Opulous Development Update: March 2022
Get a behind-the-scenes look at Opulous as we share a glimpse of our monthly development updates and platform improvements.
2022 is shaping up to be our greatest year of growth yet.
While the world has been busy embracing the infinite possibilities NFTs offer, we’ve been passionately building our platform in preparation for full operability — along with all our products — before the end of the year.
Last November, we launched our first successful S-NFT campaign featuring Lil Pump and Soulja Boy. Their single “Mona Lisa” continues its uptick in streams, with current counts surpassing 30M views on TikTok and 2M streams on Spotify.
We continue to infuse our community with new energy as we share some of our latest development updates, attract a new lineup of artists (which we will be announcing soon), and polish up our front-facing user dashboard. In addition, the Opulous Team will be releasing monthly development updates to increase overall transparency for our incredible community.
Additionally, we’ve been growing as a team as we continue to work hard in bringing you our new products. As always, we’d like to take this opportunity to thank you for your continued support!
Let’s take a look at this month’s developments.
Looking at our timeline, perhaps our most exciting news is that music royalty distributions for Lil Pump’s single, “Mona Lisa,” begin at the end of April with the first of our DeFi pools, the Opulous Staking Pool, launching in May.
In our staking pool, you will be able to stake your ASA OPUL directly within our User Dashboard and receive special early access to our next S-NFT sales as a reward for participating in our new staking pool.
We are also very excited about our upcoming NFT Artwork Launchpad, slated for May, as you will be able to buy stunning, one-of-a-kind Artwork NFTs through the Opulous dashboard — all using OPUL as payment.
Finally, we are looking forward to introducing the world to our next pool, the Music Loans pool by the end of July.
We have some exciting plans in the works for when they are launched later this year. We will continue to regularly release monthly development updates on each of our products.
Internally, we have made all the necessary changes to integrate S-NFT distributions via our partner, Securitize, and roll out support for the all-new Pera wallet (Algorand Wallet) on our platform.
How does it work?
As soon as our Securitize integrations are complete, you will be able to claim your assets on the Opulous User Dashboard by following these easy steps:
- Connect your wallet (either My Algo Wallet or Pera Wallet)
- Continue with all the opt-ins
- Once you are in your account, we send artwork NFTs straight to your wallet while Securitize executes your S-NFT transfers shortly after you’ve submitted the opt-ins.
Opulous is working closely with Securitize to issue your S-NFTs so that they will be freely tradable in the near future. To enable this valuable feature, we’re undergoing platform improvements so that we can mint your tokens ASAP.
Even though you have not received your S-NFT yet, you are still getting paid for every stream and will be receiving a full breakdown of all of your data points from Spotify, Apple, Tik Tok, and more. In addition, as a special thanks to our community, we recently announced that S-NFT holders will receive a 1:1 royalty distribution paid in $OPUL tokens during the first 12 months.
Token Vesting (End of March)
Our new token vesting period is in the works, which we are changing to a daily vesting schedule. Offering a clear advantage, users can claim tokens daily rather than every two months, therefore reducing any possible price impacts that a bi-monthly distribution could cause, increasing the overall stability of the OPUL token.
Through our platform, you can view all tokens you are owed along with how many tokens can be claimed currently, what you’ve already claimed, and finally, the overall vesting schedule. In addition, all OPUL tokens will be released slowly over time.
For those who invested in the OPUL token SHO via DaoMaker, you can still claim ERC20 tokens through the DaoMaker portal daily. And if you invested via TrustSwap, you will be able to claim ASA tokens using the Opulous Dashboard
NFT Artwork LaunchPad (May)
We are thrilled to launch our generative artwork NFTs this coming May. These NFTs are one-of-a-kind digital artwork that can accompany our S-NFT campaigns. Alternatively, they can be offered as a standalone campaign. Our gen-NFTs feature exclusive perks and unique benefits like VIP fan experiences, signed artist merch, and special access to our Discord S-NFT groups.
You’ll be able to buy artwork NFTs through the Opulous dashboard using OPUL as payment. In addition, we are working together with the Genzee team to deliver high-end Generative NFTs for artists and investors.
We are very excited to be adding a new wallet provider to our platform. We will begin support for Pera Wallet (previously Algorand Wallet) along with My Algo Wallet, and users don’t need to change wallets to claim assets.
Adding wallet providers will enhance and facilitate our overall user experience.
Music Royalties (April)
The Opulous user dashboard will roll out a user-friendly, fun, and informative visualization of music sales. We will feature multiple charts, each with its own search filters, breaking down earnings by country, releases, streaming platforms, or months. Users can also check how much they are owed in music royalties at any given time.
Opulous Staking Pool (May)
One of our two upcoming DeFi pools, our OPUL staking pool, is scheduled to launch at the end of May, offering passive income for all investors and early access to our S-NFT sales.
In our Opul Pool, you will be able to:
- Deposit OPUL into our pool
- Receive a generous APY
- Earn special access to our S-NFT sales
How do our rewards work?
For every OPUL token you stake, you accumulate a lottery ticket every day leading up to our S-NFT sale. Then, on the day the sale goes live, our system randomly draws a set of winners who are granted early access to the sale.
The more tickets you accumulate, the better your chance of entering our sale early!
Opulous Music Loans Pool (End of July)
Following the launch of our Opul Staking Pool, our Music Loans Pool is planned for a July release, offering even more benefits to our investors and community. Our music loans pool is designed to operate as a synergistic ecosystem.
In our Music Loans Pool, you will be able to:
- Deposit and stake OPUL and USDC
- Investors generate passive income by receiving artists’ music royalties
- Musicians use their potential copyright income as collateral to take out loans from the pool.
A note from our CEO
Everyone at Opulous is excited about the intersection of music and NFTs. 2022 is shaping up to be an exciting year for NFTs and entertainment. The Opulous ecosystem is well-positioned to become the authority in music copyright S-NFTs as we sign up with the hottest artists to bring music ownership to everyone.
We’re excited to keep our community updated as we introduce more incredible S-NFT campaigns while simultaneously working in the background to build a dynamic ecosystem.
We realise that the markets can be unpredictable, and it has been important for us to use these last few months to focus on our goal, which is to make Opulous the most successful music NFT platform on the market.
To achieve these goals, I have been focusing on:
- Building a world-class team
We previously announced new additions like Jenny Wong, our new head of Legal, and we have even bigger team announcements on the way in the next few weeks.
- Building our platform
We are building a world-class platform that is SEC compliant and will be the only legally compliant music NFT platform on the market. Alongside this, we are also building our DeFi platform and our Artwork NFT site, bringing more use cases for the $OPUL token.
- Signing new artists for Opulous S-NFT drops
We have already announced huge artists like Tyga and Kyle are on the way and our team at Opulous has signed more great acts that we will announce soon.
- Building a blue-chip company from the ground up
Building a project on a new blockchain, like Algorand, is a challenge — but something we have enjoyed every minute of. We are looking forward to a hugely successful 2022 as we scale out our team and product with the help of our amazing #OPULFAM community.
— Lee Parsons (CEO & Founder, Opulous)
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