What is Opulous?

Opulous (OPUL) is a peer-to-peer decentralized finance platform that is backed by real-world assets. It aims to foster direct connections between artists and fans through blockchain technology. Opulous seeks to create a new way for individuals to participate in the music industry, where everyone can be part of the music industry's ecosystem. The platform utilizes Music Fungible Tokens (MFTs), which are blockchain tokens that allow music fans to directly engage with the success of an artist they've supported.

How does Opulous work?

Opulous operates by allowing users to acquire Music Fungible Tokens (MFTs) to support their favorite artists. These MFTs can be traded at the user's discretion. The platform also allows users to stake OPUL tokens to gain early access to MFT sales and other exclusive benefits. MFT holders may receive various types of compensation, some of which are based on the performance of the underlying song or album. These compensations can be tracked and withdrawn directly from the user's Opulous Dashboard by connecting their wallets.

What are the potential use cases for Opulous?

Opulous aims to provide a platform where music fans can directly support their favorite artists and engage with their success. By acquiring MFTs, fans may potentially receive compensation based on the performance of the artist's music. This system strives to incentivize further creation and promote growth in the music industry. Additionally, artists can raise support from the global community of music lovers on the platform, getting even closer to their fans. The platform also allows for the trading of MFTs, enabling users to build a collection that generates music rewards.

What is the history of Opulous?

Opulous was created by Lee Parsons, who has contributed to the music industry by building one of the global music platforms, Ditto Music. With over fifteen years of experience, Parsons used his understanding of the challenges faced by artists to create Opulous. The Opulous team is composed of experienced professionals from various industries, including music, tech, and marketing, all united by their passion for music and their belief that blockchain technology can bring about positive changes in the music industry.