Opulous Development Update: June 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:
- Executive Message
- Daily Vesting
- Mona Lisa MFT and Artwork NFT Distribution
- Music Royalties
- OPUL Staking Pool Update
Check out what we’ve been up to internally to fortify our community as a whole!
A message from our CTO, Marc Aché
We had an exciting end to last week!
Not only did we launch the first full-album MFT drop in history together with KYLE, but we hit another major milestone. Within an hour of going live, we reached over our first target of $100k!
Currently, we’ve even surpassed this milestone with just over 300 investors throwing their hats into the ring — sitting at just over $160k in investments.
There is no slowing down here at Opulous for the summer as we work hard to get royalty payments out the door. In addition, we are actively working on staking pools for you to invest your $OPUL and win huge artist rewards. These contracts are finalized and should be released later this month once the outside audits are complete.
If you haven’t yet claimed your Mona Lisa MFT or artwork NFT, please do it now and make sure you complete the entire opt-in flow. If you don’t click through to the end, you might not complete the opt-in process.
Marc Aché, CTO, Opulous.
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 investors 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 investors 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.
We are in the final steps of music royalty 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 royalties, 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 royalty distributions. This will make for a worry-free future with your tax filings for added peace of mind.
Curious about how Music Royalties will work on the Opulous Dashboard? Check out our video for all the juicy details!
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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