Our vision has always been to develop an all-in-one Decentralized Finance platform for the music industry.
So we’re delighted to announce that our partner platform Bluebox will be integrating with Opulous.
We set out to solve the industry’s biggest problems with blockchain tech, untangle complicated copyrights issues and use DeFi to give artists access to all-new funding opportunities and revenue streams.
Merging the strengths of both companies, we’ll harness our combined knowledge, expert teams and technical infrastructure to create something even bigger and better.
The Bluebox team has spent the past two years developing a innovative platform designed to manage, split and trade music copyrights on the blockchain via smart contracts, paying out complex royalty streams to multiple rights holders accurately and efficiently.
Bluebox is the only platform able to tokenize music copyrights, collect and pay music industry royalties via hundreds of collection points, and split those payments to every party involved in a contract.
Now ready to release an MVP, Bluebox will bring this cutting-edge decentralized tech to Opulous, launching phase one of their platform as part of the Opulous system.
The Opulous/Bluebox merger gives us the power to launch even more industry-leading solutions alongside the DeFi loan projects we’re already working on.
Introducing Music Copyright NFTs
In mid-March 2021, Opulous and Bluebox joined forces in a collaborative project to launch the first ever Split Music Copyright NFT Sale.
The sale involved two mainstream artists from either side of the Atlantic: US artist and brother/manager of Chance the Rapper Taylor Bennett, as well as UK rapper and primetime TV personality Big Zuu. Both agreed to sell upcoming tracks as NFTs via Bluebox and give away a 1% master copyright share to every buyer.
This music copyright NFT sale was a unique, first-of-its-kind experiment and proved to be an overwhelming success.
Over 10,000 people registered for the sale in just 24 hours and all 125 NFTs were sold in under 5 minutes.
How do Opulous NFTs work?
When fully integrated with Bluebox, Opulous will use the power of blockchain technology to greatly improve the existing music industry copyright system by associating legal music copyright contracts with digital NFTs.
These contracts are tokenized, allowing any investor with a digital wallet to purchase, license and receive royalties earned by copyright assets.
On the Opulous platform, artists, writers and rights holders can create NFT tokens directly linked to their music copyright shares. Royalties generated from all global sources — including Spotify, Apple Music, live concerts, media syncs, public venues and more — will be collected and paid out in our native OPU utility token to the holders of a given music copyright NFT asset.
Dividing ownership of music copyright NFTs through smart contract technology means that any investor can purchase a portion of a music copyright and collect royalties.
These digitized music copyrights can be sold (and re-sold) on secondary markets, allowing artists to easily raise funds based on future earnings. They could also sell or license portions of their existing copyrights to the general public, helping them generate the capital they need to fund their next music project or venture.
The Opulous NFT Exchange
Music Copyrights NFTs will create an entirely new financial market, opening up royalty revenue to the general public.
Just like on the stock market, investors will have the opportunity to purchase shares of assets. But instead of buying a stake in companies, these investors can now participate in the music market — an option previously only available to industry insiders and big music funds.
That’s why we’re proud to introduce the Opulous NFT Exchange.
This new form of Exchange will not only provide investors with an alternative means to generate revenue, but also a brand new kind of asset. Plus, artists will have the opportunity to raise even more money by selling fractions of existing and future music copyrights.
The Opulous NFT Exchange will also give fans an even closer connection to their favorite artists. Besides listening to their music, going to concerts and buying merchandise, they will now be able to support their idols by purchasing copyright shares of their songs, all while earning a share of that track’s royalty revenue for themselves.
The more an artist grows, the more money their fans make. It’s a win-win situation.
What’s next for Opulous?
The success of our first music copyright NFT launch attracted the attention of some big names from across the industry. Bolstered by our merger with Bluebox, we’re set to press ahead with more ground-breaking NFT sales.
In fact, our next NFT sale involves a well-known artist. We expect this sale to launch in the coming weeks.
We will also continue work on our game-changing DeFi loan platform, using future royalties as collateral so artists can access the funding they need without being forced into unfair deals.