Dubai, UAE, September 23rd, 2024, Chainwire
Polytrade’s latest deal sees the business assume responsibility for BTS, Guetta, Rihana, and Bieber royalty distribution, among others. The partnership adds IP and music royalties to Polytrade’s RWA portfolio, assuring transparent and timely royalty distributions.
Polytrade, a leader in RWA tokenization, today announces its strategic partnership with Anotherblock, a platform focused on facilitating the buying and selling fractionalized music rights through NFTs. This partnership sees Polytrade assume responsibility for royalty distribution, further positions the business at the forefront of innovative IP management solutions, and strengthens its dominance in the RWA space.
Since 2021, Polytrade has been a pioneer in tokenizing RWAs, initially focusing on trade finance and now running one of the largest RWA marketplaces. This partnership continues to expand their reach, encompassing an even more diverse range of RWAs including notable tracks such as “Acquainted” by The Weeknd, “Company” by Justin Bieber, and “BBHMM” by Rihanna, made available by their respective rightsholders, such as producers, songwriters, etc. Other significant works in the collection include music from artists like Alan Walker, Martin Garrix, and BTS.
“This is an exciting new direction for Polytrade as we expand into music rights and IP,” said Piyush Gupta, Founder and CEO of Polytrade. “The IP and creator industry is evolving rapidly. With the advent of AI and UGC, we foresee many new creators coming and tokenization will be a foundation for traceability and financing of this market. But this isn’t just about strategic entry to a new market; it’s about empowering artists, rightsholders, fans, and investors by creating a more transparent and efficient way to manage royalties. We are committed to pushing the boundaries of decentralized assets, and this partnership allows us to open new doors for our community and business.”
This comes at a time when tokenization of Intellectual Property and Rights has been heating up, on the back of major funding rounds such as Story Protocol’s $80M fundraise led by a16z and Polychain Capital just last month and Pressman Film’s partnership with Republic.
Polytrade will serve as the new counterparty in NFT Service Agreements, distributing royalties to NFT holders. Anotherblock, now appointed as the collection agent, maintains its crucial role in the ecosystem by servicing royalty collections from rightsholders, but will now pass payments to Polytrade for distribution. Although Polytrade will be responsible for distributing royalties to NFT holders, the ultimate obligation to pay out royalties continues to lie with the rightsholders.
Michel D. Traore, Founder & CEO at Anotherblock commented, “When finding a partner to entrust with royalty distribution, it was imperative that they brought a strong team and proper ambitions. We’re thrilled that Polytrade brings just that. “Our goal has always been to make music rights more accessible and liquid, and importantly this new partnership works towards providing robust solutions to the challenges that surround royalty collection and distribution.”
As part of this transition, current NFTs will be replaced with new NFTs on Base network via airdrop, ensuring a seamless transition for current holders. Polytrade will also assume responsibility for the NFT holders and Anotherblock community, providing continuity and support throughout the transition and beyond.
About Polytrade
Polytrade is a leading platform in the Real World Asset (RWA) space, utilizing blockchain technology to tokenize real-world assets. By bridging traditional finance with decentralized systems, they offer secure and efficient asset management. Polytrade’s ecosystem supports a wide range of tokenized assets, from commodities to intellectual property, providing users with diverse investment opportunities. The company is dedicated to ensuring transparency, security, and accessibility in the evolving landscape of RWAs. Users can learn more at polytrade.finance
About Anotherblock
Anotherblock is a pioneering platform that streamlines access to music rights through advanced royalty technology – bridging the gap between rightsholders and investors, making music rights accessible as an alternative asset class. Users can learn more at anotherblock.com
Contact
Shreya Berry
Polytrade Finance
[email protected]
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