August was an incredible month at Opulous and we’re working harder than ever to deliver all of the products on our roadmap update. We’ve ticked just about everything off our list for Q3 — and you can expect Kyle MFTs and Artwork NFTs, as well as Phase 2 of our full ecosystem rollout including music rewards distributions; announcements arriving this month!
We’re building an ecosystem with the OPUL token at its heart and can’t wait to share more exciting developments with you. We’ll be releasing an OPUL token utility update in the coming weeks, revealing some of the awesome new token utilities set to arrive with the full Opulous ecosystem. So keep an eye out for that!
In this month’s development update, we’ll be highlighting:
- OPUL Staking Pool
- Music Rewards
- MFT, Artwork, and Perk Distributions
- OVault
OPUL Staking Pool
Our single-asset OPUL Staking Pool has arrived!
We were delighted with all the positivity and great feedback from the community. We’ve already seen thousands of users join the pool and the TVL has surpassed 10M OPUL in just over two weeks!
Our community always give us amazing support, so we want to reward you! We’re organizing an exclusive airdrop for 200 lucky stakers who’ve staked more than 1000 OPUL in our pool. We can’t wait to share more details with you soon.
We’ve also just announced the first batch of Opulous Rewards, including a paid trip to Dubai for the Algorand Decipher, Opulous Merch, and OPUL Token Airdrops. Stake your OPUL to accumulate tickets and then use those tickets to apply for each raffle.
We’ll be announcing the launch date for Opulous Rewards later this month, so make sure you’re following us on socials to stay in the know!
But in the meantime, check out our blog to learn more about the OPUL Staking Pool.
Community Feedback
We’ve had plenty of great feedback from our community so far. Let’s look at some of the most common questions you guys have been asking.
When is the Ledger integration?
Currently, the OPUL Staking Pool does not support the ledger. We’re working closely with our partners at Algorand who have already worked on an update and forwarded it to Ledger. This is now in the implementation queue and will be arriving very soon.
Why am I unable to stake?
The most common reason people cannot stake is that they’re not using an Algorand wallet, such as Pera Wallet or My Algo Wallet. Alternatively, it could be down to a lack of Algorand tokens (ALGO) in your wallet. Without a minimum of 0.201 ALGO in in your wallet, you won’t have enough to cover the transaction fee and the opt-in. We recommend to have at least 1 ALGO to make sure all the transactions process without any issues.
Why is there a maximum of 10 stakes?
This is a technical limitation on Algorand’s side, as each wallet can only have a maximum of 10 stakes in the pool. We’ll send a notification in the platform about this after 5 stakes to ensure everyone is aware that it’s a total of 10 stakes per wallet. On the positive side, we are working closely with Algorand to open up a form of unlimited storage which will enable unlimited stakes in the future.
In the meantime, we are advising users to move OPUL to another wallet in order to continue adding further stakes into the OPUL Staking Pool. Don’t forget that if you have a wallet tagged to your MFTs, the new wallet you create won’t be tagged to the account that holds the MFTs.
How can I convert BNB chain BEP20 OPUL to ASA?
We advise that you send your BEP20 OPUL to Gate.io and withdraw as ASA to your Algorand wallet. The alternative is to use Chainport and convert your BEP20 OPUL to ERC20 OPUL.
How can I convert Ethereum ERC20 OPUL Tokens to ASA?
You can send your ERC20 OPUL to exchanges such as Huobi, Gate.io, Kucoin, MEXC, Bitmart or any other exchange that supports ASA OPUL. Afterwards, withdraw using your Algorand wallet address to receive tokens as ASA (Algorand).
How do I withdraw ASA OPUL from exchanges and withdraw to my Algorand wallet?
First of all, you will need to set up an Algorand wallet, we recommend Pera Wallet or My Algo Wallet. You will also need to add some ALGO to your wallet to pay for transaction fees and the opt-in. We recommend at least 1 ALGO. Opt-in for the OPUL token inside your Algorand wallet using our ID: 287867876. Now you can process the withdrawal as ASA(Algorand) on an exchange and it will work as the asset was opted in and ALGO held in your wallet.
Music Rewards
As we look forward to completing all of the steps in our Q3 roadmap, music rewards are one of the final items on the list. We’re doubling down all efforts and working diligently behind the scenes to get music rewards over the finish line and in the hands of members.
The first batch of the eagerly anticipated royalty payouts will drop as soon as possible. The technology is ready — the only hurdle left is the legal requirements for dividend distributions and tax collections. We recently dropped an infographic video explaining how music rewards distributions work — go check it out here.
MFTs, Artwork NFT, and Perk Distributions
Together with Securitize, we’ve successfully distributed both Mona Lisa MFTs and Patek Myself MFTs! If you haven’t had a chance to claim your assets yet, hit the links above and follow the steps. Last month we also shipped the ‘RARE’ and some ‘SUPER RARE’ Patek Myself perks, with the rest of the ‘‘SUPER RARE’ and ‘ULTRA RARE’ perks ready to be organized in September.
Next, we’ll distribute Patek Myself Artwork NFTs, followed by It’s Not So Bad MFTs and Artwork NFTs. We know this has taken slightly longer than expected, but we promise it’ll be worth the wait when the assets arrive in your wallets.
Royalty Vault
Music catalogs are one of the last decade’s most lucrative and fast-growing assets, producing exceptional gains for memebrs. Typically, participating in IP has only been available to big players like banks, funds, and major labels. But we’re changing that, levelling the playing field for everyone to participate in music copyrights.
The Royalty Vault operates similarly to an open-ended fund combined with utility tokens. Opulous identifies the best music participation opportunities from a range of music catalogs to be added into the Royalty Vault and mint into OVAULT tokens. Members will be able to buy OVAULT and stake to receive daily rewards.
Behind the scenes, Opulous CIO Jay Moore has already led the execution of several iconic evergreen artist catalogs combining eight grammy nominations, all ready to be added to the Royalty Vault. We also recently partnered with Algorand Foundation and received a grant to further secure lucrative music catalogs.
You can discover more about our upcoming Royalty Vault in Opulous CEO & Founder Lee Parson’s interview with Music Business Worldwide.
We keep building and moving forward!
Over the coming weeks, we plan to distribute all of the remaining MFTs and Artwork NFTs to members. Then we’ll launch Opulous Rewards, followed by Phase 2 of our full ecosystem rollout; the first music rewards distributions.
In November, look out for our highly-anticipated ambassadors’ program, giving OPULFAM the chance to to take their Opulous journey to the next level. We’ll be giving the most-engaged members of our community the opportunity to join exclusive channels with the Opulous team while earning awesome prizes and OPUL tokens along the way.
After that, we’re moving full steam ahead with building and delivering the MFT Ecosystem, including a new line-up of unmissable MFT sales from artists that we can’t wait to announce.
As we look to push forward and end 2022 on a high, we’re using this time to build out the Opulous Ecosystem and grow into one of the world’s largest rewards programs, offering the best experience for both artists and members.
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