Utopia Genesis Foundation, an organisation formed to support the ecosystem development around blockchain-powered music royalties platform, Utopia Genesis, has launched three new platforms geared towards artists and creators in the music industry.
The unique platforms include Genesis Arts, a music-centric NFT portal, Genesis Pool, which aims to provide funding for music projects through Utopia’s own cryptocurrency, $UOP, and Reach, a music analytics platform providing real-time consumption data.
With the availability of new customisable subdomains for music artists, managers, brands and labels, Genesis Arts will give a first glimpse into the multi-chain portal that will allow for the creation of NFTs with royalty rights. Utopia is also partnering with Stokr.io to launch Genesis Pool, which will allow the owners of music content to use their back-catalogue and future royalties as collateral while retaining their copyright. Genesis Pool is tokenised, meaning for the first time, artists and creators will have their music rights open to investments from both institutions and fans.
“By combining our proprietary data resources with blockchain technology, the Utopia Genesis Foundation aims to unlock a range of new possibilities for today’s music industry,” says Thomas Contin, President of Utopia Genesis Foundation. “While there has been tremendous excitement around NFTs, we believe that the music industry is unique in that it requires a more holistic approach for handling the complexities that come with music making and rights attribution that’s beyond just minting collectibles. We look forward to working alongside strategic partners, artists and labels to usher in a new era of value creation and community ownership.”
With NFT sales surpassing USD2 billion in the first quarter alone, the increasing demand for a dedicated set of tools and marketplace for the music industry have become more evident. Since as early as 2016, artists like Imogen Heap have identified blockchain technology to be “the catalyst for change in the industry,” and were among the first to release songs on the Ethereum blockchain. Since, artists like Kings of Leon, 3LAU, Aphex Twin, Grimes and more have begun experimenting with the potential value that can be unlocked through NFTs and other blockchain technologies.
“We have been in numerous conversations with the world’s biggest music managers to help them navigate how to use this new technology and it became clear that many of the marketplaces out there aren’t capable of supporting what creators want to do,” says Rick Heffernan, Head of Business Development at Utopia Genesis Foundation. “To address the needs we’ve heard directly from major players in the global music ecosystem, it was imperative that we launched a music-centric platform and marketplace that could provide this audience with the tools they need to begin innovating.”
Genesis Art’s music-centric NFT marketplace will not only address the growing demand for NFTs, but offer a suite of tools that will make it easy for music artists and labels to seamlessly launch a fully customisable subdomain where they can operate a branded marketplace for buying, selling and auctioning music-NFTs. In addition to providing the broader music ecosystem with tools and data to operate a dedicated NFT marketplace, the Utopia Genesis Foundation will offer white glove service to artists who want to deploy smart contracts, mint music-NFTs, and launch compliant security token offerings (STO) in its ecosystem.
The Utopia Genesis Foundation will be holding a catalyst sale in the coming weeks, where buyers can purchase $UOP that will allow investors and fans to participate in Genesis Pool.
SOURCE: Hedge Week
