Lykke to list Musereum Token (ETM) on the Lykke ExchangeLykke and Musereum, a platform designed to automate transaction processing in the music industry and to tokenize intellectual property rights in music, will add ETM token to the list of tradable assets on the Lykke Exchange.
ETM, a native payment token of the Musereum ecosystem, can be used for transactions within the system: service provider payments, license payments, royalty distribution, and music IP rights ownership represented by the second-level music tokens (similar to the ETH mechanics in second-level Dapp tokens). IP rights sharing and distribution, one of the key mechanics in Musereum ecosystem, will also be fueled by ETM tokens.
Music industry has one of the most complex intellectual property rights rules and practices. The market power is concentrated in the hands of large labels and content distributors. Blockchain technology has a potential to disrupt the way we register and transmit music rights, stated Sergey Ivliev, Lykke Co-founder. Thats why we are pleased to collaborate with Musereum, that aims not only to tokenize music, but also to solve the everlasting problem of IP market.
We are proud of our collaboration with Lykke, said Artem Abaev, CEO and co-founder of Musereum. Although our scope is limited to the music industry, at its core, Musereum is a legal tech project. Lykke has the necessary expertise and diligence to be not a mere exchange for our tokens, but a substantial partner in building a transparent and compliant ecosystem that is why our strategy is to use Lykke as a gateway to participate in early transactions with our music assets. We also strongly support the ideology of open blockchain marketplace that Lykke professes after all, our whole system is built around a nexus of such marketplaces.
ETM token trading on the Lykke Exchange begins on April 26th, 2018.
https://www.lykke.com/company/news/2018-04-musereum-listing