Utopia Genesis Foundation Partners with STOKR to Tokenize Music Rights
The Utopia Genesis Foundation has partnered with STOKR to make it possible for music artists and others in the industry to tokenize the rights to music on the Genesis Application. This is a major advancement for the system as it will allow greater flexibility and control when it comes to financing the production and distribution of new music.
The Possibilities with Tokenization
This new partnership will provide many significant advantages and opportunities to entities throughout the music industry and include:
· Tokenized Equity and Debt — Tokenized assets will allow for the creation of equity or debt instruments so that artists and music owners can crowdfund the launch of albums, merchandise, marketing, and more.
· Co-Ownership of Music — Using the Utopia Genesis Application, artists and record labels can offer fans and other stakeholders micro-ownership in individual songs or albums, and share the revenue generated from its success
· Issuance of Security Tokens — Any musician, record label or creator will be able to launch projects through Genesis while also gaining exposure to the STOKR community via a new section that will solely feature Genesis projects
· Community Involvement — One of the most anticipated features of this partnership is that artists can work directly with fans and community members to allow them to invest in the music or artist they love.
· Additional Data Points — The tokenization of music will further add important data points to the overall Utopia Genesis System, which already contains billions of valuable data points.
Improved Transparency
The back end of the music industry has been confusing and impossible to understand for artists, fans, investors, and other key players. One of the main goals of the Utopia Genesis Foundation from its birth has been to bring transparency to the industry. The partnership with STOKR, and the ability to tokenize music assets, represents a major step towards this goal.
With the tokenization of investments and ownership of music on the blockchain, all parties involved will have access to the information, and this improved transparency will help all established parties in the industry by bringing in new investors and community members.
Both the teams, Utopia Genesis Foundation and STOKR, are looking forward to the positive impact of this partnership on the future of music.
The Utopia team released a statement saying, “By partnering with STOKR, stakeholders utilizing the Utopia Open Platform will have access to a simple and secure way to connect with investors. We are dedicated to unlocking the music industry’s full potential and providing users with a trusted environment where they can generate revenue and play a role in the growth of the music ecosystem.”
Arnab Naskar, co-founder and business lead at STOKER, also commented on the new partnership saying, “Investments in the music industry are restricted to a handful of entities and investors. The tokenization of music rights will enable a wider investor community to invest in this alternative asset class. With Utopia Genesis Foundation as a partner, we believe that we will be able to bring tokenized music rights of a blue-chip category. Rights assets and rights data will position our platform as a market leader. We’re thrilled to say that we are bridging the gap between the music industry and the capital markets.”
This is just the tip of the iceberg. With continuous work done behind the scene, both companies are quickly becoming visible to the entire music industry and the public as a whole.
