eras. The five main styles are described according to the historical period classification. The styles include:-
All the NFTs listed in the marketplace showcase details about the artist who has performed the music, comments of critics & media, historical significance, details related to music production, and many more dimensions.
Details made available with the respective NFT helps a user to identify and summarize the digital work quickly.