Yep — that’s right! We just coined a brand new type of token. And MFTs are about to revolutionize the entertainment industry as we know it.
We started building Opulous with a single vision in mind — creating a platform that would help musicians connect with fans and investors in new ways through shared music ownership.
We’re humbled by the support and response our community has shown us so far, and we’d like to thank everyone who provided feedback in the early days to help us improve our products.
Before we take a deep dive into why we have decided to make the change, we would like to reassure all of our buyers who have bought previous Opulous S-NFTs.
Nothing’s changed except the name. All our previous S-NFTs will be renamed to MFTs — with no further action needed on your end. Mona Lisa and Ard Adz tokens will not change their mechanics; they are still compliant with the SEC and will be tradable within twelve months of their respective sale dates.
Allow us to introduce you to Opulous MFTs…
What are MFTs?
Opulous MFTs are officially replacing our previous S-NFTs.
The Music Fungible Token (MFT) is the first of its kind to combine the power of blockchain technology with an innovative investment framework tailored to the music industry.
Our new investing method lets you receive rights to music royalties through a limited edition MFT representation. Each Opulous MFT represents a music copyright security token compliant with the SEC (U.S. Securities and Exchange Commission.) Currently, we are the only platform that offers SEC-compliant music copyright tokens, and we are proud to have pioneered the concept.
Moving forward, we will use this token as the basis for all our MFT sales (previously S-NFT) since they are divisible and can be easily traded for another asset of the same kind. As such, MFTs clear the way for us to offer fractional investments while ensuring that each fraction is equivalent to the next.
You’ll also be able to trade your MFTs seamlessly on our upcoming Opulous Exchange!
Why the change?
As you can probably tell by now, we believe that MFTs are the best way to move forward and provide room for growth to create the maximum impact in the music industry. We’ve also worked closely with our legal team to coin the term “MFT.”
The team at Opulous has spent the last several months identifying the most critical solutions to enhancing functionality of traditional NFTs. Once we realized the restrictive nature of NFTs, we knew there had to be a better way to split music copyright tokens into equal shares. That’s why we decided to create our own genre: MFTs, or Music Fungible Tokens.
In doing so, we’re pioneering a whole new financial ecosystem for the entire music industry while creating a platform that helps musicians connect with fans and investors in new ways through shared music ownership.
Fungible vs Non-Fungible
We also realized that S-NFTs wouldn’t provide the attributes we require for our music copyright sales since NFTs are non-fungible, meaning they can’t be easily divided. Additionally, NFTs don’t hold equal value. Without these two key elements, there’s no way we could offer fractional ownership of music copyrights.
Ultimately, that means everyone who invests in a particular song or album has the same market value for each of their tokens. As artists’ music becomes more popular, everyone’s holdings come up in value equally. And since each MFT represents equal value, this makes them much easier to trade.
For example, if we chose to use traditional NFTs and you wanted to buy $10,000 worth of shares in a particular song, you would need to make ten separate purchases if each NFT cost $1000. And even then, each NFT would have a different price, making it even more of a challenge to buy. On the other hand, if they are traded as MFTs, you only need to decide on the total amount you’d like to invest, just as you would with any other crypto exchange.
It will be effortless to buy and sell MFTs, and you can even purchase them in much smaller fractions if you wish. All of our MFTs are initially priced at $1, as with our Mona Lisa token.
“Opulous is the first company to split up music royalties and we have pioneered music NFTs since our inception. We love the term MFT and believe it positions Opulous at the forefront of the music industry at what will be a tremendous evolution for fans and artists.” — Lee Parsons, CEO, Opulous
We will soon launch the Opulous Launchpad which will utilize traditional NFT structures to sell art, fan experiences, and focus on long term NFT utility for musicians. The Opulous Launchpad will help artists receive up-front funding through our MFT fundraising campaigns.
Our launchpad also offers bespoke generative artwork NFTs — which are one-of-a-kind digital artwork curated from the ground-up for each artist we work with. Artwork NFTs can accompany any musician’s MFT campaign or they can be offered as a standalone campaign.
Opulous generative artwork NFTs feature exclusive perks and unique benefits such as VIP fan experiences, VIP meet and greets, limited edition signed artist merch, and special access to Discord MFT groups for our presales.
Along with our epic hallmark MFTs, we’re very excited about our upcoming campaign with KYLE! This will be our first full-album MFT sale, so we’re anticipating a massive response in general and another possible same-day sell-out.
If there were ever a time for you to follow us closer than ever, it would be now, so turn on those notifications!
Lastly, as always, share this story if you loved it and let us know so we can thank you directly.
Twitter: www.twitter.com/opulousapp/
Instagram: www.instagram.com/opulousapp/
Telegram: www.t.me/opulousapp
Reddit: www.reddit.com/r/Opulous
Discord: http://discord.gg/opulousapp
YouTube: www.youtube.com/c/Opulousapp
Website: www.opulous.org
