Utopia Genesis Foundation, the organisation formed to support the development of an open platform for the music industry, has announced it will integrate its Open Platform and Genesis Application with Terra Virtua, a marketplace geared for the mass market which allows for purchasing, trading and interaction with NFTs across multiple platforms.
“Working with Terra Virtua will allow us to expand upon the Utopia Open Platform and add the ability for artists and music owners to mint their own collectables and merchandise, said Daniele Sestagali, CSO of Utopia Genesis Foundation. “Together with some of the most innovative companies adopting blockchain technologies, we aim to work collaboratively to move the industry forward.”
This integration will allow artists and music owners to tokenise virtual goods such as NFTs, merchandise and other collectables. Together with the Utopia Open Platform and its Genesis Application, music industry stakeholders and the larger community will be able to tokenise music rights and assets, along with participating in the crowdfunding of new projects and initiatives.
Terra Virtua facilitates the ability for collectors and enthusiasts to tokenise their virtual goods throughout many platforms, including PCs, web portals, mobile devices, applications and even augmented reality systems. It does so by creating an immersive marketplace and ecosystem where people can buy, sell, store and display digital collectables in fully customisable environments. Terra Virtua is currently working with leading brands such as Paramount Pictures and Legendary Entertainment. Beyond NFTs, Terra Virtua also facilitates the convergence of digital collectables with decentralised finance.
“By having access to the most relevant catalogue of music, and also to indie bands alike, we can provide a way for bands to receive incremental revenues from merch, reach a global audience and better connect with their fans,” said Jawad Ashraf, Co-Founder and CTO of Terra Virtua. “We believe Utopia has the ability to deliver and work with us to provide a complete layer of monetisation artists have not had before.”
Formed to support the development of the Utopia Open Platform for the music industry, the Utopia Genesis Foundation found synergies between Terra Virtua and the Utopia Genesis Application, which will allow for community members to take an active role in the creation, production and revenue of various music assets, from songs and albums to NFTs and collectables. By tokenising all aspects of the music supply chain and providing the infrastructure needed to capture new market opportunities, Utopia aims to build the most vibrant community with the help of strategic partners like Terra Virtua.