Opulous Development Update: November 2022

Opulous
8 min readNov 2, 2022

It’s been another busy month here at Opulous and we can’t wait to share the latest updates with our amazing community.

October saw us complete further milestones from our roadmap including MFT distributions for KYLE and the launch of our highly anticipated Opulous Raffles. As we continue moving forward through November, we’ll continue to issue MFTs to members ready to receive your first batch of rewards.

Behind the scenes, we’ve been working around the clock to build out each key component of our upcoming ecosystem. In Q4, we will see further product releases from our roadmap including the highly anticipated Phase 2: Music Rewards. Afterward, we’ll be entering Phase 3 MFT Ecosystem with lots more exciting news to be announced.

We know many of you have been waiting for the MFT rewards distribution and we would like to thank each of you for your continued support and patience. It’s been a long time coming, so looking forward to getting your music rewards in your hands. More info on that ahead!

In this month’s development update we’ll be highlighting the following:

  • Phase 1: OPUL Staking Pool
  • Opulous Rewards
  • Phase 2: Music Rewards
  • Phase 3: MFT Ecosystem
  • Artwork NFT Distributions

There are lots to get through, so sit back and enjoy!

Phase 1: OPUL Staking Pool

We’ve seen an overwhelmingly positive response since opening the OPUL Staking Pool back in August and we would like to thank our community for all of the support!

As a sign of long-term commitment and belief in Opulous, our entire team of staff and advisors have agreed to stake their allocations in the staking pool. Due to this and the amazing effort from the community, there is now over 71m TVL of OPUL staked in the pool, which is truly remarkable.

In October we saw the launch of Opulous Rewards, enabling everyone using the OPUL Staking Pool to spend their accumulated tickets on raffles to earn big rewards. To kick things off, we wanted to go BIG. In the first round of rewards, we have seen not only swag packs and OPUL Airdrops but also once-in-a-lifetime opportunities like paid trips to Dubai for Algorand Decipher.

Winners for each reward have already started being contacted to claim their prizes. It’s getting very exciting OPULFAM!

Our latest raffle including the trip to Algorand Decipher is still open and available to participate in. The draw will commence at 3 PM UTC on Thursday 3rd October — join here. More draws for Swag Packs and OPUL Airdrops are continued for the rest of this month. There will be plenty more chances for everyone to win and be rewarded!

It doesn’t stop there. Later this month we will be announcing the next wave of Opulous Rewards and there’ll be some exciting new prizes on offer that we can’t wait to share with you. There will also be the opportunity to use tickets to apply for early access to our upcoming sales arriving in the MFT Ecosystem.

We love rewarding our community for the support they give us!

Bugs & FAQs

Token Discrepancy

We noticed there is a bug in the current iteration of our OPUL Staking Pool. This particular bug shows that the ‘Projected Staked’ is lower than the ‘Staked’ amount. We would like to reassure you that there will be no discrepancy and the projected staked, is actually the opposite of what you still receive in your APY bonus. For example, if your projected staked is lower by 10 OPUL, you will in fact be gaining 10 OPUL after your stake is complete.

Our team has already worked on this fix and it will be implemented in our next pool that will be going live in the next week!

Phase 2: Music Rewards

MFT members, here is the long-awaited news you have all been waiting for. We are pleased to announce that Phase 2: Music Rewards will finally commence this month!

Ever since the first MFT sales, we have been working around the clock with our artist teams and partners at Applied Blockchain & Securitize organizing each facet of the rewards distributions.

All key steps in order to begin distributing rewards have been completed internally, we are just in the final stage of testing before we initiate deployment. It was planned to be deployed and go live last month, but unfortunately, it got delayed as our deployment method relies on a third party for tech deployment to guarantee maximum security of your rewards, which prevented us from going live, resulting in further rescheduling.

We expect after these final stages of testing, we will be commencing Phase 2 and releasing the first batch of rewards distributions in the next two weeks!

Claim your MFTs

In order to receive music rewards, you will need to have claimed your MFTs. If you have not already done so, we advise you to complete all required steps prior to the music rewards launch date. We don’t want you to miss out on your first batch of rewards payments!

This week we received some great news from Securitize and we believe it will be a breakthrough in enabling everyone to receive their MFTs. As of now, members will no longer have to provide their ​​TAX ID when completing KYC, which previously was causing much delay for many members and our team internally.

If you have participated in our MFT sales and have not received your MFTs yet, please read our articles and follow each step carefully:

How to claim Mona Lisa MFTs

How to claim Patek Myself MFTs

How to claim It’s Not So Bad MFTs

If you are still having any issues please contact us via info@opulous.org for any additional information or help you may need.

Rewards Dashboard

As covered in our previous development update, in your rewards dashboard, you’ll be able to see a direct breakdown of earnings across your MFTs, including which stores and locations are performing best. You can get stuck into all of the juicy data and really understand where the plays are coming from!

In the analytics section, you’ll be able to take a deeper look at the statistics from each digital streaming platform the releases are being played on. It’s a great way to analyze historical data to see which weeks have outperformed others and spot trends.

You’ll be able to instantly withdraw your earnings in USDC. And because we love the OPULFAM so much, we’re going to match your total USDC earnings so far equally in OPUL token payments. So for every dollar, you’ve earned from your first batch of music rewards payments, you’ll receive the same value amount in OPUL.

This will be a very important milestone for the Opulous team, partners, and community. We can’t wait to begin distributing rewards and getting rewards in the hands of members!

Phase 3: MFT Ecosystem

After distributing the first batch of music rewards, we’ll drive straight toward the next stage of our product rollout, Phase 3: MFT Ecosystem including the MFT Launchpad, MFT Staking, and MFT Exchange.

This is where the fun starts. To kick off this pivotal phase of our roadmap, we’ll be pulling out all of the stops and going all out to deliver our exciting product in the best possible way!

What’s coming for the MFT Ecosystem launch?

As we drive towards Phase 3, we’ll be rallying to create as much noise and awareness about Opulous as possible. In order to actuate this, we’ll be initiating a special Growth Campaign that will cover:

Website Update

Brand new website homepage — redesigning and reimagining Opulous in a new way using fresh colors and new slogans to get everyone excited for what’s coming. Our vision is to make our MFTs the most exciting opportunity for all members and we’re building our website to be informative and user friendly enabling easy MFT adoption for members.

Artist Announcements

To kick-start our MFT Launchpad we’ll be announcing a host of game-changing artists set to drop MFTs with Opulous throughout Q1 of 2023. We already have a list of names that we can’t wait to share with everyone in the community.

New Partnerships

To increase our awareness within both web 2 and web3 we’ll be announcing a series of exciting new partnerships. We are currently speaking to some select companies building in the Algorand community and finding new ways to build together.

In addition, we’ll be announcing a very exciting new partnership with Ditto Music to exclusively offer select artists from their roster an opportunity to release MFTs with Opulous! More to come on this!

Ambassador Program

Our long-awaited and highly anticipated Ambassador Program will be arriving this quarter as part of our Growth Campaign. We will be further bringing our community into the fold by harnessing their unique skills and attributes to evolve the Opulous ecosystem. This could be your opportunity to become an active participant as part of our team, driving forward growth and development. We have been working hard on this behind the scenes and as a team, we’re super excited to get this going!

OVault

As part of the MFT Launchpad, we’ll be launching our brand new OVault. As explained in previous blogs our Chief Investment Officer Jay Moore has been busy procuring music catalogs from established and award-winning artists. We’ll be minting the music catalog into OVAULT tokens — which work similarly to MFTs — and will be released in our MFT ecosystem after launch.

We’re excited to be moving into this key Phase of our full ecosystem launch and can’t wait to share this journey with our community. You can find out more about our MFT Ecosystem from one of our Twitter posts here.

Artwork NFT Distributions

We are working closely with Applied Blockchain on distributing all Artwork NFTs. So far we have started issuing artwork NFTs for Ard Adz and Mona Lisa members. In November, we will begin issuing It’s Not So Bad artwork NFTs.

More updates on this will follow!

We continue driving forward!

A message from our CEO, Lee Parsons:

“The whole team at Opulous has been hard at work and this quarter is when can really show off what we’ve been working on behind the scenes. We have a series of game-changing products that we can’t wait to bring to market. Over the course of the next few months, we’ll have initiated both Phase 2: Music rewards, Phase 3: MFT Ecosystem, new partnerships, new artist announcements, and more.

Everyone is looking forward to the future for Opulous and we would like to thank all of our amazing #OPULFAM community for their continued support and patience as we ready for launch!”

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Opulous

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