Opulous Takes Center Stage For DeFi Music Artists
Opulous is a music based NFT & DeFi loan platform that is designed to give more power and rewards to music artists through cryptocurrency and decentralized protocols. Artists of Opulous would give artists the ability to create DeFi loans based on their royalties they produce while integrating with over 76 music services for a large and very dynamic opportunity for creatives.
We Are Family
The human infrastructure behind Opulous is quite sound (no pun intended) with a variety of talent from the team in terms of experience and expertise. Lee Parsons is the CEO of Opulous who is the founder of Ditto Music, a company known for its heavy involvement of independent artists including Chance the Rapper and Ed Sheeran. Miles Carrol is also heavily involved, taking the title as COO. Carrol’s previous experience is from Kosmos Capital, an investment firm that focused on blockchain startups.
In addition to the experienced team, Opulous has a good advisory board with the former CEO of Sony Music, Nick Gatfeild, leading the front. Taylor Bennet, the manager for Chance the Rapper, is also among the list of advisors. Partnerships for Opulous include ICONPlus Capital, Rand Labs, R3, Ditto, Algorand, and many more.
Opulous is a DeFi project that is designed to aggregate independent music artists that have great talent and give them an opportunity to gain massive exposure alongside healthy royalties. In the music industry, a large portion of creative artists have their cards stacked against them, whether it’s their inability to be heard on a large scale, the prerequisites needed to gain a label, or because the industry is so saturated already. Even if all three of these barriers are broken through, oftentimes artists do not see the royalties that they deserve for the talent that they share with the world. Opulous is a project that will give a huge advantage to independent artists, giving them a level playing field while being run on the blockchain – which can be a vindication away from music label companies that would either reject them or take too large of a cut from their work.
NFTs will make a large portion of the functionality of the project. Non-fungible tokes, or NFTs, act as a one time creative token that cannot be altered or interchange with a token of the same like kind. Until recently, NFTs were only seen as collectibles but with Opulous (and what can assume to be an entryway for other projects to follow suit) is that that NFTs can be used for much more – such as copyright licensing.
Music DeFi In A Bottle
How Opulous works is fairly simple. When an artist or musician wants to use the platform, they are able to go through a licensing process. This process requires the artist to mint a NFT for their music with a built in copyright as a result of such a mint. Musicians can then create any number of NFTs they wish, matching the number of songs or musical selections they wish to sell. Opulous than lists the music NFTs on the platform, allowing buyers to obtain music from their selection while giving artists a healthy revenue stream for their work.
Opulous also will have the ability for musicians to obtain DeFi loans as well. An artist can take a look at their past 12 months of performance in sales and calculate a loan based on those sales. This will enable users to take advantage of their reputation so that can fund their future talent in the present day.
Opulous – Who Is It Good For?
Although Opulous is within a specific niche for musicians, they are a great project for anyone that has an interest in music, whether that is as a songwriter, artist, or just someone that wants to support musicians or buy the next upcoming tunes. In the United States alone, music and music royalties account for over $23 billion in revenue. Music is a part of everyone’s life whether they are paying for it directly or as a passerby. Opulous is a great opportunity for musicians and music lovers alike to participate more personally in the music industry.
Opulous B Good (Value Proposition)
There may be some speculation on the value of independent and decentralized music platforms, but there are many reasons to believe the value proposition here is high. Firstly, independent artists have the biggest struggles when it comes to making a decent wage in comparison to major music artists. The music industry generally caters to a “center-stage” band and often works at scale, often forgetting that everyone starts small. Secondly, the decentralized factor is immeasurably important for the future of music. With bigger labels always wanting to flex their prowess, having a platform that creates a level playing field is good for the industry as a whole.
The Final Countdown
Opulous has a lot of appeal from many different angles. They have a stable platform idea that is a current need within their niche, alongside a changing industry that is ripe for someone to help reform the future for the benefit of all artists. In addition to a solid platform, Opulous has a great team that matches the skill and expertise necessary to achieve the goals they have planned to achieve.
It will be great to see how they fare as the industry is in need for more independent voices to be heard.
How Music Royalties Work
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