Opulous Development Update: June 2022

4 min readJun 6, 2022

After yet another successful MFT campaign featuring KYLE, we’re keeping up the momentum. So allow us to share everything happening behind the scenes at Opulous.

As June shifts us all into Summer gear, we are once again happy to share some more updates to the Opulous ecosystem:

  • Daily Vesting
  • Mona Lisa MFT and Artwork NFT Distribution
  • Music Rewards
  • OPUL Staking Pool Update

Check out what we’ve been up to internally to fortify our community as a whole!

After releasing our new daily token vesting feature on April 12th, we carried out a second issuance of tokens on May 26th. Although it became evident that some participants still hadn’t provided all their information in time for the initial allocation, rest assured, they received their $OPUL tokens in this second round.

For clarity, it’s worth mentioning again that all $OPUL tokens will be released slowly over time. You are eligible to claim your tokens when you have more than 10 $OPUL tokens in your claiming balance during the contract period.

We’re also aware of discrepancies with Ledger Wallet since the app’s current version doesn’t support our existing claiming system. Thankfully, the Algorand team is working on updating the Ledger Algorand App, and they will share updates in the coming weeks.

On a final note, please remember that we’ve made it easy to claim your tokens!

Once you log in to your account on our user dashboard, you can see all tokens you are owed, how many you are eligible to claim, your entire claiming history, and finally, the overall vesting schedule.

On Thursday, May 26th, we began distributing all Mona Lisa artwork NFTs to participants who earned exclusive perks during our Lil Pump MFT campaign. We have since received reports that some Pera Wallet users are having issues claiming their tokens using the mobile version. To ensure you receive your tokens, we recommend that you use a desktop version instead. Visit your user dashboard and click on the My Assets tab.

Music Rewards

We are in the final steps of music rewards distributions, working with our legal team to put the last actions in place for tax paperwork related to payouts. Opulous US-based MFTs are SEC-compliant, and there are several rules that we must follow when paying our rewards, which are equivalent to dividend income. On the tech side, we are almost ready; as soon as we have completed both these phases, we will release our schedule for rewards distributions. This will make for a worry-free future with your tax filings for added peace of mind.

Our development team is working tirelessly on our exciting staking pool functions!

Included in our staking pool features is the OPUL presale lottery. The more $OPUL tokens you are actively staking, the more tickets you are awarded that count towards the final lottery draw for our MFT and Artwork NFT presales.

We will, of course, also offer generous APYs to all our users. You’ll be able to select different lock-in periods according to your preference and receive a variety of APYs. The longer you lock your tokens, the better APY you receive and the more rewards you earn!

The team is also mitigating any prospective issues following internal and external audits for smart contracts. In May, we initiated active smart contract development for the OPUL staking pool, which is now in its final phase. Additionally, our contract code is currently going through an internal audit and will be undergoing an external audit in the first few weeks of June.

These audits will ensure the contract is solid before going into production. After that, we are excited to unveil our staking pool and all its enticing features!

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Opulous is building game-changing music products transforming how artists gain funding and connect with fans!