Immediately, 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 want to warmth up competitors within the increasingly crowded blockchain-backed music space.
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 house owners of the music to tokenize belongings and create fairness or debt devices for crowdfunding the launch of albums, collectibles, merchandise and extra,” in addition to allow artists and music house owners “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 can profit each artists and followers.
“Artists can get crowdfunded by followers as a substitute of file labels who give the artists shady offers, so the artists might be extra open in what they’re doing […] For the followers aspect they’ll lastly be aside from 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 business and setting the tone for a way tech may also help remedy lots of the business’s challenges.”
Sestagalli additionally famous that demand for such a service seems to be selecting up, as main music names corresponding 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 know-how to disrupt the music business. In October, Audius — a blockchain music streaming service looking to compete with Spotify — made headlines for airdropping $8 million price of tokens to loyal listeners and artists.
