Music NFT Token OPUL Up 785% In A Month, The ‘Biggest Thing Since Streaming’?

Opulous (OPUL), a protocol focused on the tokenisation of the music industry, has set fire to the crypto charts with a 785 percent breakout in a single month on the back of a partnership with “market maker” Jump Trading.

The OPUL project aims to empower artists to the extent that music rights can be utilised as value-backed assets in decentralised finance (DeFi).

Since its low point of US$0.635 at the end of September, the OPUL token ballooned 1,095 percent to a new all-time high of US$7.60 on November 15 as its 24-hour trading volume spiked 564 percent to US$11.67 million.

Why OPUL Is On Fire

There are three underpinning reasons for OPUL’s breakout:

• the successful completion of its first security NFT (S-NFT) sale;
• the token’s cross-chain capabilities, which have enabled support from multiple centralised (CEXs) and decentralised exchanges (DEXs); and
• the rising popularity of the NFT ecosystem as a whole.

The first of these factors saw a special token standard created in conjunction with Republic Music, an investment product that claims to offer “an entirely new way to create, produce and share royalties”. Opulous partnered with rap artists Lil Pump and Soulja Boy to conduct the S-NFT sale for their song Mona Lisa, which last month raised its goal of US$500,000 in less than two hours.

How Opulous Works

Once the investment process is finalised by Republic, contributors can go to the Opulous website and mint the S-NFT tokens, which will be distributed on the Algorand blockchain. As the song accumulates streams on platforms like Spotify and Apple Music, or attracts other publishers such as radio or television shows, movies or video games, royalty shares are distributed quarterly in the form of USD Coin (USDC) directly to wallets holding the S-NFTs.

The second factor working in OPUL’s favour has been the level of support from several large CEXs and DEXs, which have helped increase traders’ access to the token. OPUL was also able to launch on two of the largest DEXs in the crypto ecosystem – Uniswap and PancakeSwap – thanks to its cross-chain capabilities, which currently include Ethereum and Binance Smart Chain (BSC) as well as Algorand.

As for the third factor, the explosion of the NFT ecosystem in 2021 is a given. Recent keyword data on Google shows that searches for “non-fungible tokens” and “NFTs” are at all-time highs. No surprises there.