Creating a revolution in the music industry, Opulous has earned the distinction of being the first platform offering prospects of decentralized finance to music artists, composers, singers, and other creative souls. By using the platform, artists can have their copyrighted NFTs and access to the loans in the DeFi space. This working methodology and functional procedures are all set to change how artists can have access to funds in the future. The platform is ready to create history by launching its token offering ASA $OPUL on TrustSwap distributed platform, and the launch is scheduled to happen on June 30, 2021, at 9:00 AM PST.
Opulous is coming up with a token that can be used on Algorand and Ethereum blockchains. This means users can go with either of the platforms that suits their needs and preferences the best. The company is currently working on creating a bridge that will help transfer tokens between these blockchains. The platform is also in talks with different crypto exchanges to support the launch of its token $OPUL and ETH/ASA.
The three primary functions that Opulous platform will offer include loans in DeFi space, NFT exchange, and NFT Launchpad. The NFTs created on the Opulous will enable artists to avail themselves of a range of new services, including loans and sharing the royalty of the song for social media support.
The fully decentralized nature of the platform ensures that there is no middle man or third-party intermediaries present in the system that would have otherwise eaten into a chunk of profit earned by the artist. This peer-to-peer system is beneficial for artists as it empowers them with decision-making power and predictable results on earning royalty in the future. It’ll be interesting to witness how music artists will react to this development and whether the new platform will find favor with the target audiences or not.