Brevan Howard Digital and Haun Ventures backed real-world assets platform Plume Network and Music Protocol, a tokenized real-world music assets protocol, have teamed up to redefine music tokenization and monetization.
Plume and Music Protocol announced their collaboration on Feb. 24. The partnership will enable the music royalties tokenization platform to leverage Plume Network’s modular blockchain to bring music intellectual property on-chain.
With Music Protocol aiming to transform ownership in the music industry through the RWA space, Plume’s purpose-built blockchain could play a crucial role. The partners noted in an announcement that by working together, they could unlock new opportunities for artists, investors, and copyright holders, among other users.
Music Protocol facilitates the monetization of music royalties by bringing them on-chain as digital assets.
To achieve this, the protocol utilizes blockchain technology’s transparency and security, along with crypto’s liquidity, to enable programmable music IP on-chain. This creates new financial opportunities for investors across the industry.
Users will be able to trade and manage music IP with lower transaction costs, the partners stated.
“By optimising infrastructure for real-world assets, Plume provides an ecosystem that ensures seamless integration for industries such as music, real estate, and finance,” Music Protocol noted in a post on X.
As the companies bridge music IP and blockchain, they aim to support an ecosystem that offers not only investment opportunities but also new revenue streams. Music Protocol will expand the accessibility of RWA music on-chain with financial support from a Plume Foundation grant.
In January, Plume announced the expansion of its cross-chain integration via its interoperability solution, SkyLink. The platform planned to deploy SkyLink across 18 blockchains, including Solana, Injective, Movement, and Core, as it targets institutional-grade RWA adoption.
In early February 2024, Plume Network announced a partnership with Latin America crypto platform Mercado Bitcoin to help tokenize $40 million in RWA. The network has integrated several other key industry players, including Ondo Finance, Google Cloud, Superstate, Fireblocks, Symbiotic, Cobo and Aethir.
