We’re getting closer to hitting several milestones at Opulous, and our team is working harder than ever. Read on to find out more!
Join us for our monthly development update as we bring the most significant updates from the Opulous ecosystem:
- Music Rewards
- Opulous Staking Pool
- MFT Distributions
- Updated Roadmap
There’s been a lot happening on the tech side of our company, especially in the last few months.
It’s an exciting period for Opulous as we are slated to begin distributing the first music reward payments to our MFT owners starting Q3 2022. We’ve been hard at work fine-combing all the intricate moving pieces required to initiate music reward distributions. We understand that this platform component is taking longer than expected, and we feel the same. Rest assured that our legal team is working hard to ensure we comply with all documentation requirements regarding dividend distributions and tax collections.
How does it work?
For total transparency on our music reward process, we’ll explain in detail how it works.
First, we receive rewards from our partner, Ditto Music. We then fulfill our payment obligations for LLC operating costs and US tax fees. Once this step is completed, we proceed to individual tax withholding.
Once the above steps are completed, we convert the funds to USDC and distribute payments via the Opulous dashboard, where members will have a designated Music Rewards page. You can track each song’s performance, monitor your gains, view song statistics, claim reward payouts and view your reward reports.
Music Rewards are distributed every three months, four times a year. And for our current members — even though we haven’t started distributing rewards, you’re still actively earning rewards income. So all accumulated rewards will arrive as soon as we begin our first distribution round!
As you can tell by now, many formalities are involved with tax filings, which is why it’s taking us longer than expected to distribute music rewards.
We’re very excited about our staking pool, slated for its launch July 2022. This will be our signature single asset staking pool offering fair APY and exclusive rewards such as early access to upcoming MFT sales, exclusive rewards & more!
How does it work?
First of all, you will need to connect your wallet to the Opulous Dashboard and deposit OPUL tokens into our staking pool. You will need to choose a period to stake your tokens and the longer you stake OPUL; the higher APY you will receive.
In addition, every OPUL token you stake earn you a raffle ticket that can be used to apply for exclusive rewards. You’ll be in for a chance to win early access to MFT drops, Swag Packs, Artwork NFTs, airdrops from partners & more. The more OPUL you stake, the better your chance to win rewards. As we progress with the pool, we will constantly find new ways to reward and show our gratitude to our amazing community!
In May, we started distributing your Mona Lisa MFTs (and artwork NFTs) in an exciting step forward for everyone involved in our Lil Pump campaign. Unfortunately, while most of you successfully claimed your MFTs, some people have yet to start the opt-in process. Check out our Lil Pump blog for a complete walk-through to claim your MFTs.
We can’t wait to initiate Ard Adz and KYLE’s MFT distributions, slated for the end of July. As always, we’ll update everyone through our blog, social media and email when it’s time to claim tokens.
We understand that all members want their MFTs and we are working closely with our partners to ensure tokens are in members’ wallets as soon as possible. It’s an inspiring moment for all our memebrs as we actuate our vision of sharing music ownership with everyone, deepening the connection between artists and fans!
New roadmap incoming!
We have been working hard internally putting together our vision for the coming year, and we can’t wait to drop our 2022/23 roadmap in July. As excited as we are to share all the fantastic new developments we have coming up, we’d also like to look at all the great things we’ve accomplished in the first half of this year.
Some of our key highlights include the worldwide release of our first MFT single, “Mona Lisa” by Lil Pump ft. Soulja Boy, which has surpassed over 5m streams across all platforms. Our MFT campaigns got hotter as we launched Ard Adz’ sale, selling out in less than 45 minutes. Rounding out our MFT campaigns was our first full-album MFT sale with KYLE, in which we’ve raised over $150k.
We’re continuing to reward our OPUL holders as we opened two new staking pools on Huobi and Algofi whilst refreshing our fan favourite single asset pool on KuCoin. As this year has progressed, we have also announced strategic partnerships with Securitize and Pera Wallet as we solidify our ecosystem. In addition, we have expanded our team in pivotal areas for our growth with hires such as our Head of Legal, Jenny Wong, and new CTO, Marc Aché.
As we continue working hard to bring you a music blockchain platform like no other, we would like to pause and acknowledge that none of this would be possible without you, our community #OPULFAM!
Make sure to stay tuned as we announce our roadmap — it’s stacked with surprises and innovative products, and we can’t wait to unveil our plans that will lead the Opulous Community into a promising rest of the year. Love this story? We’d really appreciate it if you could leave us a clap or two right here on Medium.
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