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Opulous (OPUL) is a blockchain-based music fundraising and copyright registration protocol. The platform combines DeFi yield generation systems with advanced NFT (non-fungible token) technology to empower artists and fans. Opulous provides musicians and fans a share in the music industry’s vast royalties.
Notably, Opulous has already received support from several large exchanges at its launch. Both Gate and KuCoin support the project. Additionally, the network has had several celebrities endorse its services. Most recently, the hip-hop artists Lil Pump and Soulja Boy conducted an NFT sale to fund their Mona Lisa project. Impressively, the artist secured their target funding of $500,000 in under two hours.
What Problems Does Opulous (OPUL) Solve?
There are a lot of problems with the music industry currently. For one, the artists are at the bottom of the totem pole. Record deals have become increasingly overbearing with the current 360-deal standard taking around 91% of an artist’s royalties. Worst of all, these deals require artists to pay commissions on other non-music-related activities.
At the root of the problem are large record labels. These firms operate as major choke points in the market. They can control an artist and steer their music and career to meet their needs. In many instances, artists end up losing the copyright for their works which strips them of any residual payments.
Opulous enables musicians to retake control of their careers. The protocol was built from the ground up to enable musicians to develop their careers, support each other, and stay independent. As part of this strategy, the protocol ensures musicians keep their music rights. These rights can be utilized as value-backed assets using Opulous.
Censorship efforts have increased greatly over the last five years. The centralization of the industry and social media has led to a common narrative being formed with all who create outside these boundaries relegated to the shadows. Record labels have long used their influence to steer artists’ creations and ensure only those projects that meet their standards and requirements receive funding and support.
Lack of Funding for Artist
Another major problem encountered by artists is finding funding to complete and promote new projects. The truth of the matter is that it’s very difficult to get funding for music-related projects from the traditional financial sector. The chance of walking into your local branch and obtaining a loan for your mixtape is usually impossible.
Despite the fact that the music copyright industry accounts for billions in profits yearly, bankers still fail to realize the value of these assets. As such, many projects never materialize. Opulous provides artists with open access to crowdfunding capital without using banks. This approach enables artists to remain independent.
Benefits of Opulous (OPUL)
There are a lot of benefits that users gain when they join Opulous. For one, the system has a variety of features that empower fans and artists to connect and earn together. The protocol is open to anyone with a smart device which means there are no centralized gatekeepers to censor your music or block your investments
New Artist Discovery
Opulous operates as a next-generation artist launchpad. The community gets to decide what artists deserve to have their careers expanded. Additionally thanks to the unique funding systems in place, users can secure returns when these artists’ careers progress.
Opulous musicians enjoy access to better royalty tracking. The system eliminates the need to rely on third parties. Instead, an artist can track their own royalties, which are paid out automatically directly to the NFT holder’s wallet. This approach streamlines one of the core processes and expenses for artists.
Another major benefit for Opulous is its cross-chain capabilities. The network currently supports Ethereum (ETH), Binance Smart Chain (BSC), and Algorand (ALGO). This multi-chain strategy enabled the network to launch on the two top DEXs (decentralized exchanges) in the world, Uniswap and PancakeSwap simultaneously.
Opulous offers a selection of ways to drive profits. The protocol pays out royalties to artists. Additionally, users can stake their OPUL tokens to secure low-risk returns. The popular CEX, Gate was the first major protocol to support these actions. Notably, Gate pays an APY of 35%.
How Does Opulous (OPUL) Work
Opulous was built on the high-performance Algorand blockchain. This network was built to provide top-notch scalability and low gas fees to the market. Musicians can use Opulous to launch music copyright NFTs. Users can then support these projects by providing liquidity. For their efforts they receive S-NFTs.
The protocol leverages off-chain sensors called oracles to monitor song views on popular streaming platforms like Spotify and Apple Music. The protocol is set up to monitor the entire entertainment industry so royalties are paid for your music plays on the radio, television shows, movies, video games, and more. These royalties are paid out quarterly in USDC stablecoins.
Opulous also offer low-interest loans to artists already securing royalties. These up-front loans can equal the total amount of revenues generated over the last 12-months. The network supports loans with interest rates as low as 4%. This feature is ideal for established artists seeking to launch a new project without a bunch of strings attached to the final product.
OPUL is the main utility token for the network. Users need to hold OPUL to interact with Opulous’ features. These coins can be used to pay for services, invest in projects, and create music NFTs. OPUL users can stake their tokens to secure low-risk passive rewards. OPUL is a capped supply token with a max issuance of 500,000,000.00 coins.
How to Buy Opulous (OPUL)
Opulous (OPUL) is available on the following exchanges:
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
Gate.io – This exchange was established in 2013, and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK. USA & Canada residents are prohibited.
Huobi Global – Established in 2013, Huobi Global has since become one of the world’s largest digital asset exchanges, with an accumulated trading volume of US $1 trillion. It should be noted that Huobi Global currently does not accept USA or Canadian residents.
Opulous (OPUL) – Empowering Musicians and Improving the Music Industry
Opulous provides the entire music industry with a more transparent and democratic alternative to the status quo. Musicians benefit greatly from features such as the ability to monitor their royalties and access public funding. Fans also gain the ability to invest in musicians’ careers and prosper. Together, these features make Opulous wisely positioned moving forward.
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