Big news, OPUL fam! Phase 2 of our full ecosystem launch is here, and music reward payments can now be claimed directly from the Opulous Dashboard.
Before getting started, we would like to ask all investors to please read this blog very carefully. Each section is filled with important information, and we wouldn’t like you to miss anything.
What are Music Rewards? Are they different from music royalties?
Music Rewards mean the different types of benefits you will receive. Right now, it will include your share of the music revenue generated from the song you’ve invested in, commonly known as music royalties. Nothing changes with your payouts, and you’ll still receive your share of the music you have invested in!
We’ll be paying out Music Rewards for the Lil Pump and Soulja Boy’s Mona Lisa MFTs and Ard Adz’s Patek Myself MFTs, first, as we have received the rewards from Ditto Music.
We can’t distribute the rewards for KYLE’s It’s Not So Bad MFTs just yet as we’re still waiting on further royalty payments. Once we receive them, they’ll be transferred to your Opulous Dashboard, ready to claim.
This is a huge milestone for our team, partners, investors, and everyone involved with Opulous. Huge thanks to everyone for their patience and continued support!
In this blog, we’ll explain…
- How to claim MFTs
- How to claim rewards
- Understand your rewards
- Message from our CEO, Lee Parsons
Key information before we start that we believe is very important to make clear:
- You can only claim rewards IF you have claimed your MFTs and holding them in your wallet.
- This first batch of music rewards are derived from revenue generated between December 2021 to June 2022.
- If you can see any gaps in stores, some stores take longer to pay than others. But as they complete their payments, we will add them to the next batch of rewards.
- Music Rewards are distributed every three months. The first batch arrives in December 2022, and the second is scheduled for March 2023.
Ready to claim your rewards? Let’s get started!
How to claim your MFTs
To claim your rewards, you will need to ensure you have your MFTs in your wallet.
If you’ve already claimed your MFTs and they’re in your wallet, you’re good to go! You can skip ahead to how to claim your music rewards.
However, if you have participated in our MFT drops and have not yet claimed your MFTs, you won’t be able to receive your rewards this time round. Instead, you will need to make sure you have claimed your MFTs to get into our next distribution of music rewards.
Read our articles and follow each step carefully to claim your MFTs including KYC and more:
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 firstname.lastname@example.org. We’ll be happy to help you out!
How to claim your rewards
You’ve probably already heard that we’ll be matching the first batch of music reward payments 1:1 with OPUL. So for every dollar, you make in the first batch of music rewards, you’ll get a bonus of the same value in OPUL.
It’s time to claim those rewards! Check out our step-by-step guide and walkthrough video to get started:
STEP 1: Connect your wallet
First, you need to connect the wallet containing your MFTs to the Opulous app. You can connect with either Pera Wallet or My Algo Wallet.
STEP 2: Check your MFTs are in your Assets Tab
Next, just double-check you’ve claimed your MFTs in the Assets tab. If your assets are there, then you’re good to go. If not, check out our blog updates for all the information you need to claim your assets.
STEP 3: Claim your OPUL
You’ll need to click the ‘Opt-in to claim assets’ button in your notifications.
You’ll be presented with a series of confirmation screens. Click ‘claim now’ to opt-in and receive your OPUL tokens.
STEP 4: Explore your Music Rewards
This is the exciting part! It’s time to take a look at your Music Rewards. Head to the ‘Assets’ tab and then click “Rewards”. You’ll find two important tabs in the rewards section: Reports & Payouts.
In the reporting section, you can see key analytics for your MFTs, including the countries your music is being played, how many people are listening on different platforms like Spotify & Apple Music & how much your MFTs have earned in those stores overall!
As you can see, there are two toggles under rewards: My Rewards and Total. My Rewards indicates how much revenue your MFTs have earned. Total indicates how much has been earned from 100% of the release, including all MFTs and the artist’s share.
IMPORTANT: It is widely known that music platforms pay out at different times, some taking longer to pay than others. So if some of the stores are empty, this is why. Further payments will be included in the next batch of rewards, so don’t worry!
STEP 5: Claim your Music Rewards
Go to the Payouts tab and see the rewards available to claim in USDC. If you haven’t already, you’ll also need to opt-in to USDC to receive your Music Rewards. Make sure you have at least 0.01 ALGO in your wallet to do so.
Claiming your Music Rewards is easy — just click ‘Claim rewards’ and then ‘Confirm’.
There you have it — you’ve just earned rewards from your MFTs. Real utility from real-world music assets. New rewards are paid every three months. As soon as we receive them from distributors like Ditto Music, we send them straight to your account.
We’ve also put together a video walkthrough, so check that out to see our Music Rewards in action.
Now you know how to claim them, let’s dig a little deeper and find out how rewards are calculated.
Understanding your music rewards
Music rewards can be a little complex, so we want to give you a breakdown of the different possible sources of rewards you can expect to receive in the future:
You’ll earn a share of the revenue from streams across Spotify, Apple Music, YouTube, Amazon Music, TikTok, SoundCloud, and more.
You’ll also earn a share of song downloads from iTunes, Amazon Music, Google Play, etc.
Every time the song is broadcast on the radio, including XM and other free or paid-for music apps, you’ll earn a share of the song’s broadcasting revenues.
You’ll earn a share of the public performance revenue every time the musical work is performed in a public space, such as bars, bookstores, venues, festivals, etc.
Whenever the song can be heard on TV or in video games, including advertising, movies, and trailers, that counts as a Sync license fee. You’ll earn a share of this type of income.
What music rewards are in this first batch?
The first batch of rewards will come directly from our sister company Ditto Music which collects streaming and download income. The other types of music income will be featured in future distributions as we collect them..
How are music rewards calculated?
Many factors affect the value of music rewards. Each store has a different payout rate which can vary depending on the listener’s location worldwide. For more information on how much different stores pay, please check here.
What is the amount on my reports?
Your reports show two different amounts for your rewards:
- Total: the total revenue generated by a release, including all MFTs and artists, share.
- My Rewards: Your rewards are proportional to the amount of MFTs you hold (total revenue/percentage of total MFTs). So the more MFTs you hold, the more rewards you’ll earn!
How often are music rewards paid?
We receive music revenue reports every three months. As soon as they are received, we will ingest them into our system and make the rewards available to claim. The next round of rewards is scheduled for March 2023.
What can I do with music rewards?
Music Rewards are distributed as USDC (Circle Stable Coin) which can be used to purchase other coins such as OPUL. Check out which exchanges you can buy OPUL from here.
If you have more questions about your Music Rewards, please contact us at email@example.com.
This is only the beginning. There is so much more to come!
A message from Lee Parsons (CEO & Founder, Opulous):
“This is a huge milestone, not just for us here at Opulous but for the whole music industry. Payments that would normally be sent to record labels are being sent directly to fans — for the first time ever on Opulous. We will continue to work hard and cement our position as the number one music platform on the blockchain.”
There we have it — our first distribution of Music Rewards! And we’re just getting started — there’s lots more to come for our amazing community in 2023 & beyond!
We’d really appreciate it if you could leave us a clap or two right here on Medium and tag us on Twitter that you enjoyed our update. Join the Opulous community by following us on all platforms, so you don’t miss a thing (TIP: activate notifications for anything posted by Opulous).