What is Opulous?
Opulous is a popular DeFi application for musicians, founded by Ditto Music’s CEO, Lee Parsons. Opulous offers artists to convert their music to NFTs, making them tradable. They can sell these to investors and also earn monthly income through royalties. Opulous provides credit to the artists, and they can secure these loans with the royalty money earned by them.
Opulous collaborates with Binance
Opulous is continually trying to become accessible to every artist. Recently, they announced their collaboration with Binance, and they are all set to promote exclusive music NFT drops with famous artists from across the globe, including Kyle and Lil Yachty.
Binance will be launching its brand new marketplace with NFT, exceptionally listing all the big names in the line. Opulous is also planning to allow artists to put up sales on the NFT marketplace of Binance.
The drops are specially designed to allow artists to connect with their fanbase on an entirely new level. Sales of Binance music NFT will include many opportunities for the buyers to engage with their favorite artists and experience the greatest fan moment with them.
The great platform, Opulous, has also mentioned that the new kind of NFT will provide rewards to their buyers and a fraction of the future earnings of the song. However, this is not going to be a unilateral transaction. Buyers have to, in exchange, show support on various social media platforms and avail themselves of the peer-to-peer loans from DeFi.
Music Business Worldwide, MBW acknowledged the fact that Opulous has announced a chain of exclusive copyright music NFT sales with Binance, a significant industry partner. Opulous carried out a pioneering experiment with the NFT sales on the then Bluebox, selling 1 percent shares on recordings by Taylor Bennett and Big Zuu to more than 120 people through crypto transactions.
MBW has expressed its passion and utmost interest in including different apps on blockchain and crypto technologies in its music industry for years. They believe that this launch of music NFT drops will allow them to boost and empower the connection between the innumerable artists and their wide fanbase.
Opulous Music NFTs
The music NFTs of the popular Opulous consist of the embedded sale fractionalized right to artist’s royalties earned from the copyright music assets through meta-data associated with that particular music copyright.
Each NFT requires the following information
- Value of each right for collecting royalties associated with the copyrighted asset
- Monetary statement of the royalty income earned
- Information regarding the Ownership Party of NFT
- Meta-data, including audio tags, artwork, etc.
Worth mentioning, for every NFT, Opulous will collect and receive fixed deposits and royalty earnings from DSP providers.
Opulous utilizes a chain of Smart Contracts for powering the NFT launchpad. This enables the Opulous to be independent and decentralized. Smart Contracts allow them to stay legally compliant and transparent in terms of copyright law and IP. It also allows them to be reasonable with the users of this platform and all those who buy copyright assets.