Polytrade, which claims to be a leader in RWA tokenization, announces its strategic partnership with Anotherblock, a platform focused on facilitating the buying and selling of 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 claims it has been focused on “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.”
Piyush Gupta, Founder and CEO of Polytrade said that with the advent of AI and UGC, they foresee that tokenization will be a foundation for traceability and financing of this market.
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.”
Polytrade is a 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.”
