Opulous, a relatively new blockchain-based music platform built for creators and investors, has seen the price of its token, OPUL, rally 175 percent after the project announced DeFi staking, CEX listings and S-NFT sales.
The biggest driver of interest in OPUL over recent weeks was the 45-minute sellout performance of its latest S-NFT (a non-fungible token sold as a security) for the song Patek Myself, by British rapper Ard Adz:
Opulous has foreshadowed a âmajor announcementâ in the coming week that entails an S-NFT sale for an entire music album:
New Staking Pools with AlgoFi
In other Opulous-related news, Algorand-based automated market maker Pact has established two liquidity pools for OPUL to be paired with ALGO and USD Coin (USDC). It has announced a joint campaign with the Algorand Foundation set to distribute 1 million ALGO tokens to supported pools between April 8 and June 2. Opulous has also revealed that new staking pools will join the Algorand DeFi hub, AlgoFi, from April 5:
The âBiggest Thing Since Streamingâ
Pretty good going, in all, for a platform that is little more than a year old. Launched in February 2021, Opulous provides a unique model for music artists to calculate future earnings and accept loans based on that forecast, while retaining 100 percent of their musicâs copyright.
With its NFTs, Opulous makes it possible for artists to break down ownership of their music into tokenised shares and offer them directly to fans. This means fans can invest in the artists they love and financially benefit themselves through earnings made from sales.
The Opulous model provides a monetary incentive for fans to promote the artists they have invested in. The more successful the artist, the more money the fan makes, through royalties paid out monthly. It has rightly been described as âthe biggest thing since streamingâ.
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