Story Protocol Shakes Up Music Industry by Tokenizing Maroon 5 & Katy Perry Hits
In a groundbreaking move, Story Protocol has officially announced the acquisition and tokenization of partial copyrights for the chart-topping songs "Nobody's Love" by Maroon 5 and "Daisies" by pop sensation Katy Perry.
By bringing the iconic copyrights of Maroon 5 and Katy Perry onto the blockchain, a new avenue of investment has been unlocked, offering investors easier access to the lucrative music copyright sector. This bold step begs the question - could tokenizing Real World Assets (RWA) in the music industry be the next big trend to watch out for?
The selection of Maroon 5 and Katy Perry for this innovative venture is no coincidence - these artists boast massive global followings and have earned numerous accolades in the music industry. Maroon 5's three Grammy Awards and over 135 million records sold, along with Katy Perry's 100 million records sold and string of diamond-certified singles, position them as prime candidates for this exciting tokenization initiative.
With hits like Nobody's Love and Daisies amassing impressive streaming numbers and generating substantial passive income, the decision to tokenize the copyrights of these songs opens up a realm of possibilities. By dividing the rights into digital tokens, investors can engage in trading or holding these assets, potentially reshaping the dynamics of the music industry investment landscape.
This move is part of a larger strategy by Story Protocol to acquire a substantial portion of copyrights from more than 50 major artists, including big names like BLACKPINK, Miley Cyrus, and Justin Bieber, as previously outlined by the company.
As the cryptocurrency world continues to witness the rise of Real-World Asset Tokenization, where physical or intangible assets are transformed into digital tokens on the blockchain, the potential for growth in this field is undeniable. Recent data from CoinGecko reveals that the market capitalization of RWA-related projects has exceeded $32 billion, indicating a robust interest in this burgeoning sector.
Forecasts from Security Token Market suggest that the tokenized RWA market could skyrocket to a staggering $30 trillion by 2030, with sectors such as securities, real estate, bonds, and gold leading the charge. The World Intellectual Property Organization (WIPO) estimates that the global economic value of Intellectual Property, encompassing copyrights, patents, and trademarks, contributes a substantial 38% to the global GDP - a figure surpassing $30 trillion annually.
Despite the massive economic significance of Intellectual Property, the industry faces liquidity challenges, making it cumbersome and time-consuming to buy, license, or assess IP assets without legal complexities. By tokenizing IP assets, the process could become more transparent, efficient, and accessible to all, signaling a potential breakthrough that Story Protocol is striving to achieve.
While Story Protocol is poised to make waves in the IP sector through its innovative approach, challenges lie ahead in a competitive environment where projects like Ondo Finance, Centrifuge, and MakerDAO are already making their mark. Legal hurdles and compliance requirements from organizations like WIPO and the Berne Convention must be addressed to ensure the success of Story Protocol in attracting major IP holders to its platform.
As Story Protocol ventures into tokenizing the copyrights of iconic songs by Maroon 5 and Katy Perry, its journey to revolutionize the IP landscape is just beginning. By proving its utility, overcoming legal obstacles, and garnering industry adoption, Story Protocol aims to carve a unique space for itself in this rapidly evolving sector.