Blockchain-Powered Music Platform Utopia Launches Open Platformbr>
The Utopia Genesis Foundation has launched a blockchain solution that interfaces directly with the Utopia Music Platform to provide specific data to artists, stakeholders and fans meant to unlock a wider music ecosystem.
The Utopia Genesis Foundation’s mission is to establish an open and standardized process for the music industry to track, process and tokenize rights. By introducing a universal blockchain protocol for anyone who wants to run commercial projects in the modern music industry, the foundation aims to provide the infrastructure, tools and funding needed for the development, maintenance and growth of the ecosystem.
The foundation’s new blockchain solution, called Utopia Open Platform (UOP), will help establish an open and standardized process for the music industry by providing record labels access to geographic consumption data to more selectively plan artist tours. The platform also introduces 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. Artists will also be able to tokenize their music rights and interact with fans/investors to crowdfund their projects. The foundation said that allowing artists to use the applications that are in development on UOP such as the Live Application, a superior video streaming delivery and bespoke data analytics and insights of the live performances that enables high-quality live streaming of concerts and events, will result in the reach and profitability that traditional media has not been able to unlock.
“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.”
Along with the launch, the foundation also announced that it has whitelabeled Bitfinex’s Autonomous Token Sale technology to conduct an initial exchange offering for the blockchain’s native currency, UOP, later this month.