Opulous (OPUL) Surges as Music NFTs Take Off
Leading music-based NFT project Opulous (OPUL) is enjoying quite the rally in the cryptocurrency charts following the successful launch of its first security-NFT sale and its goal for tokenization of the music industry. At the time of writing, OPUL/USD is trading at , up by nearly 415% in the past month.
With an aim to put back power in artists’ hands, Opulous offers the option to utilize music rights as value-backed assets in the world of DeFi. The concept takes NFTs one step beyond tokenization and collectibles, to making them more versatile and valuable, ushering in a way to merge NFTs with DeFi.
Earlier this month, Opulous announced the completion of its very first S-NFT sale of ‘Mona Lisa’ by rapper Lil Pump featuring Soulja Boy. The rapper allowed his fans to invest in the single, and went on to generate as much as $500,000 from 927 investors within two hours of its release.
Owners of the tokenized NFT will have an opportunity to earn royalties whenever the song is played over streaming platforms, TV, radio, movies or even video games. Opulous leverages the Algorand blockchain, giving users a chance to mint the S-NFT tokens and earn royalties which will be issued in USDC on a quarterly basis, directly into the wallets that hold these S-NFTs.
Opulous Brings DeFi to Music Industry
Opulous is also garnering significant attention as it works on enabling cross-chain capabilities for its tokens, enjoying support from several leading exchanges, both centralized and decentralized, that have listed OPUL on their platforms. This has further boosted investor confidence in the crypto, sending it higher lately. KuCoin and Gate have already listed OPUL while Uniswap and PancakeSWap have also launched it within their ecosystems so far.
OPUL holders can stake their tokens via Gate.io to generate as much as 35% in APY. Users can leverage yield farming by offering liquidity without worrying about losing control over their holdings via this options.
With the popularity of NFTs ever growing, there is a constant search for the next innovative project in the market, and Opulous certainly caters to investors looking for the next big trend. With more investors looking for use cases to do more with cryptos besides trading them, projects like Opulous have significant potential for growth in the months ahead.
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