Blockchain protocol specialised in music Utopia Genesis Foundation has reportedly forged an alliance with digital securities issuance platform STOKR to release new revenue streams for artists and investment solutions for listeners.
Specifically, Utopia Genesis has reportedly listed out numerous methods that the alliance would offer, in assisting the tokenization and securitization of the artists’ work, together with establishing a gateway for listeners to tap into unique investment vehicles.
Utopia Genesis’ alliance with STOKR will reportedly 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”, along with letting artists and music owners to conduct selling activities of “fractional ownership of their work’s revenue stream” with the community.
Daniele Sestagalli, Chief Strategy Officer at Utopia Genesis, reportedly highlighted that the long-term goal of the partnership is to “take the first step” towards designing “a decentralized stock market for music”, which offers perks to both musicians 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 further stated.
The collaboration will reportedly release open transparency across the music sector, along with establishing a foundation for the way tech can assist in handling numerous issues existing throughout the music sector.