From a press release issued by the Utopia Genesis Foundation, a project that aims to unite the music industry with the blockchain sector by specializing in music copyright, we learn that in less than a week their IEO (Initial Exchange Offering) for the UOP token will be launched on Bitfinex.
The IEO will start on December 16th and end on December 18th.
From the whitepaper, which can be found here, it is clear that this project uses its own blockchain that uses the PoA (Proof of Authority) consensus protocol and therefore uses a number of decentralized validators.
The UOP tokens function as a governance tool.
Even though this is a new blockchain, a bridge has been set up to transform the UOP tokens into ERC20 to allow everyone to participate in this token sale.
As mentioned, the sale of the tokens will be done through an IEO on the Bitfinex platform, so all users who want to get this token in advance will be able to do it with a well-known platform and without any problems.
The price of Utopia’s UOP token
In detail, we can see that the price for each UOP token has been set at $0.32. Users will only be able to buy them using Bitcoin (BTC) after completing the KYC (Know Your Customer) procedure.
The total number of tokens set up for this sale is 6,250,000 UOP; users will be able to buy a minimum of 10 dollars and a maximum of 20 thousand dollars, so if the project manages to complete the entire sale of the tokens it will be worth 2 million dollars and therefore more than 100 BTC.
The President of the Utopia Genesis Foundation, Thomas Contin, said:
“By utilizing Bitfinex Token Sales’ technology for our IEO, our users will be able to have a seamless token sale experience when purchasing the UOP. The UOP is a crucial benefit to the music industry. Not only will the UOP be an alternative for artists looking to raise capital for tokenizing music data, it is also the backbone of Genesis, the first Music Rights Tokenization platform connected to data that will enable a transparent pricing and value determination for Music Catalogs making Music investment Fungible and Accessible to anyone”.