Crypto News

New partnership turns up the volume in crowded blockchain-backed music space

A collaboration between the Utopia Genesis Foundation and STOKR will enable new revenue streams for artists and investment tools for listeners

Today, a freshly-announced partnership between the music-focused blockchain protocol Utopia Genesis Foundation and digital securities issuance platform STOKR makes it clear that the two companies are looking to heat up competition in the increasingly crowded blockchain-backed music space.

In a press release from Utopia Genesis, the company laid out a series of ways that the collaboration would help artists tokenize and securitize their work, as well as allow listeners access to unique investment vehicles.

The release says that Utopia Genesis’ partnership with STOKR “will allow artists and owners of the music to tokenize assets and create equity or debt instruments for crowdfunding the launch of albums, collectibles, merchandise and more,” as well as enable artists and music owners “to sell fractional ownership of their work’s revenue stream with the community.”

In an interview with Cointelegraph, Daniele Sestagalli, Chief Strategy Officer at Utopia Genesis noted that the long-term vision for the collaboration is to take “the first step toward building a decentralized stock market for music,” one which will benefit both artists and fans.

“Artists can get crowdfunded by fans instead of record labels who give the artists shady deals, so the artists can be more open in what they are doing […] For the fans side they can finally be apart from their favorite artists music and hopefully in the near future get revenue from their investments,” Sestagalli said. “With this partnership, we are bringing open transparency into the music industry and setting the tone for how tech can help solve many of the industry’s challenges.”

Sestagalli also noted that demand for such a service appears to be picking up, as major music names such as Bob Dylan, Stevie Nicks, and Imagine Dragons have publicly explored selling some of their catalogue rights.

The Utopia Genesis/STOKR partnership is just one of many efforts aimed at leveraging blockchain technology to disrupt the music industry. In October, Audius — a blockchain music streaming service looking to compete with Spotify — made headlines for airdropping $8 million worth of tokens to loyal listeners and artists.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Yearn Finance Breaks Off Merger With Cover
Decentralized Finance protocols Yearn Finance and Cover Protocol announced the end of their protocol merger. “We have decided to...
John McAfee Indicted On Fraud & Money Laundering Charges For ‘Pump And Dump’ Scheme
John McAfee and his executive adviser Jimmy Gale Watson Jr. have been charged with securities fraud. Federal prosecutors believe...
PAID Network ($PAID) Crashes 70% In Minutes As Network Allegedly Exploited
$PAID, the native token of PAID Network, crashed by more than 70% in less than an hour. This is...
BitGo Acquires Trust License From New York Regulators
Digital asset custody BitGo has received a New York Trust license from the New York State Department of Financial...
Polkamarkets Collaborating With Bridge Mutual For Decentralized Insurance Coverage
Polkamarkets and Bridge Mutual jointly announced a partnership that will allow Polkamarkets’ users to claim decentralized finance (DeFi) risk...
MicroStrategy Purchases Additional 205 Bitcoin Valued At $10 Million
MicroStrategy CEO Michael Saylor announced the company has bought an additional 205 Bitcoins valued at roughly $10 million. This...

Featured Crypto News

Yearn Finance Breaks Off Merger With Cover
Decentralized Finance protocols Yearn Finance and Cover Protocol announced the end of their protocol merger. “We have decided to...
John McAfee Indicted On Fraud & Money Laundering Charges For ‘Pump And Dump’ Scheme
John McAfee and his executive adviser Jimmy Gale Watson Jr. have been charged with securities fraud. Federal prosecutors believe...
PAID Network ($PAID) Crashes 70% In Minutes As Network Allegedly Exploited
$PAID, the native token of PAID Network, crashed by more than 70% in less than an hour. This is...
BitGo Acquires Trust License From New York Regulators
Digital asset custody BitGo has received a New York Trust license from the New York State Department of Financial...
Polkamarkets Collaborating With Bridge Mutual For Decentralized Insurance Coverage
Polkamarkets and Bridge Mutual jointly announced a partnership that will allow Polkamarkets’ users to claim decentralized finance (DeFi) risk...
MicroStrategy Purchases Additional 205 Bitcoin Valued At $10 Million
MicroStrategy CEO Michael Saylor announced the company has bought an additional 205 Bitcoins valued at roughly $10 million. This...