Utopia Genesis Foundation, the organization formed to support the development of an open platform for the music industry, announced today that its first token event on Bitfinex Token Sales has received more than $2 million worth of Bitcoin pledges from participants within the first 24 hours of its commencement.
Upon the completion of the token event for UOP, the token native to the Utopia Open Platform, on December 18 at 9:00:00 AM UTC, eligible participants will receive UOP allocations proportional to their share of the total amount pledged. Through this Pro Rata distribution model, Utopia Genesis Foundation is able to ensure fair token allocations, especially in the event of an oversubscribed sale.
“We are delighted to have blown past our target in the first 24 hours, and especially as bitcoin’s price reached new all time highs,” said Daniele Sestagalli, Chief Strategy Officer of The Utopia Genesis Foundation. “In the past few months, our team has been laser focused on building out the necessary infrastructure to standardize and create an open platform for the music industry. The success of this token event will enable us with the resources we need to continue expanding upon our tech stack and integrations in the coming months.”
The Utopia Open Platform, which is live on Mainnet, is a blockchain solution that interfaces directly with metadata from the Utopia Music Platform, a data and analytics firm used by artists, record labels and rights managers to track song plays and remit royalties based on real-time consumption data. In addition to tokenizing music rights and royalties, the Utopia Open Platform recently launched its Genesis Application with STOKR and Terra Virtua integrations to enable artists with easy to use tools for tokenizing equity and debt instruments for crowdfunding the launch of songs and albums on a decentralized marketplace, and virtual goods such as NFTs or collectibles, respectively.
For information on the UOP token sale, please visit https://tokensales.bitfinex.com/utopia
For more information, please visit: https://utopiagenesis.com/
