Utopia Genesis Foundation partners with Stokr. Music-focused blockchain protocol has partnered with digital securities issuance platform Stokr. Based on a press release from Utopia Genesis, the organisation has identified a variety of ways in which collaboration can allow artists to make their work known and securitize, as well as provide listeners with access to specific investment vehicles.
The release says that Utopia Genesis’ partnership with STOKR “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,” as well as enable artists and music owners “to sell fractional ownership of their work’s revenue stream with the community.”
Daniele Sestagalli, Chief Strategy Officer at Utopia Genesis noted that the long-term vision for the collaboration is to take “the first step toward building a decentralized stock market for music,” one which will benefit both artists and fans.
Sestagalli adds, “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. With this partnership, we are bringing open transparency into the music industry and setting the tone for how tech can help solve many of the industry’s challenges.”
Sestagalli also noted that demand for such a service appears to be picking up, as major music names such as Bob Dylan, Stevie Nicks, and Imagine Dragons have publicly explored selling some of their catalogue rights.
[image: Austin Neill]