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Utopia Genesis Foundation, the organization formed to support the development of an open platform for the music industry, announced today Utopia Open Platform has launched directly on Mainnet. Coinciding with this news, Utopia Genesis Foundation has whitelabeled Bitfinex’s Autonomous Token Sale technology to conduct an initial exchange offering for the blockchain’s native currency, UOP, in December.
Through the Utopia Open Platform, a blockchain solution that interfaces directly with the Utopia Music Platform, the music industry will become more inclusive by providing specific data meant to unlock a wider music ecosystem. By using the platform, record labels will be able to access geographic consumption data to more selectively plan artist tours, and artists can use the applications developed on UOP to optimize and streamline releases and promotional efforts, achieving better results and deeper market penetration.
“The Utopia Music Open Platform will revolutionize the way the music industry interacts with data” said Thomas Contin, President of Utopia Genesis Foundation. “While the two often go hand in hand, data is often quite underutilized and our platform aims to change this by providing an open-sourced platform for any third party to build new technology, products and services on, which in turn will help to advance the industry at a much faster rate.”
The Utopia Open Platform will launch with the Genesis Application, which will allow for micro co-ownership of music projects, as it enables artists and owners of the music to sell a share of their work’s copyright revenue to the community. This application is the first of its kind to allow for thousands of owners of one project, which will empower community building, as artists will be able to tokenize their music rights and interact with fans and investors to crowdfund their projects.
The Utopia Open Platform aims to develop applications that will not only advance the industry, but also encourage all participants in the industry like artists, stakeholders and fans that data combined with blockchain protocol is the key to unlocking universal adoption.
“The perfect industry platform would communicate with all of the current platforms, not replace them” said Yvan Boudillet, CEO of TheLynk and a speaker at Utopia’s recent live event. “It will be a platform that enables connecting intelligence from social media, tracking plays on the radio and streaming. This platform must give a comprehensive and compelling view for artists, managers, labels, and CMOs so all of the stakeholders can speak the same language.”
The launch of the Utopia Open Platform comes at a significant time as technology is quickly and continuously changing the landscapes of different industries. Music tech companies like Shazaam are accurately predicting what artists will win awards based on the music consumption data it is collecting, while Spotify was tracking how people were affected by COVID-19 based on their music choices. The music industry is greatly benefiting from the convergence of blockchain with big data platforms, as blockchain based projects universally create monetary incentives for users. In this case, the users would be stakeholders and actual music fans, which helps the experience of listening to a favorite song not only be more interactive, but also rewarding.
