Blockchain music platform Opulous launches fund to buy copyrights

Catalog Acquisitions and Web3 Innovation: Perhaps the two music industry stories that have made the most headlines over the past few years.

Now, at Music DittoOpulous’s sister company, they are being combined.

In short: Opulous is a NFT and decentralized finance platform focused on the music industry, running on the Algorand Blockchain.

To date, it has allowed individual investors to obtain fractional royalty flows in new releases from artists like Lil Pump – compete with the likes of 3LAU’s Royal.

Opulous has also launched its own crypto token – OPUL – which currently trades at around $0.15 per token.

This week, Opulous kicked off a new business venture, one that it says will see it “take on companies like Hipgnosis“By purchasing entire catalogs from artists and musicians.

They are planning to spend money on these acquisitions through a new music acquisition project that is accessible to the masses. The project – or ‘Amazing Royalties’ – operates through a new set of tokens known as OVAULT.

Music rights investors will be able to purchase OVAULT and then stake (i.e. hold) those tokens for “daily rewards,” which the company says will largely derive from the release. basic music rights

Here’s how the project will work in practice: Opulous will acquire music catalogs that generate what the company calls “sustainable revenue”. These categories will then be added to the ‘Opulous Royalties Vault’ and minted into OVAULT tokens. Individual investors will then be able to purchase these OVAULT tokens using OPUL tokens, before staking their OVAULT tokens for the promised reward.

Said “reward” is designed to tempt investors Not to sell their OVALUT tokens and instead use them to earn steady rewards, like profits from more traditional music rights investments.

According to Opulous’ founder and CEO, Lee Parsons, the OVAULT project spent a seven-figure fee to acquire the rights/income streams related to two categories of “evergreen artists who bring symbolic”.

These artists were not named, but Parsons said they have scored eight Grammy nominations between them.

“Music rights are perhaps the fastest growing asset in the investment arena, but have so far only been available to large institutions such as banks and family funds,” Parsons said. Through this project, Opulous gives anyone the opportunity to invest in music and receive steady rewards.

“Our plan is to grow Opulous into one of the largest music rewards programs in the world.”

Lee Parsons, Opulous

“Our plan is to grow Opulous into one of the largest music rewards programs in the world. Opulous will give everyone the opportunity to share in the music, support their favorite artists and enjoy a variety of rewards. “

OVAULT project by ex-Kobalt executive Jay Moore, Director of Investment Office at Opulous.

As Senior Director of Investments at Kobalt, Moore has been heavily involved in the Kobalt-managed ‘Funds 2’ copyright portfolio, which was acquired by a vehicle financed by Kobalt. KKR for $1.1 billion last year.

Last November, Lil Pump lift up $500,000 selling fractional ownership of the income streams in his track, single Mona Lisa (feat. Soulja Boy), via Opulous and the Crypto Republic site.

A month earlier, Opulous there is ink NFT’s partnership with the technology division of Japan’s largest music streaming service, LINE.

In the first quarter of this year, Opulous announced that it intends to “strongly defend itself” against what it calls “unhelpful claims” from rapper Lil Yachty, who has accused the company of using his name and image without permission. permission.Worldwide music business