What Is Opulous (OPUL)

Opulous (OPUL) is a platform that aims to help artists in the music industry access funds they require with ease. As per the whitepaper, an existing problem for artists is acquiring capital, without which artists are restricted in what they can do. The users trade their music rights to get capital, which artists consider a loss. Another problem is that artists find it difficult to take loans even after making thousands since their music copyright isn't considered optimal collateral. Opulous aims to bring decentralized finance (DeFi) to the music industry and replace artists' traditional capital lending system.

With the help of data of the artists' performance on music platforms, Opulous predicts their performance over the next 1–2 years and issues loans. Thus, artists get to keep their music rights, and cryptocurrency asset holders stake their assets backed by a real-world asset, which is these artists' past and future records. Another way where Opulous aims to assist artists is by providing a launchpad for the first music copyright-backed NFTs. NFTs are a way of validating and storing an asset on the blockchain. 

The Opulous NFT Launchpad is built on Ethereum. Additionally, the DeFi component of Opulous is built on Algorand Blockchain, which is a permissionless, proof-of-stakeprotocol. Furthermore, the platform seeks to facilitate agreements and split royalty share income via smart contracts. With Opulous NFT, artists split their ownership into multiple pieces and trade it directly with fans. This way, when the artist grows, the fans generate income too. 

Opulous has its native OPUL token used for all transactions within the platform. The token runs on Ethereum and Algorand Blockchain. Users acquire the token using Ethereum (ETH), stablecoins, and traditional currencies. The platform is looking forward to launching the DeFi component by Q1 2022 and launching the Music NFT exchange by Q2 2022.

History of Opulous (OPUL)

The senior team of the platform consists of four members, and the founder and CEO of the platform is Lee Parsons. The platform was first launched in Q3 of 2021, and the first official music NFT trade happened then as well.