TrustSwap, an Ethereum-based DeFi ecosystem and launchpad, announced the news in a blog post on Monday, June 30. According to the announcement, the OPUL token will be an ERC 20 and Algorand Standard Assets (ASA) token.
What is Opulous?
Opulous is the first platform of its kind, bringing Decentralized Finance to the music industry. The platform will connect investors and music fans with their favorite artists, as well as enjoy rights and royalties associated with an artists’ copyright through NFT technology, smart contracts, and blockchain within a decentralized architecture.
The Opulous team started the development of the project in January 2021 with its partner Bluebox that is now merged with Opulous. The Opulous is backed by Algorand, Rand Labs, R3, and more.
The platform is built on both Algorand and Ethereum smart contracts. Therefore, the team will be releasing a multi-chain token on Ethereum and Algorand and offering users the option to choose which they’d prefer to use on the platform.
To make this possible, Opulous is currently working with Algorand to build a bridge that will facilitate transfers between both blockchains.
How Opulous Works?
The Opulous will provide a “launchpad for the first copyright-backed Music NFTs as well as DeFi loans that will change how artists access the funding they need.” The project aims to bring DeFi to the DeFi industry by associating legal music copyright contracts with digital NFTs.
The Opulous ecosystem consists of three products.
- NFT Launchpad: On the Opulous platform, artists, writers, and rights holders can create NFT tokens directly linked to their music copyright shares. Opulous NFT tokens offer holders a share in the music’s future royalty earnings alongside exclusive rewards and fan experiences. Royalties generated from all global sources including Spotify, Apple Music, live concerts, media syncs, public venues and more will be divided between artists and the NFT holders.
- NFT Exchange: On the Opulous NFT exchange, anyone can buy and trade copyright-backed Music NFTs to earn a share of the royalties generated. By buying an NFT on Opulous NFT Exchange, fans will 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.
Users can purchase music NFTs by using a native OPUL token or debit/credit cards.
- DeFi Loans: Opulous offers low-risk DeFi loans by using future royalties as collateral so artists can access the funding they need without being forced into unfair deals. Opulous predicts how much money the artist will generate over the next 12 months and offer this amount as a loan. Investors can stake their crypto assets on the platform to generate high returns.
$OPUL Token Economy
Transactions within Opulous will use the platform’s native $OPUL token. The token has a fixed supply of 500,000,000. Users can stake $OPUL tokens in high-interest lending pools. Token holders will also receive special discounts on certain transactions as well as exclusive access to NFT drops from major artists.
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