Right this moment, a freshly-announced partnership between the music-focused blockchain protocol Utopia Genesis Basis and digital securities issuance platform STOKR makes it clear that the 2 corporations wish to warmth up competitors within the more and more crowded blockchain-backed music area.
In a press launch from Utopia Genesis, the corporate laid out a collection of ways in which the collaboration would assist artists tokenize and securitize their work, in addition to permit listeners entry to distinctive funding automobiles.
The discharge says that Utopia Genesis’ partnership with STOKR “will permit artists and homeowners of the music to tokenize property and create fairness or debt devices for crowdfunding the launch of albums, collectibles, merchandise and extra,” in addition to allow artists and music homeowners “to promote fractional possession of their work’s income stream with the group.”
In an interview with Cointelegraph, Daniele Sestagalli, Chief Technique Officer at Utopia Genesis famous that the long-term imaginative and prescient for the collaboration is to take “step one towards constructing a decentralized inventory marketplace for music,” one which is able to profit each artists and followers.
“Artists can get crowdfunded by followers as an alternative of report labels who give the artists shady offers, so the artists might be extra open in what they’re doing […] For the followers facet they will lastly be other than their favourite artists music and hopefully within the close to future get income from their investments,” Sestagalli mentioned. “With this partnership, we’re bringing open transparency into the music trade and setting the tone for a way tech can assist clear up lots of the trade’s challenges.”
Sestagalli additionally famous that demand for such a service seems to be choosing up, as main music names equivalent to Bob Dylan, Stevie Nicks, and Think about Dragons have publicly explored promoting a few of their catalogue rights.
The Utopia Genesis/STOKR partnership is only one of many efforts aimed toward leveraging blockchain expertise to disrupt the music trade. In October, Audius — a blockchain music streaming service seeking to compete with Spotify — made headlines for airdropping $8 million value of tokens to loyal listeners and artists.