Opulous announces roadmap update for 2022/23
Everyone at Opulous, from the team to the community, has played an integral part in the company’s growth. With the crypto industry constantly evolving, we’re pleased to announce our roadmap for the remainder of 2022 and moving into 2023.
Whatever the market conditions, the Opulous team remains committed to becoming the top music blockchain platform in the world. We’re going full steam ahead, building even better products for our community. We only see great things ahead, and we are excited to emphasize this with our new roadmap!
An important part of our vision is to develop a cohesive music-centered platform for artists and investors. The future for Opulous is promising, with several critical developments planned to ensure that our current successes are upheld and our momentum is sustained over the next twelve months and beyond.
Opulous Staking Pool
We’re hitting the ground running with our brand new single-asset OPUL Staking Pool!
We created our staking pool with the Opulous community in mind. Our signature OPUL Staking Pool will offer great APYs and exclusive rewards such as early access to upcoming MFT sales, limited airdrops, and more.
How does it work?
First, you will need to connect your wallet to the Opulous Dashboard, deposit OPUL and choose a period to stake your tokens. The longer you stake OPUL, the higher APY you will receive.
Every OPUL token you stake earns you a raffle ticket that can be used to apply for exclusive rewards such as early access to MFT drops, artwork NFTs, swag packs, airdrops from partners, and more. The more OPUL you stake, the better your chance to win rewards as you will be accumulating more tickets. As we progress with the pool, we will constantly be adding new exciting rewards and finding new ways to show our gratitude to our amazing community.
MFT, Artwork & Perk Distributions
There’s nothing more rewarding than seeing our vision being brought to life!
Back in May, we distributed your Mona Lisa MFTs, artwork NFTs, and artist perks. Looking forward, we’re just as excited to kick off the Ard Adz and KYLE MFT distributions in August, and we’re working with our partners Securitize and Pera Wallet to deliver tokens to your wallets as soon as possible.
We have more major artist announcements coming your way shortly, and we’re working hard behind the scenes to deliver a sizzling lineup of hot tracks to please all tastes. We’re currently coordinating with artists’ teams to launch exciting MFT drops, each packed with incredible perks. Keep a close eye on our socials for our upcoming artist announcements!
Music Royalty Distributions
The team at Opulous is extremely excited to begin the first of our music royalty distributions in Q3 2022. These will, of course, include royalties for our Lil Pump, KYLE, and Ard Adz campaigns!
How does it work?
In the very first step, we receive royalties from our partner, Ditto Music. We then fulfill our payment obligations for LLC operating costs, US tax fees and process individual tax withholding.
After the above has been completed, we convert the funds to USDC and distribute payments via the Opulous dashboard. Investors will have a designated Music Royalties page, and music royalties are distributed every three months.
For our current investors — we haven’t started distributing royalties but don’t worry, you’re still actively earning royalty income and your accumulated royalties will arrive as soon as we begin our first distribution round.
Our core vision is to provide the opportunity for artists at any stage of their career to release MFTs with Opulous. In order to actuate our long-term vision, we are adapting our strategy.
At the moment, we’ve released MFTs following US securities regulations causing the process to be much slower and more expensive, making it harder for us to do campaigns more frequently and preventing emerging artists from doing campaigns with us.
Our team is still focused on building our SEC registered platform, but in a progressive move, to create a better opportunity for all artists to release their MFTs, we are shifting our immediate focus to non-US markets.Put simply, we’re breaking down all foreseeable roadblocks, innovating with each new product, and making our MFT campaigns even more accessible for artists and investors. This means our platform will be ready much sooner than anticipated
There are several advantages; we can undertake campaigns of any size to accommodate artists at all stages of their careers. We’ll also be able to run campaigns more frequently, reduce overall legal fees, eliminate tax withholding, and remove lock-up periods after investors receive their MFTs. In the end, more artists will be able to join our ecosystem, and investors will get better deals.
We are pleased to share our exciting interconnected MFT structure to implement our new MFT Ecosystem. It will feature four components:
To encapsulate innovation and creativity, Opulous works with artists to fractionalize their music royalties. To do so, we will execute all of our MFT sales within the Opulous dashboard without relying on third-party partners. Additionally, you’ll be able to purchase MFTs using either crypto or credit and debit cards since we are working on integrating this feature as well. Of course, if you are actively staking OPUL, you can apply for early access to any of our campaigns.
To hone in on tangible revenue opportunities, staking is where the actual value of MFTs becomes evident. Royalties are collected from our artists’ releases every three months and transferred into our individual staking pool as rewards. Each release will have its staking pool, and when you stake MFTs, you actively earn daily rewards. Additionally, you can unstake and claim your rewards at any time.
Perhaps one of the most significant undertakings in our end-of-year plans is our MFT Exchange. Built into the Opulous platform, we’re integrating with a third-party Algorand DEX to offer liquidity and trading of MFTs via a white label crypto exchange. Our MFTs will also be tradable on any Algorand DEX, making them more accessible to anyone.
Music Copyrights have been one of the fastest growing assets of the last decade, producing amazing gains for investors. Up until this lucrative investment market has only been available to a select few — but not anymore!
To introduce music catalog investments to everyone, we are launching the Opulous Royalty Vault. Members can invest in music copyrights, generating sustainable and predictable revenue for years to come.
The Royalty Vault operates similarly to an open-ended fund combined with utility tokens. First, Opulous identifies the best music investment opportunities from a range of music catalogs. Music catalog is then added to the Royalty Vault and minted into OVAULT tokens. Investors will be able to buy OVAULT and stake to receive daily rewards.
We’re pleased to announce that our blockchain partner Algorand has shown key support by investing into OVAULT.
Anyone familiar with Opulous knows that community comes first. We’re building an Ambassador Program rewarding key community members driving adoption for Opulous. Our program will focus on building teams of moderators, community builders, content creators and event organizers. If this sounds like something you want to be part of, be sure to follow our socials for further updates.
Self-service MFT Sales
We’re bringing MFTs to every artist. Yes, you read that right!
As we look to create further adoption and fulfil our vision, we are building an ecosystem where all artists can easily work with Opulous. Artists will be able to log into the platform and create MFT sales on their own. This will open up exciting opportunities for artists to generate new income streams whilst creating their own ecosystem of loyal fans, music lovers, and investors.
Opulous Music Advances
Even though we’ve been busy focusing on our MFT products, we haven’t forgotten about one of our most essential features: Music Advances.
Our Music Advance Pools will operate based on an artist’s future music royalty earnings as collateral. This specific pool is for musicians and creators who need immediate funding and don’t want to be at the mercy of third-party lenders or major record labels.
For the first time, artists can use their future copyright earnings as a guarantee to take out advances from our bespoke music advances pool. The pool will be funded by users and investors who deposit OPUL and USDC tokens, receiving payment back via music royalties. The entire process will be streamlined via the Opulous Dashboard once fully implemented.
The best is yet to come!
In 2021/2022, Opulous catapulted itself into a new era of innovation, reshaping music forever. With momentum strong and expectations set high, the future will surely be even more successful. We would like to thank our supporters and community who have shared the journey so far!
We have several months full of developments ahead of us, along with many exciting announcements, product launches and artist partnerships to look forward to. As we see from our recent milestones and 2022/23 roadmap, there’s never been a better time to become part of the Opulous ecosystem. DeFi is a fast-moving, innovative industry, and Opulous ensures we remain up to speed in bringing our vision to life!
Join the Opulous community by following us on all platforms so you don’t miss a thing (TIP: activate notifications for anything posted by Opulous).