Utopia Genesis Foundation announced today that it will be integrating with STOKR S.A, a primary issuance platform for digital securities, to enable the tokenization of music rights through Utopia Open Platform’s Genesis Application. In doing so, the Genesis Application 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.
“Integrating with STOKR will allow us to deliver the first open platform and marketplace for tokenizing music rights and assets,” said Thomas Contin, President of The Utopia Genesis Foundation. “Through the Genesis Application, the process of creation and ownership is democratized in ways that would only be possible by fusing blockchain technologies with big data and AI. Achieving this marks a major milestone for us as we prepare for the launch of the Genesis Application marketplace.”
Together with STOKR, the Genesis Application will enable artists and owners of the music to sell fractional ownership of their work’s revenue stream with the community. This means, when a new song is tokenized or a new project for a song is launched, it will appear on the Genesis Application where the community will be able to use Utopia’s Open Platform token, UOP, to participate and interact with different projects being proposed.
“Investments in the music industry are restricted to a handful of entities and investors. The tokenization of music rights will enable a wider investor community to invest in this alternative asset class,” said Arnab Naskar, Co-founder and Business Lead at STOKR. “With Utopia Genesis Foundation as a partner, we believe that we will be able to bring more blue chip music companies into tokenization. Rights assets and rights data will position our platform as a market leader. We’re thrilled to say that we are bridging the gap between the music industry and the capital markets.”
STOKR supports the issuance of security tokens for small and medium sized businesses, as well as innovative project financing. Currently, STOKR supports the issuance of security tokens on the Ethereum, Blockstream AMP (earlier Liquid Network) and Algorand. With this partnership, STOKR will enable the issuance of security tokens by artists through the Genesis Application, and launch a new section of its marketplace to feature tokenized music offerings.
