Opulous Development Update: May 2022
It’s been another action-packed month here at Opulous and we’ve got plenty of exciting dev updates to dive into. Here’s a quick look of the highlights we’ll be covering in this month’s run-down.
- Token Vesting
- Mona Lisa MFT Distribution
- Music Royalties
- Opulous Staking Pool
- A message from Opulous CTO Marc Aché
Besides our exciting move from S-NFTs to MFTs (Music Fungible Tokens) — which you can learn more about here — there’s lots to share, so let’s jump straight into it.
Our new daily token vesting feature is live! Since April 12th, $OPUL tokens are being distributed every day via the Opulous platform.
We carried out the wallet processing in batches for security reasons and the whole process took around 48 hours to complete.
We’re aware that some people using the Ledger Algorand App are experiencing difficulties withdrawing OPUL tokens from their vesting schedule.
After discussions with the Algorand Team, we’ve been informed the current version of the app doesn’t support the existing claiming system. Unfortunately this means tokens cannot be claimed until a new version of the Ledger Algorand App is updated.
The Algorand team are currently working on an update to the Ledger Algorand App and will share updates in the coming weeks. Thank you for your patience and continued support.
The second part of the issuance is planned for May 17th. This is when we’ll include investors who didn’t provide their information in time for the April issuance.
You can now also view all the tokens you’re owed directly on the Opulous platform. This includes what you’ve already claimed and how many you can claim right now — as well as the overall vesting schedule.
As you probably already know, all $OPUL tokens will be released slowly over time. You’ll be able to claim tokens whenever you have more than 10 OPULs in your claiming balance during the contract period.
We’ve also made some improvements to the Opulous dashboard to make navigating the platform easier and cleaner. Log in and take a look for yourself!
We’re working closely with our partners at Securitize to distribute the MFT and Artwork NFT tokens to everyone who was part of the Mona Lisa by Lil Pump sale.
Certain legal steps need to be taken before these tokens can be minted and issued — and we’re in the process of collecting all the necessary investor data right now. Your tokens will be with you soon!
We’re streamlining this data collection by adding an Investor Data Collection Dashboard to the Opulous platform. This is now in the final phase of the development and will be launched as soon as possible.
The issuance is scheduled to begin on May 10th. Once investors have completed their profiles, they’ll be able to opt-in and claim their tokens.
Throughout April we’ve been refining our royalty distribution process to make sure everything goes smoothly when the cash starts flowing. We’re working side-by-side with Ditto Music and Algofi to automate the whole process as much as possible.
You’ll be able to see your royalty earnings roll in each and every month. Plus there’ll be filters to help you focus on the time frames and releases you’re most interested in — as well as an option to check individual or total gains.
Detailed reports will be available for specific releases, countries, music platforms and months.
Work continues on our own OPUL Staking Pool within the Opulous platform. It’ll be the first pool of its kind released to the public and we’re really looking forward to launching it.
Using this pool, you’ll have an option to stake OPULs and earn annual percentage yields (APY) as a reward.
But that’s not all…
You’ll also earn the chance for early access to our MFT sales when you stake. For each OPUL you stake, you’ll get one ticket per day. These tickets will then be used to draw the winners for early access to our MFT sales. Exciting stuff!
Message from our CTO, Marc Aché
As you can see from above, it’s been another busy month here at Opulous, the team has been working hard bringing new products to our community. I’m excited to begin distribution of our first MFT royalty producing product this month and I’m sure our holders are just as excited to start collecting royalties.
In June we will launch our new $OPUL staking pool where you can get rewards right here on the OpulousApp, the smart contracts have begun internal audit and heading off to formal outside audit later this month. Our last audit came back with no major issues and I expect another clean bill of health again.
We are working diligently to refine our roadmap for the next year and will have more updates on what new products are coming in the future.
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