THE UTOPIA GENESIS FOUNDATION
A blockchain framework for everyone in the music industry
Tokenization of Music Catalogs and Royalties
Artists can tokenize their music rights. This means that the royalties to a song are embedded on a security token, which transacts across the blockchain. A security token can represent the rights and legal responsibilities of the token holder, along with an immutable record of ownership. The inherent transparency of blockchain technology ensures you know whom you are dealing with, the rights of the parties involved, and who previously owned the asset.
Every new song added to Genesis will be attributed to The International Standard Recording Code (ISRC), which entitles the owner to receive revenue from the track. A song, for the first time, is now encoded on a blockchain database.
Now that it is in the blockchain, the possibilities for the music are endless.
The Utopia Open Platform (UOP) is the ecosystem for the tokenized song. The UOP receives data from the existing Utopia Music Platform, which collects commercial music consumption and copyright data from numerous sources.
Over the past 3 years, it has collected over 3 billion data points
‘Genesis’ will be the first application on the UOP. Through Genesis, users will be able to plug into this data to keep track of songs, compositions, artists, writers, composers, record labels, releases, radio stations, DSPs, standard identifiers and much more.
Whether you are an artist, a producer, or a record label, you will be able to see where, how, when and with whom the music is performing best.Read more
Traditional investment in music is prohibitive. The large minimum investment amounts and holding periods are impractical for most investors.
The legacy music industry simply cannot facilitate smaller investments; the cost of titanic accounting tasks, and the complexity of tracking layered rights and royalties distributed across the globe, mean that it is simply not viable to allow everyone and anyone to invest small amounts.
We can open up to everyone and anyone, and that is exactly what we plan to do.
Tokens allow for the effective micro-division of an asset to multiple owners; smart contracts facilitate the implied complexity of such ownership, with all the necessary tracking and distribution of value across a multitude of currencies and tax jurisdictions.
Through the UOP, artists will be able to ask their fans and investors to crowdfund their projects. Their tokenized songs are attributed to The International Standard Recording Code (ISRC), which entails the right to collect revenue for the song, and the ability to distribute the revenue to the people who have sponsored the track.
While this is easy to take for granted, the archaic structures of the institutional music industry have limited such seemingly straightforward accounting mechanisms, as evidenced by the Black Box, where billions of dollars are lost every year.
To learn more about the problems facing the music industry, and our solution, click here.
Smart Contracts The Backbone
By building our product on the blockchain, we ensure that all token transactions are completed through smart contracts.
By removing intermediaries, smart contracts enable faster deal execution, as well as lower transaction fees.
Build - the App Store for music
There is a sea of unused data waiting to be applied; we are making that data accessible, and providing the framework to create applications out of it.
Third Party developers can use the music consumption metadata from the Utopia Music Platform to build applications on the Utopia Open Platform. That is why it is open; anyone can request to build. The Foundation will act as gatekeeper to approve the seriousness and appropriateness of apps.
Open Source principles will ensure the development of apps is in tune with the demands of those who need them. The UOP will act as an open marketplace, relying on free-market economics to ensure the products offer the greatest possible value to the users of the UOP.
Staying Flexible through an organic, bottom-up structure. An open platform allows the ecosystem to respond quickly and appropriately to the changing landscape of the industry. We are building a framework with the future in mind.
An Integrative Solution
We aim to create a framework for all members of the music industry. Artists, investors, and producers can all benefit simultaneously from our transparent approach to data collection and application.Read more
Board Of Director
Head of Business Development
Chief Operating Officer
Proud of what we do
With the funds generated through our Token sale and other activities, the Foundation will finance projects to benefit the music industry. They will provide financial support to a curated list of charities, support artist scholarships, and other contributions supported by the community, via the Board of the Foundation, or the Decentralized Autonomous Organization (DAO).
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