Opulous Launches Royalty Vault
In August 2022, Opulous, a blockchain-based music platform, launched its Royalty Vault project. The project enables anyone and everyone to invest in music copyrights.
According to the platform’s founder and CEO, Lee Persons, for the longest time, music copyright investment has only been available to large entities like banks, family funds, and major labels. Through the Royalty Vault project, it seeks to change that.
The project, part of the Opulous roadmap, relies on a set of new tokens called OVAULT, which can be bought and staked to earn rewards. The platform has a native utility token called OPUL.
How the project works is that it identifies and acquires lucrative catalogs. It adds them to the Royalty Vault, where they are minted into OVAULT tokens. Investors then buy the OVAULT tokens with OPUL tokens and stake them to receive daily rewards.
The rewards not only incentivize investors to buy OVAULT tokens, but hold on to them. The longer investors hold on to the tokens, the more they can use them to earn stable rewards.
In an interview with Music Business Worldwide (MBW), Lee stated that Opulous has spent more than a billion acquiring several catalogs by iconic evergreen artists. He didn’t name the artists. However, he said they have garnered up to eight Grammy nominations between them.
The project has also received a grant from the Algorand Foundation to secure more lucrative catalogs. The project is led by ex-Kobalt executive Jay Moore, currently the Chief Investment Office (CIO) at Opulous.
Opulous is an MFT (Music Fungible Token) platform built on Algorand, an open-source proof of stake blockchain. It features several services, including an MFT Launchpad, Exchange, and Music Loans.
The Opulous Launchpad allows users to buy MFTs to support their favorite artists and earn a share of royalty revenue. Users can purchase and trade MFTs on Launchpad, while Music Loans lets artists access low-risk loans backed by real-world music assets.
It also features a staking pool where OPUL holders stake their tokens and receive APY as a reward. The longer they stake OPUL, the higher the APY they receive.
Every OPUL staked also earns the owner a raffle ticket that can be used to apply for exclusive rewards like early access to MFT drops, artwork NFTs, airdrops, and swag packs.
Its native utility token, OPUL has several use cases. It can be used to buy MFTs, OVAULT tokens, and to buy into MFT drops. Artists can use it to purchase campaigns. It can also be staked to earn more OPUL tokens, apply for exclusive rewards, and get early access to MFT drops.
The coins have a max supply cap of 500,000,000 OPUL coins. There are currently 43,914,363 of them in public circulation. According to Coinmarketcap, each of the coins, as of writing, is worth $0.06613. They are ranked the 1088th largest cryptocurrencies by market cap.
Notable artists already benefiting from the platform include Lil Pump, Ard Adz, and Kyle. Tyga and Blaq Jerzee MFT sales are also on the way.
Opulous's roadmap reveals a promising future for its users. Besides the Royalty Vault, there are plans to launch an ambassador program that will reward key community members.
A self-service MFT sales feature is also on the way, allowing artists to create and sell MFTs independently. Music Advances is another feature that will enable artists to use their future copyright earnings as collateral for loans. There is a lot to expect from the platform.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.