Opulous Development Update: June 2023

Opulous
9 min readJun 28, 2023

It has been an incredible start to the launch of our MFT Platform, with our first three sales selling out quickly!

The Opulous Community has shown in full force, and we are so grateful for your support. This is only the beginning, and everyone participating in our MFT sales knows the potential of music and blockchain and its power to change the music industry for artists and supporters.

Behind the scenes, our exceptional development team has worked tirelessly to create groundbreaking tools in our ecosystem and, we’re thrilled to share the latest updates with you all!

In this month’s development update, we will cover the MFT Platform, Website Update, MFT Sales, including sales page improvements, Purchase flow, credit card and crypto implementation, MFT & NFT Distributions, MFT Exchange, OPUL Staking Pool, Raffles, Music Rewards, OVAULT, and Opulous AI. There’s a lot to get through!

With so much to cover, sit back, relax, and get ready to learn about the exciting developments within the Opulous ecosystem.

Opulous Website Update

The new Opulous website has finally launched!

We are thrilled to present our new website and MFT Platform to the world. You can dive into the world of Opulous, learn about the OPUL token, participate in MFT Sales, and even apply as an artist. Get to know our incredible team and join us in shaping an extraordinary future together.

Visit opulous.org and get started now!

MFT Platform

The first three sales have already taken place and were a huge success, selling out quickly!

You can view each sale via MFT Sales. We have raised $75,000 for MFT sales from our amazing community. More MFT sales are coming, with the next three sales being listed this week. You can see all of the game-changing artists who will be dropping MFTs with Opulous in the future, via our blog here.

OPUL Token Lock

We’re excited to announce that we have locked up all tokens from the first three MFT sales. By doing this, we removed 750,000 OPUL from circulation, representing over 0.30% of the total circulating supply. These tokens will now be locked up permanently and removed from the market. You can see the wallet address of the locked tokens here.

For upcoming MFT sales that involve OPUL, we may implement a similar lock-up mechanism, but a decision has not been made yet. Stay tuned to our socials for updates as we progress into our next round of MFT sales.

Purchase Flow Improvement

During the MFT sales, we received some fantastic feedback from our community. And, as you know, we are dedicated to improving the purchase flow for a seamless MFT acquisition process.

The main issue we have received is the reservation bug, where specific amounts of OPUL would get locked during the reservation stage, causing users to encounter errors/blockers during the purchasing process.

Moving forward, we will display the available amount at the time of purchase, which will be locked and represent the maximum available for that specific moment. This adjustment allows users to conveniently make purchases, even if they wish to return and buy additional MFTs later. Our goal is to provide a smooth and hassle-free experience for all users.

We’re working on this diligently behind the scenes, as we want everyone who makes it into the sale to purchase the amount of MFTs they want to on the first attempt. We understand that each MFT sale is very busy, so we appreciate your patience with us at this early stage of the MFT platform.

Credit Cards and Other Crypto Payment Options

We are actively exploring partnerships to expand payment options beyond OPUL. Once we have completed the MFT/NFT distributions and Music Rewards distributions this month, we will finalize collaborations with various third parties to enable credit card payments and additional crypto payment options!

While we are working towards this integration, we do not have a confirmed go-live date at this time. More updates to follow soon!

New Perks Section

We have some exciting updates coming to the perks section!

The perks area has received an exciting update, allowing you to see all the amazing perks on offer. Our exclusive perks range from custom t-shirts and NFT to immersive listening parties with artists and even real-life OPlaques to showcase your MFTs in style.

This will help MFT buyers fully understand which perks they will receive when purchasing and improve the experience.

MFT and NFT Distributions

We are excited to announce that the MFT distributions for the first three sales, including Nito NB, Lalo Ebratt, and Hunter As a Horse will take place within the next two weeks.

It is important to note that these are the first sales on the MFT platform. Future MFT distributions will be completed much quicker as we are finalizing the system to ensure distributions are done two days after each sale concludes.

Stay tuned to our social media channels for the specific distribution date, which will be announced publicly and emailed. To guide you through claiming your MFTs and NFTs, we will be releasing instructional videos on our YouTube channel just like we did for buying OPUL and MFTs.

We know this part of the process is key, and we’re working hard behind the scenes making some final adjustments to ensure a smooth distribution process. It will be precisely the same process as before, you will just need to connect your wallet to the Opulous Dashboard, and you will see a notification appear to opt-in and claim your MFTs and NFTs.

Thank you for your patience and support as we prepare to deliver your MFTs and NFTs!

MFT Exchange

We are excited to announce that we are on the verge of launching the Opulous MFT Exchange.

As we speak, the final audits of the smart contracts are in progress, ensuring a secure and efficient transition to the mainnet. The imminent phase will involve the integration of this technology. Keep an eye out for our upcoming updates as we prepare to introduce the MFT Exchange in the coming weeks!

Music Rewards

We’re in the final stages of readying our technology for the simultaneous distribution of Music Rewards for Lil Pump, Ard Adz, and Kyle, along with the MFT distributions from the latest sales. Our system, developed with the same technology that we employ for MFT distributions, is specifically designed for the smooth distribution of these rewards.

Our dedicated team is about to commence the testing phase this week. If all goes according to plan, we will soon announce a concrete date for these distributions. Based on our current progress, we anticipate these distributions to commence within the next two weeks.

Music Rewards for our latest MFT sales will come in the next quarter, the start of October 2023. We can’t wait to get your rewards in your hands and fully enjoying the experience of holding MFTs!

OPUL Staking Pool

In the current V3 pool, you can continue earning the same APY as before. There is no need to unstake if you have tokens there; you can keep earning rewards for the next 365 days.

We are thrilled to introduce the V4 pool, where you can stake new OPUL tokens with flexible lock-up terms. Enjoy the benefits of a 365-day lock-up period for 10% APY. The longer you lock up your tokens, the higher the APY becomes.

One of the best features of the OPUL Staking Pool is the accumulation of raffle tickets, which can be used to apply for exciting rewards, including early access to our exclusive MFT drops. It’s worth noting that all three of our initial MFT drops sold out rapidly, with two selling out within the first hours of the presale!

For every 10 OPUL tokens you stake, you earn one daily ticket. By staking more OPUL, you can accumulate a greater number of raffle tickets, increasing your chances of winning our exclusive Raffle rewards.

Raffles

Get ready for some thrilling raffle opportunities! We’re thrilled to announce a final last-chance raffle for each upcoming MFT drop. Don’t miss your chance to secure early access and exciting perks.

But that’s not all! We’re adding new raffles to the mix, including VIP tickets to Ditto X, Swag Packs, and much more. Stay tuned for the latest updates and get ready to participate for a chance to win exclusive rewards.

OVAULT

OVAULT is a groundbreaking Music Fungible Token (MFT) that offers exclusive access to a curated collection of top streaming catalogs, all within a single token. Handpicked by Opulous’ team of music specialists, the songs included in OVAULT have demonstrated significant streaming success, guaranteeing consistent rewards for token holders.

Over the coming weeks, we’ll begin the marketing roll-out as we prepare to list OVAULT as an upcoming MFT sale on our sales page. This is an opportunity you won’t want to miss out on!

Opulous AI

We are making steady progress on Opulous AI and pleased to announce the successful completion of the proof of concept phase, which has laid a solid foundation for developing our comprehensive predictive model. Opulous AI will empower artists with data-driven insights, predictive analytics, and innovative features, propelling their music careers to new heights.

Stay updated with the latest developments by visiting opulous.ai and signing up for our waiting list. Be among the first to experience the power of Opulous AI.

Hear from our Chief Product Officer, Fernando Cruz, who is leading our development team to new heights:

“I am incredibly proud of our team’s dedication and hard work in bringing the MFT Platform to life. The launch marks a significant milestone for Opulous and showcases the immense potential of blockchain technology in revolutionizing the music industry.

Our platform empowers artists and provides a seamless experience for music enthusiasts to discover, support, and own music assets. The progress we have made in expanding our ecosystem is a testament to our commitment to innovation and creating new opportunities for artists and fans.” — Fernando Cruz, Chief Product Officer, Opulous

We can’t wait to share all the updates with our dedicated community members and create an unforgettable experience!

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Opulous

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