We’ve officially knocked the ball out of the park with the world’s first full-album MFT campaign feature KYLE. Within hours of going live on June 1st, our initial goal of $100k was both reached and exceeded with over 200 participators pledging to our massive campaign for the album, It’s Not So Bad.
Once again, we’d like to thank everyone who took part in our MFT drop with KYLE and for being part of a movement that is steadily shaking up the music industry for the better.
Thanks to you, artists can take advantage of a new opportunity to share music particiaption with fans through our MFTs (Music Fungible Tokens), a first in the industry. This is the first time in music history that anyone can own music fungible tokens that are also SEC-compliant (U.S. Securities and Exchange Commission.)
We know there are many questions to be answered on what’s next, and it’s our pleasure to break down the participating process step by step!
STEP 1 — Buy your MFT
Once you’ve purchased your MFT, the sale period remains open for three weeks to comply with regulations. Kyle Album, LLC will then file its Form C Disclosures, and WeFunder will send out a contract for each participator to sign.
These securities are offered under a registration exemption (Regulation CF) with the US SEC, so we need to do things by the book — which means it’ll take some extra time to process all the sales securely. Once all the paperwork is completed, WeFunder needs another two weeks to process the sales.
STEP 2 — Receive your MFTs
You’ll receive an email from Opulous once everything is approved and finalized, prompting you to opt-in for your MFT.
You will need a MY ALGO or Pera Wallet containing at least 0.302 ALGO to receive both your MFT and Artwork NFT. Once you’ve opted in, it will take our securities partner, Securitize, three days to process the information. As soon as Securitize has finished processing the tokens, your MFT will be sent to your wallet.
If you need some help, check out our guide!
It’s important to note that Opulous 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 — set to launch Q4 2022 — where anyone can buy and sell MFTs.
To claim your NFT perks, we will share information on our social media once it is available.
STEP 3 — Get Paid
Whenever tracks from Kyle’s full album, It’s Not So Bad, earn revenue — whether that’s music rewards generated from streaming, neighboring rights, or sync rights — MFT holders will earn a share of the money. The album has already been out for a number of months, and all the rewards already generated will also be shared with the MFT holders.
Music platforms like Spotify and Apple Music payout every quarter, so it can take up to three months for the rewards to start rolling into your account.
Payouts will be sent directly to your Opulous account. You’ll be able to track, filter, and withdraw your MFT’s royalty earnings — as well as access every release’s streaming stats.
Now that we’ve landed yet another successful MFT campaign for the Opulous community, we’re riding its coattails with another important development update and more exciting artist announcements as we kick into our Summer gear.
Congratulations once again to everyone who managed to secure a KYLE MFT!
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