Opulous: Abbreviated Introduction
Despite earning stable rewards, traditional banks turn many artists away or get unfair deals with major labels. Many of these labels have disproportionate control over the music catalogs of artists, which reduces their freedom and makes it harder for them at will to use their own music.
With the help of Opulous, musicians can fund new projects, and investors can stake their crypto assets on the platform to generate returns. It is built on the Algorand blockchain and features Music Fungible Token (MFT).
MFTs (or S-NFTs) are digital representations of specific class of securities issued under a compliant structure in accordance with the Regulation CF in the US. The project declares to have pioneered this concept and to be the only platform that offers SEC compliant music copyright tokens.
The project’s native token, OPUL, provides several utilities to the token holders. The total supply of OPUL tokens is finite, and all token holder categories are subject to varying vesting periods.
The project is located in Singapore, where the government exercises caution by seeking to identify the risks involved with cryptocurrencies.
The team has a strong entrepreneurial background and a strong advisory body. Furthermore, multiple investors are backing the project.
Opulous is operating on Algorand’s mainnet. According to the roadmap, some additional features, such as MFT exchange and self-service MFT sales, will be implemented in 2022 and 2023.
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