You’ve secured an MFT! What’s next?
The Ard Adz “Patek Myself” MFT sale was another significant milestone for the Opulous team, selling out in just 45 minutes. We’d like to thank everyone who participated and extend our congratulations to each of you for being part of such an innovative movement within the music industry!
During those electrifying minutes, 160 visionary investors and music fans pledged $65K to an artist passionate about sharing the wealth with his fans. Ultimately, only $50k worth of investment funds will be allocated, so make sure to finalize your investment before your spot is given to someone on our waitlist.
To help guide you on the next steps, we’ll break down everything you can expect from the moment you invest until you receive your tokens and start earning a share of Ard Adz’ music royalties.
Step 1: Finalizing the investment
During the investment process on WeFunder, please note that there will be two payments pending for this transaction:
- The first payment is to reserve your MFT
- The second is to finalize your MFT purchase
We’d like to stress again that unless you finalize your MFT payment, you’ll lose your reservation spot as it will be given to another investor on the waiting list, so please make sure to complete the final step!
And there’s no need to worry — you won’t be charged twice! The first reservation payment will be lifted a few days after you finalize your MFT purchase, while the second payment will remain pending for the duration of the fundraising period to comply with SEC security laws.
The Ard Adz fundraising period remains open for three weeks to comply with regulations. Next, Patek Myself LLC files its Form C Disclosures, and WeFunder will send out a contract for each investor to sign.
Since we’re offering you an SEC-registered token, it takes some extra time for you to receive it. Again, not to worry, because you’ll start earning music royalties from the day “Patek Myself” is released. Once all the paperwork is handled and fully completed, WeFunder needs another two weeks to process the sale on its end.
Step 2: Receiving your MFT
As soon as your investment finalizes, Opulous will send opt-in instructions for you to be able to receive your tokens, a process that will take an additional 2 weeks. At this time, you’ll head to the Opulous user dashboard to connect and verify your digital wallet, which must be ALGO-compatible.
Before distributing any tokens, Opulous double checks with each investor that your wallet information is correct and/or updated.
It’s important to note that Opulous Music MFTs fall under U.S. securities laws, and these regulations prevent the token from being traded within the first 12 months. However, after this lockup period, you’ll be able to trade your tokens on the Opulous platform, where anyone can buy and sell MFTs.
Our NFT exchange is set to launch in Q4 2022.
Step 3: NFT Artwork & Perks
The Ard Adz campaign has been exceptional for us because it’s the first time we’re introducing our unique generative artwork NFTs.
Our generative artwork NFTs were carefully crafted to enrich every music fan’s journey by fusing unique digital art with immersive VIP experiences. If you were among the first 192 investors to successfully enter the sale, congratulations! Your Ard Adz experience will be unlike any other experience you’ve had with music before — you’ll unlock your stunning artwork NFT and/or awesome perks when you receive your MFTs.
Artwork NFTs will be sent to your Opulous account together with the “Patek Myself” MFT.
Step 4: Get Paid
Patek Myself, LLC owns 50% of the Master rights to the single “Patek Myself” which entitles the LLC to receive 50% of potential future royalty payments generated by the Master rights.
Profits from the song’s master record include music royalties generated from streaming, neighboring rights, and sync rights. So whenever the song “Patek Myself” generates profits from its master record on platforms such as Spotify and Apple Music, you’ll be earning income together with Ard Adz!
Once “Patek Myself” is released, Opulous collects all the music royalty income every three months and distributes it between all investors according to the percentage of shares you own.
Finally, we’ve made the payment process as easy as possible. Payouts will be sent straight to your account on our user dashboard in OPUL. You can also keep track of all your MFTs on the dashboard, view your song’s streaming/performance stats, and check out any amounts you’re owed, or you’ve already claimed.
We’d like to thank you once again for helping make the Ard Adz MFT campaign another massive success for the Opulous community! There’s a lot more cooking, and we can’t wait to share our next major artist update with you very soon.
This is the start of what we envision as a new normal in the music industry. Fans and artists sharing ownership in music is only the beginning.
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