Opulous announces key investment from Algorand Foundation
Opulous was among the first companies to open music investment to everyone. Now a year later, we’re continuing to deliver on this promise, making the power of MFTs (Music Fungible Tokens) accessible to artists anywhere in the world.
As we rapidly extend our reach on a global scale and continue to build our game-changing products, we’re proud to announce our latest financial investment from the Algorand Foundation. This is a critical investment for Opulous as it will help us develop and fortify our ecosystem while aligning our respective communities.
Existing Opulous investors and partners include Ditto Music, Jump Trading, Applied Blockchain, and Circle, with previous investments from Borderless Capital, R3, Youbi Capital, and Spartan.
Let’s hear from both the Algorand Foundation and our team at Opulous:
“Ditto Music’s history as a music disruptor speaks for itself and the team has done it again with Opulous. Algorand’s scalability will allow Opulous to grow aggressively as lenders and borrowers showing crypto’s game-changing potential for the industry. At Algorand we believe in sustainability in everything we do, including the growth of artists and creators and we know Opulous shares this sentiment. If you want to come and create with people who care about your future, Opulous and Algorand are open for business!” Micah Adams (Creative Director, Algorand Foundation).
“Opulous is 100% focused on building the world’s first true easy-to-use music copyrights platform, giving artists the choice on how they finance their own careers. Thanks to Algorand Foundation and all our support, we’re excited to launch phase one and show the world a better way to invest into Music.” Miles Carroll (Chief, Operating Officer, Opulous).
We’re using this funding to continue the growth of our ecosystem, and more specifically, our upcoming Royalty Vault. We’ll move from development and analysis to successful action and change within the music industry.
Driven by inclusivity, the Algorand Foundation’s mission is to enable a decentralized and borderless global economy anchored by the Algorand blockchain technology. This will encourage the latest innovation via thoroughly researched development and implementation of the Algorand protocol.
Receiving an investment in itself isn’t a marker of success. Instead, it’s how we best use the funds that really counts. As such, it furthers our mission to change the world of music — and we’re thrilled to have the opportunity to continue to scale what we’re building in order to reach the widest audience possible.
We recently dropped our latest roadmap highlighting many of our exciting ecosystem updates coming in the next 18 months. Our overhauled platform will feature the anticipated OPUL Staking Pool, MFT ecosystem, self-serve MFT sales, Ambassador program, and a revolutionary music loans program.
Our complete MFT ecosystem features our Launchpad for buying fractionalized music royalties in the form of MFTs, as well as our OPUL Staking Pool where anyone can stake OPUL and earn raffle tickets that can be applied to earn Opulous Rewards including early access to MFT drop, exclusive merch and more. In the future, we will also roll out the Opulous Exchange, which will unlock new revenue streams for artists through active MFT trading.
We are also proud to bring our Royalty Vault to fruition, where we procure hand-curated music catalogs with sustainable revenue and mint them into our upcoming OVAULT tokens.
Although many of our community members started using Opulous primarily to invest in our MFTs, we’re now going beyond an end-to-end MFT sale lifecycle to an all-encompassing music platform. With context from our previous milestones, real-world use cases, and a robust action framework, artists can make meaningful changes to all areas of the music industry.
Together with Algorand, we will lift each artist’s voice to an ever broader audience, opening up new opportunities for both musicians and fans.
As Opulous continues to deliver what the music industry desperately needs, we are proof that music ownership is evolving rapidly and that creative control is non-negotiable. We look forward to sharing more updates with the Opulous and Algorand communities in the coming months.
Missed our Roadmap announcement? Check it out here!
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