Opulous is a decentralized music platform created to give back control of music as an art to musicians while creating an ecosystem to connect with fans and earn together. This is possible using blockchain technology on which works of artists are minted, preserved, and shared across platforms.
By the end of 2020, music revenues worldwide increased by 7.4% to $21.6 billion. However, artists are complaining about the transparency in accessing these funds. For example, Spotify claimed it paid $7 billion in royalties in 2021 yet artists don’t seem satisfied with the figure.
In order to solve the problem around funding for upcoming artists and provide proper earning channels for existing artists, Opulous has created a platform that provides quicker and easier access to funding for artists in a way they can track and control their earnings. It also provides copyright protection for the artwork produced on the platform and a connection with a huge fan base.
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 art work in the form of music and the blockchain. MFTs are music NFTs. MFTs will help to preserve royalties accrued to artists.
Opulous has a launchpad on which MFT projects can be launched. The launchpad is a product created to help plan, develop, and release works created by artists on Opulous. Artists are granted access to funding, marketing strategies, and other forms of resources needed to have successfully launched projects.
After the launch of a project, MFTs can be staked in Opulous. According to Opulous, every MFT has its own staking pool, in which the buyers can lock their tokens and receive rewards generated by the music release.
MFTs can be traded just as art NFTs can be. Opulous has an Exchange where users can decide to buy and sell their MFTs. The native token of Opulous – $OPUL is the transaction fuel on this market. This also brings an opportunity between creators and fans where a community is formed between them and fans can be true investors in the music career of their stars.
Roadmap of Opulous
Opulous started in 2020 and raised its first $1.5 million seed in 2021. The development followed through until 2022 when it launched its staking pool in Q3 of 2022; royalty distributions, royalty vault, and MFT ecosystem in Q4 of 2022; and Self-service MFT sales in Q1 of 2023.
Recently, Opulous announced an Ambassador Program, where its community can apply to be part of the growth process of Opulous while being rewarded for their engagement.
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 permits users to pay for services in the music platform, and stake to earn as well as a governance token to control proposals and development of the project.
Team and Partners of Opulous
Lee Parsons acts as the CEO of Opulous. He has been a music entrepreneur for decades and is the founder of Ditto Music, a global music distribution and record label services company. Lee has had engagements with top artists like Ed Sheeran, Chance the Rapper, Stormzy, Sam Smith, and Royal Blood. Fernando Cruz occupies the role of Chief Marketing Officer. He has worked with several music brands for more than a decade including Ditto as Business Developer.
Jay Moore is the Chief Investment Officer of Opulous. Being in the entertainment industry, he has served at Kobalt Music as the Senior Director of Investments after which he became the Chief Investment Officer of Ditto Music. Opulous has Miles Carroll as its Chief Operations Officer Miles. He is an investor, and businessman, and has served as the Managing Director of Kosmos Capital, a blockchain firm.
Advisors of Opulous include Nick Gatfield former Sony Music CEO; David Garcia, CEO 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 amongst others. Double Peak Group and Borderless Capital are the two active investors of Opulous.
Amongst its functioning partners are Algorand, Circle, Pera, Securitirize, Spartan, Applied blockchain,
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