The Music NFT Opulous platform will launch the token offering on June 30, what is it?
The Music NFT Opulous platform will launch its Algorand ASA and ERC20 $ OPUL token offering on June 30 via the TrustSwap launch pad.
TrustSwap, an Ethereum-based DeFi ecosystem and launch pad, announced the news in a blog post on Monday, June 30. According to the announcement, the OPUL token will be an ERC 20 token and Algorand Standard Assets (ASA).
What is Opulous?
Opulous is the first platform of its kind to bring decentralized finance to the music industry. The platform will connect investors and music fans with their favorite artists, as well as enjoying the rights and royalties associated with an artist's copyright through NFT technology, smart contracts, and blockchain within a decentralized architecture.
The Opulous team began development of the project in January 2021 with its partner Bluebox, which is now merging with Opulous. The Opulous is backed by Algorand, Rand Labs, R3, and more.
The platform is based on smart contracts from Algorand and Ethereum. Therefore, the team will launch a multi-chain token on Ethereum and Algorand and offer users the option to choose which one they prefer to use on the platform.
To make this possible, Opulous is currently working with Algorand to build a bridge that will facilitate transfers between both blockchains.
How does Opulous work?
The Opulous will provide a "launch pad for the first copyright-backed music NFTs, as well as DeFi loans that will change the way artists access the funding they need." The project aims to bring DeFi to the DeFi industry by partnering legal music copyright contracts with digital NFTs.
The Opulous ecosystem consists of three products.
- NFT Launchpad: On the Opulous platform, artists, writers, and rights holders can create NFT tokens directly linked to their music copyright shares. Opulous NFT tokens offer holders a share of future music royalty earnings along with exclusive rewards and experiences for fans. Royalties generated from all global sources, including Spotify, Apple Music, live concerts, media syncs, public venues, and more, will be split between artists and NFT holders.
- NFT exchange: On the Opulous NFT exchange, anyone can buy and exchange copyright-backed music NFTs to earn a share of the royalties generated. By purchasing an NFT on the Opulous NFT Exchange, fans will be able to support their idols by purchasing copyright shares of their songs, all while earning a portion of the royalty income from that track for themselves.
Users can purchase music NFTs using a native OPUL token or debit / credit cards.
- DeFi Loans: Opulous offers low-risk DeFi loans using future royalties as collateral so that artists can access the financing they need without being forced to enter into unfair deals. Opulous predicts how much money the artist will make over the next 12 months and will offer this amount as a loan. Investors can stake their crypto assets on the platform to generate high returns.
$ OPUL Token Economy
Transactions within Opulous will use the platform's native $ OPUL token. The token has a fixed supply of 500,000,000. Users can stake $ OPUL tokens on high-interest loan pools. Token holders will also receive special discounts on certain transactions, as well as exclusive access to NFT drops from top artists.
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