News Release
[September 23, 2024, Dubai]
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Polytrade, the leader in RWA tokenization, announced today its strategic partnership with Anotherblock, a platform focused on facilitating the buying and selling of segmented music copyrights through NFTs. This collaboration positions Polytrade as responsible for the distribution of royalty fees, further solidifying its leading position in the field of innovative intellectual property management solutions.
Since 2021, Polytrade has been a pioneer in RWA tokenization, initially focusing on trade finance and now operating one of the largest RWA markets. This partnership will continue to expand their influence, including a more diverse range of RWAs, such as popular tracks like The Weeknd’s “Acquainted,” Justin Bieber’s “Company,” and Rihanna’s “BBHMM,” provided by their respective copyright owners such as producers and songwriters. Other significant works in this series include music from artists like Alan Walker, Martin Garrix, and BTS.
Piyush Gupta, Founder and CEO of Polytrade, said, “This is an exciting new direction for Polytrade as we expand into the music copyright and intellectual property space. The intellectual property and creator industries are rapidly evolving, and with the emergence of artificial intelligence and user-generated content, we anticipate a surge in new creators where tokenization will be the foundation for traceability and financing in this market. But this isn’t just a strategic entry into a new market; it’s about empowering artists, copyright owners, fans, and investors by creating a more transparent and efficient way of managing 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 as the tokenization of intellectual property and rights has seen significant fundraising activities in major financing rounds, such as the $80 million Story Protocol fundraising led by a16z and Polychain Capital last month, and the partnership between Pressman Film and Republic.
Polytrade will serve as a new counterpart for the NFT service protocol, distributing royalties to NFT holders. Anotherblock has now been appointed as the collection agent, providing essential services in the ecosystem by collecting royalty fees for rights holders, but now transferring the payment to Polytrade for distribution. While Polytrade will be responsible for distributing royalties to NFT holders, the ultimate obligation to pay royalties remains with the rights holders.
Michel D. Traore, Founder and CEO of Anotherblock, commented, “When looking for a partner to entrust with the distribution of royalty fees, they must have a strong team and appropriate ambitions. We are delighted that Polytrade fulfills these criteria.
“Our goal has always been to make music copyrights more accessible and liquid, and importantly, this new partnership is dedicated to providing robust solutions to the challenges surrounding royalty collection and distribution.”
As part of this transition, existing NFTs will be replaced by new NFTs through an airdrop on the underlying network, ensuring a seamless transition for existing holders. Polytrade will also be responsible for continuity and support for NFT holders and the Anotherblock community throughout the transition and beyond.
About Polytrade
Polytrade is a leading platform in the field of Real-World Assets (RWA), tokenizing real-world assets using blockchain technology. By connecting traditional finance with decentralized systems, they provide secure and efficient asset management. Polytrade’s ecosystem supports a variety of tokenized assets, from commodities to intellectual property, offering users diversified investment opportunities. The company is committed to transparency, security, and accessibility in an environment where RWAs continue to evolve. For more information, please visit multi-finance.io.
About Anotherblock
Anotherblock is a groundbreaking platform that simplifies the acquisition of music copyrights through advanced royalty technologies, bridging the gap between copyright owners and investors, making music copyrights an alternative asset class. For more information, please visit anotherblock.com.
