• Thu. Apr 18th, 2024

The Blockchain-Based Music Space is Getting More Competition

Dec 12, 2020

In the recent reports, it has been confirmed that STOKR and Utopia Genesis Foundation have officially announced their partnership. For those who are currently unaware of the two entities, STOKR is a digital securities issuance platform. On the other hand, the Utopia Genesis Foundation is a blockchain protocol that is focused on music.

In the running year, the blockchain-backed music industry has gained a lot of popularity and following. As a result of this, the blockchain-backed music space has been experiencing a huge crowd influx. With two crypto-specialist firms now entering the blockchain-backed music space, things are about to get serious in the crypto-music sector.

As per many analysts, the partnership between STOKR and Utopia Genesis Foundation will now result in many other firms jumping into the blockchain-based music industry to become the leader.

After the official announcement, the Utopia Genesis released its own press-release to shed some more light on its aim and goal. The firm explained to its users/followers how it is able to facilitate artists and listeners.

The Utopia Genesis’s main goal would be to help the artists in tokenizing as well as securitizing their work. Additionally, the firm’s goal will also be to provide listeners the access to choose from multiple and unique investment options.

As per Utopia Genesis, its partnership with STOKR will enable the artists and the music owners to tokenize their assets. Furthermore, the artists/music owners will also be able to create debt instruments or equities. With the help of these tools, the artist/music owners will be to raise funds through crowdfunding that they would be able to use in so many ways.

Some of the major uses that the artists/music owners will have to include the launching of merchandise, albums, collectibles, and much more. In addition to this, the artists/music owners will also have the ability to sell a small fraction of their ownership. The ownership in this case refers to the revenue they generate through their work and can then share it with the blockchain-based music community.

The Chief Strategy Officer ‘Daniele Sestagalli’ at Utopia Genesis shared the vision of their collaboration-partnership with STOKR. Daniele stated that the partnership between the two firms is expected to go a long way. If things go as planned, the Utopia Genesis in partnership with STOKR will soon be working on the main project.

Daniele Sestagalli confirmed that their main goal is to introduce a decentralized stock market for the blockchain-backed music industry. The firm also clarified that it will not only provide the artists with the ability to profit from it but also the listeners.

With the help of the blockchain-backed platform, the artists will no longer be dependent on record labels. Instead, it will be common people, crypto-investors that will be providing artists with crowd-funding.

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