Music Protocol taps Plume Network to revolutionize music tokenization

Brevan Howard Digital and Haun Ventures backed real-world belongings platform Plume Network and Music Protocol, a tokenized real-world music belongings protocol, have teamed up to redefine music tokenization and monetization.

Plume and Music Protocol announced their collaboration on Feb. 24. The partnership will allow the music royalties tokenization platform to leverage Plume Network’s modular blockchain to carry music mental property on-chain. 

With Music Protocol aiming to rework possession within the music business by the RWA house, Plume’s purpose-built blockchain might play an important function. The companions famous in an announcement that by working collectively, they might unlock new alternatives for artists, traders, and copyright holders, amongst different customers.

Music Protocol facilitates the monetization of music royalties by bringing them on-chain as digital belongings.

To attain this, the protocol makes use of blockchain know-how’s transparency and safety, together with crypto’s liquidity, to allow programmable music IP on-chain. This creates new monetary alternatives for traders throughout the business.

Customers will likely be in a position to commerce and handle music IP with decrease transaction prices, the companions said.

“By optimising infrastructure for real-world belongings, Plume offers an ecosystem that ensures seamless integration for industries corresponding to music, actual property, and finance,” Music Protocol famous in a publish on X.

As the businesses bridge music IP and blockchain, they purpose to help an ecosystem that provides not solely funding alternatives but additionally new income streams. Music Protocol will increase the accessibility of RWA music on-chain with monetary help from a Plume Basis grant.

In January, Plume announced the growth of its cross-chain integration through its interoperability answer, SkyLink. The platform deliberate to deploy SkyLink throughout 18 blockchains, together with Solana, Injective, Motion, and Core, because it targets institutional-grade RWA adoption.

In early February 2024, Plume Network introduced a partnership with Latin America crypto platform Mercado Bitcoin to assist tokenize $40 million in RWA. The community has built-in a number of different key business gamers, together with Ondo Finance, Google Cloud, Superstate, Fireblocks, Symbiotic, Cobo and Aethir.