In line with Wallebi, music industry is one of the sectors, which benefited from blockchain technology. In fact, the blockchain adoption is surging in this industry in order to increase the revenue for both producers and listeners. Many companies collaborated so far to bring blockchain technology in to real life. As a result, we are witnessing a new collaboration in blockchain-based music industry. Recently, STOKR and Utopia Genesis Foundation collaborated in order to generate an investment tool for listeners and a revenue streams for artists.
A New Collaboration In Blockchain-based Music Industry; Genesis Foundation and STOKR
Utopia Genesis Foundation is a music-focused blockchain protocol. STOKR also is a digital securities issuance platform. Both companies are trying to create a competition in the increasingly crowded blockchain-based music industry.
The Utopia Genesis announced that the new collaboration would help artists in order to secularize and tokenize their work. In addition, it would enable listeners to access to unique investment tools.
The new partnership benefits both artists and listeners
In fact, the new partnership will enable artists and owner of music to tokenize assets. It also helps them to create debt or equity instruments to run a crowdfunding project. The artists and producers use crowdfunding to raise fund for their new album, merchandise, and collectibles. Additionally, the artists would be able to sell fractional ownership of their work’s revenue stream with the community.
The Chief Strategy Officer at Utopia Genesis, Daniele Sestagalli, explained the long term vision of the project. He mentioned that this partnership is looking for taking the first step in order to build and create decentralized stock market for music space. Sestagalli believes that it could benefit both listeners and artists. In addition, it can bring the transparency into music sector and is able to solve the existing challenges in this industry.