Utopia Genesis Foundation Raises Over $2 Million in 48 Hours
After 48 hours and over $2 Million dollars in pledged BTC, our IEO has ended! We’re blown away by the support in the community for our long term endeavors, with an oversubscription of 129% — beginning today with the completion of the token event for UOP, the token native to the Utopia Open Platform. It’s a testament to the belief in the project and its goals. Now, UOP is listed on Bitfinex, beginning our journey for equitable tracking and rewards for the music industry ecosystem and beyond.
There will be a minimum lockup period before interest on all staked tokens can be claimed and all staking rewards are paid out in UOP tokens. This will demonstrate the real potential available via the Foundation and its tokens, as well as help stabilize market dynamics.
Third party developers will be required to stake tokens in order to gain access to the UOP databases and tech service offerings in order to develop their own applications. Should a developer’s application be rejected by the validators, the stake placed will be refunded, ensuring that developers feel the freedom to experiment without rejection, as this is the mentality that will help unchain the creative potential of the community, Utopia’s main goal.
How the UOP Will Be Utilized
- Artists will be able to use the UOP token to crowdfund their next album or help with promotional efforts.
- Users will be able to use the tokens to purchase fractional rights to artists’ copyright royalty revenues.
- Royalty Collection Societies will be able to use the token to pay royalties to artists.
- Artists will be able to use the token to purchase industry leading music consumption data and leverage this data towards higher royalty payments.
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