Whereas many nonetheless assume the use circumstances of NFTs are tied to uncommon photographs, one mission, for the reason that starting of September has been making inroads into the tokenization of the music business and even made an exponential development of over 1000% inside the area of a month.
The mission, Opulous (OPUL), is concentrated on how musical artists can use their musical rights as belongings in DeFi. Based on its web site, the “groundbreaking NFTs will generate month-to-month royalty income and enhance in worth as an artist’s profession progresses.”
Making sense of Opulous’ meteoric rise
In direction of the top of September, the worth of OPUL, the native token of the mission, had crashed to as little as $0.635 earlier than it started its dramatic rise to a brand new ATH of $7.60 on November 15. Not solely that, its buying and selling quantity additionally witnessed a 564% surge to over $24 million.
Obtainable data reveals that the sale of the first-ever NFT on Opulous partially accounts for the dramatic surge seen in OPUL value a number of days in the past.
The protocol not too long ago launched its Safety NFT(S-NFT) sale in partnership with artists like Lil Pump and Soulja Boy who offered their music “Mona Lisa” as a S-NFT and reached its most goal of $500,000 inside a number of hours.
Our S-NFT sale of ‘Mona Lisa’ by @lilpump & @souljaboy has now completed, so we have rounded up all the important thing data you will want
Discover out what’s subsequent ️ https://t.co/dEpjYerviu#MonaLisaWeek $OPUL pic.twitter.com/pUEQ6CwrEV
— Opulous (@opulousapp) November 5, 2021
The stated NFT was created as a particular token in partnership with the Republic to symbolize followers’ investments in artists’ songs. As soon as Republic has carried out all of its tasks, contributors can mint the S-NFT tokens on the Opulous web site. Wallets holding S-NFTs would then have the ability to obtain royalty from the artists’ music views on all platforms quarterly in USDC.
Another excuse recognized for the value development is the tokens’ cross-chain capabilities and help from main decentralized exchanges like PancakeSwap and Uniswap plus the help it enjoys from centralized exchanges like KuCoin and Gate io.
New staking pool with @gate_io is LIVE!
Stake $OPUL ️ https://t.co/9kgTReY5ig$OPUL $ALGO pic.twitter.com/Cc1zU3Gh3e
— Opulous (@opulousapp) November 12, 2021
Conclusively, one can’t however tie the rise of Opulous to the continued reputation of NFTs in current occasions. A have a look at Google key phrase search motion would reveal that the seek for “NFT” surpasses key phrases like Dogecoin, Blockchain, and Ethereum.
Get an edge on the cryptoasset market
Entry extra crypto insights and context in each article as a paid member of CryptoSlate Edge.
Be part of now for $19/month Discover all advantages
Like what you see? Subscribe for updates.