In today's music industry, artists face many challenges, from lack of funding to unfair distribution of royalties, which prevent many talented musicians from reaching their full potential. To solve these problems, Opulous (OPUL), a blockchain-based music fundraising and copyright registration protocol, emerged. This article will delve into how Opulous is bringing new opportunities to musicians and fans by combining a DeFi revenue generation system with advanced NFT (non-fungible token) technology.
Opulous background
Since its launch, Opulous has received support from several large exchanges such as Gate and KuCoin, and has been endorsed by several celebrities. Hip-hop artists Lil Pump and Soulja Boy recently conducted a successful NFT sale to raise $500,000 for their Mona Lisa project, an achievement that demonstrates Opulous’s potential and influence in the music industry.
The problem Opulous solves: The Artist’s Dilemma: Currently, the music industry has a serious centralization problem. The big record labels control the market, and artists are often at a disadvantage. According to the 360 Transaction Standard, about 91% of artists' royalties are owned by record companies, which prevents many musicians from receiving due compensation. Additionally, these deals require artists to pay commissions that have nothing to do with the music, further eroding their income.
Shortage of funds
Artists face difficulties finding funding to complete and promote new projects. Traditional financial institutions have extremely limited financial support for music-related projects, which results in many potential musical works not being realized. Opulous provides an open channel to crowdfunding without the need for a bank, helping artists stay independent and realize their creative dreams.
Opulous Advantages: Musician Autonomy: Opulous empowers musicians to take back control of their careers. The agreement is designed to help musicians remain independent and ensure they retain the rights to their music. These rights can serve as value-backed assets to help artists obtain better financial support.
Transparent royalty tracking
Opulous's system enables artists to better track royalties, eliminating dependence on third parties. Artist royalties are automatically paid directly into the NFT holder's wallet, which simplifies the artist's core process and reduces costs.
Cross-chain interoperability: Opulous supports Ethereum (ETH), Binance Smart Chain (BSC), and Algorand (ALGO). This multi-chain strategy allows the network to operate on Uniswap, two of the world’s top decentralized exchanges (DEX). It will be launched simultaneously with PancakeSwap, providing users with more trading options.
passive income opportunities
Opulous offers users multiple ways to increase profits. Users can stake their OPUL tokens to earn low-risk passive returns, a mechanism that has attracted a lot of investor attention. In particular, the annual interest rate provided by Gate Exchange is as high as 35%, which further increases users' enthusiasm for participation.
How Opulous works: Opulous is built on the high-performance Algorand blockchain and is designed to provide best-in-class scalability and low transaction fees. Musicians can launch music copyright NFTs through Opulous and support these projects by providing liquidity. The protocol utilizes oracles to monitor song views on popular streaming platforms such as Spotify and Apple Music, ensuring that music earns royalties when played in various media, and these royalties will be paid quarterly in the USDC stablecoin.
Opportunities for low-interest loans
Opulous also offers low-interest loans to artists who have received royalties, with these advances up to the total revenue generated in the past 12 months. This feature is especially ideal for established artists looking to launch new projects, as it doesn’t attach too many strings to the final product.
Role of OPUL Token: OPUL is the main utility token of the Opulous network. Users need to hold OPUL to interact with Opulous’s features, and these tokens can be used to pay for services, invest in projects, and create music NFTs. In addition, OPUL tokens can also be pledged to obtain passive income. This feature makes OPUL an important bridge between the music industry and blockchain technology.
in conclusion
Opulous (OPUL) brings new hope to the music industry through innovative blockchain technology. Not only does it put artists back in control of their careers, it also provides financial support and transparent royalty tracking. As the music industry continues to develop, Opulous's potential will become greater and greater, and it may become a new standard for music creation and distribution in the future.