opulent is a decentralized music platform created to give musicians back control of music as art while creating an ecosystem to connect with fans and earn together. This is made possible by blockchain technology, on which works by artists are imprinted, preserved and shared across platforms.
By the end of 2020, music revenue grew by 7.4% worldwide $21.6 billion. However, artists complain about the transparency in accessing these funds. For example Spotify claims It paid $7 billion in royalties in 2021, but artists don’t seem happy with that number.
To solve the problem of funding emerging artists and to provide existing artists with decent earning opportunities, Opulous has created a platform that offers artists faster and easier access to funding so they can track and control their earnings. It also offers copyright protection for the artworks produced on the platform and a connection to a huge following.
Features of Opulous
The platform provides a copyright system for musicians through the use of Music Fungible Tokens (MFT). This is the music version of NFTs, designed to innovate the music industry by combining artworks in the form of music and the blockchain. MFTs are music NFTs. MFTs help maintain the royalties paid to artists.
Opulous has a launchpad where MFT projects can be launched. The Launchpad is a product designed to assist in the planning, development, and publishing of work created by artists on Opulous. Artists gain access to funding, marketing strategies, and other forms of resources needed to successfully launch projects.
After starting a project, MFTs can be staked in Opulous. According to Opulous, each MFT has its own staking pool where buyers can lock their tokens and receive rewards generated by the music release.
MFTs can be traded in the same way as art NFTs. Opulous has one Exchange where users can decide to buy and sell their MFTs. Opulous’s native token – $OPUL – is the transaction fuel in this market. This also brings an opportunity between creators and fans where a community is formed between them and fans can be real investors in their stars’ music careers.
Timetable from Opulous
Opulous launched in 2020 and raised its first $1.5 million seed in 2021. Development lasted until 2022, when the company launched its staking pool in Q3 2022; Royalty Distributions, Royalty Vault and MFT Ecosystem in Q4 2022; and self-service MFT sales in Q1 2023.
Opulous recently announced ambassador programwhere its community can apply to be part of Opulous’ growth process while being rewarded for their commitment.
Tokenomics of Opulous
$OPOL is the native token of the Opulous platform. The litepaper showed the total supply of the token at 500 million. It will serve as a utility token that allows users to pay for services on the music platform and earn stakes, as well as a governance token to control proposals and the development of the project.
Opulous team and partners
Lee Parsons serves as CEO of Opulous. He has been a music entrepreneur and founder of for decades Ditto music, a global music distribution and record label services company. Lee has had engagements with top artists such as Ed Sheeran, Chance the Rapper, Stormzy, Sam Smith and Royal Blood. Fernando Cruz assumes the role of Chief Marketing Officer. He has worked with multiple music brands for more than a decade, including Ditto as a business developer.
Jay Moore is the Chief Investment Officer of Opulous. Coming from the entertainment industry, he served as senior director of investments at Kobalt Music before becoming Ditto Music’s chief investment officer. Opulous has Miles Carroll as Chief Operations Officer Miles. He is an investor and businessman and was the CEO of Kosmos Capital, a blockchain company.
Opulous’s advisors include Nick Gatfield, former CEO of Sony Music; David Garcia, CEO of Borderless Capital; Michael Kiook Jeoung, CEO and Founder of TrustVerse; Mounia, COO Icon Plus; Mark Gillespie, CEO, Three Six Zero; Taylor Bennett, Manager of Music Artists; Clarence Liu, CTO & Co-Founder, Tacen; and Tammy Ahn, Managing Partner, Lodesart Pte among others. Double Peak Group and Borderless Capital are Opulous’s two active investors.
Its working partners include Algorand, Circle, Pera, Securitirize, Spartan, Applied Blockchain,
Also read;
How music can drive adoption of Web3
Groove Up: NFT Music Verse and Stream-to-Earn Music-Fi
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.