Opulous Development Update: August 2022
We’ve had an incredibly busy month at Opulous, and our team is still working around the clock to develop our exciting new products. Read on to find out more!
In this month’s development update as we highlight the most innovative features from the Opulous ecosystem:
- Opulous Staking Pool
- Music Royalties
- MFT, Artwork, and Perk Distributions
- MFT Ecosystem
OPUL Staking Pool
We recently dropped our staking pool video across our social media channels, and we’re happy with all the amazing responses so far! Make sure to check it out if you haven’t already.
Our first pool — the OPUL Staking Pool — gives everyone the option to stake OPUL and receive a fair APY as a reward. But more importantly, users who actively stake OPUL can apply for perks like early access to our MFT sales using raffle tickets. We will also offer many other awesome prizes. It’s very simple; every OPUL staked earns one raffle ticket daily, and tickets can be used to apply for rewards.
In recent months, we’ve been focusing exclusively on refining the entire user flow, our smart contract logic, and page layouts during July; we expect to initiate a “Go Live” in mid-August, with full deployment later in the month!
After our staking pool is live, we dive straight into music royalty distributions. We’re inching steadily closer to completing our legal requirements for dividend distributions and tax collections. Also, we just dropped a new infographic video on our socials, so be sure to check it out!
Because of the above legal demands, we are making some minor changes to our original royalties payout flow. However, this step is almost ready, and we are focusing on developing our royalties module during August.
In the meantime, we received some new information from our legal department about taxes related to payouts. We’re hashing it out and adapting our automated distribution model around it. Once completed, we look forward to letting everyone know about the new “Go Live” date.
Once we are ready, we will begin the distribution process for all royalties, including revenue from Lil Pump & Soulja Boy, Ard Adz, and Kyle.
MFT, Artwork NFT and Perk Distributions
Together with our partner, Securitize, we issued all our investors the Lil Pump Mona Lisa MFTs. Also, we issued several artwork NFTs in round one, with our second round coming up on or before August 5th. If you still haven’t received your artwork, click here to learn how to claim yours. Once you claim your NFTs, you’ll be able to view them in your Opulous dashboard under the “My Assets” tab!
We’d also like to mention that all ‘Patek Myself’ MFTs and Artwork NFTs will arrive within the next two weeks and while ‘It’s Not So Bad’ MFTs and Artwork NFTs are due for distribution before the end of August!
We are proud to begin offering our services to artists regardless of where they are in their careers. Our long-term vision is to open up MFT campaigns to everyone, and we will begin focusing on non-US markets while expanding our SEC-registered platform in the U.S.
To actuate this, we are building our interconnected MFT ecosystem, which features four key components:
- Opulous fractionalizes music royalties into MFTs.
- Users invest in these MFTs using either fiat currency or crypto, including OPUL token.
- Users apply for early access to MFT sales by staking in the OPUL Staking Pool!
- Anyone can stake MFTs to collect music royalties.
- Royalties are collected from our artists quarterly and transferred into individual staking pools as rewards.
- Use OPUL tokens to trade MFTs on our very own exchange.
- By introducing our exchange, we’re creating a new revenue stream for artists everywhere!
- Opulous procures hand-curated catalogs with sustainable revenue.
- The catalog is added to the Royalty Vault and minted into OVAULT tokens.
- Buy OVAULT using OPUL tokens.
- Stake OVAULT to receive daily rewards.
Finally, please keep an eye out for our MFT Ecosystem teasers coming in September!
In a significant move for the company, we dropped our highly anticipated 2022/23 roadmap on July 20th. In it, we went into great detail about our upcoming products.
Among these are features like our aforementioned staking pool, MFT ecosystem, self-serve MFT sales, and the upcoming Ambassador program. If you’ve not yet noticed, we also launched a new Opulous Ecosystem mini-series across our socials to tease out each of our latest products.
In the following weeks, we’ll drop more of these tempting videos that are an extension of our roadmap update from July. We felt it was important for everyone to fully grasp and appreciate the entirety of our ecosystem and all its benefits.
Please let us know if there’s anything else we can do to help shine a light on our progress and endeavors!
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