Opulous on Algorand
It's the AlgoDaddy time of the week, and we're heading right back into our "Algorand Deep Dive" series. In this weeks part of the ASA Deep Dives we're introducing you to the verified ASA token Opulous (OPUL). It's one of the hottest Algorand tokens at the moment, proven by it's recent upwards swung in both popularity and price. By the end of the post I hope to have answered any questions you've had, such as - "What is Opulous?" and "Where to buy Opulous?". Let's dive into Opulous!
What is Opulous?
Opulous is essentially a DeFi (decentralized finance) solution for music artists. The Opulous platform provides an original and unique way for new artists to finance their work, as well as helping them launch copyrighted-NFT's. Opulous was launched on the 1st of february 2021 by the award-winning global music distribution and record label service company Ditto (which has accumulated more than $1 Billion worth of royalties to date). Part of the development is by RandLabs.
How does Opulous work on Algorand?
Opulous inherently functions as a loan pool, which artists can both contribute to and take from. Any money loaned from the pool is guaranteed by the artist's previous streaming revenues and with their copyrights hold as a collateral to the loan. Artists can also earn a set annual % of any contributions made to the loan pool (basically interest rate).
The choice to use Algorands protocol is quite clear - Opulous uses smart-contracts to funnel the transactions and with Algorand swift transaction speed it provides the scalability needed for a project of this size. The music industry revenues is likely to double in size during the next decade. A great opportunity for a novel idea like Opulous, integrating the industry with the blockchain in a seamless way.
Even before launching the platform Opulous had managed to collect 1,5 million USD in funding from capital ventures and trust organizations.
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Why invest into the Opulous (OPUL)
Owning OPUL is not only a benefit to artists using the platform, but Opulous also offers opportunities to non-artists holding the token. I'll try to list some of the benefits below:
1. It's an investment into the platform
First off a purchase of OPUL can be seen as purely as an investment into the project and platform itself. While you don't reap the benefits of being a shareholder you'd still enjoy the potential token value gain from the project growing in size. If you believe the usage and market size of a project like Opulous will increase, then it might worth considering OPUL as an investment.
2. Holder gain early access to NFT sales and more
By staking their OPUL on NFTrade holders can access early access to NFT sales, have a chance to win rewards (OPUL token prize, VIP-tickets to meet artists, etc), gain access to exclusive merchandise, and more. Here the most important benefit is having access to early sales, as the exclusivity most likely will have more well-known artists NFT's sell out almost instantaneously.
3. Staking to earn rewards
If you're holding OPUL you can stake it to earn annual return on the token. Both Yieldly Finance, KuCoin and NFTrade offers staking oppertunities for Opulous tokens. See below for more information.
Quick Disclaimer - Don't take this as financial advise. I'm simply presenting a few bullet points on why Opulous as an investment could be something to consider. As always, do your own research.
Where to buy and stake OPUL (Opulous Token)
The fantastic news are that there are multiple platforms offering $OPUL to be traded, and plenty of places where to stake it as well. Here is a list of how to get OPUL:
1. Buy OPUL directly from exchanges
There are several exchanges that have listed Opulous (OPUL). The main ones where you can buy OPUL are KuCoin, MEXC Exchange, and Gate.IO. KuCoin being the largest and most well-recognized of these exchanges.
2. Swap through Tinyman liquidity pools
Tinyman is a decentralized trading protocol (a DeFi liquidity pool) which allows all ASAs on the Algorand protocol to be swapped in-between each other swift and safely. Opulous (OPUL) is an officially verified token by the Algorand Foundation and you can swap USDC or ALGO for OPUL in their respective pools. Both of these pools have a liquidity over $100k.
3. Staking on the Yieldly platform - OPUL for OPUL, or Yieldly for OPUL
Opulous Tokens or OPUL can be staked on several platforms, offering a wide variety of options. I'll be mentioning only currenty APY of said pools at the date of writing this article, however do note that some staking sites such as NFTrade offer other benefits to those staking OPUL on their platforms.
Staking OPUL on Yieldly
a) Stake Yieldly token -> OPUL (est. 73% APY)
b) Stake OPUL -> OPUL (est. 32% APY)
Staking OPUL on KuCoin
Staking your OPUL on KuCoin offers 35% APY at the moment.
Staking OPUL on NFTrade
On NFTrade you will earn daily 1 xOPUL for every OPUL staked on their platform. With the xOPUL you're able to purchase artist NFT's from their platform. Note - You're not earning APY on the actual OPUL being staked, in return your getting xOPUL, which is inheretly another token and used specificly on NFTrade.
Future out-look & Discussion
Opulous is a ground-breaking platform in a multi-billion dollar industry. The popularity is on constant rise since the inception of the project. Just recently both Soulja Boy and Lil Pump released NFT's Opulous which garnished a total whooping $500K in sales. Soula Boys NFT sold out in less than 2 hours after launch.
We can expect to see more partnerships with known artists in the future. This will surely further solidify Opulous position in the music industry, which is set to double it's industry-wide revenue in the up-coming decade. OPUL brings a unique possibility to the table for both smaller and larger artists to earn revenue in a new way. The record-label companies cannot rely on old revenue sources anymore, as the industry is constantly undergoing changes (most recently from physical CDs to streaming services like Spotify).
Not to mention the introduction of Metaverse by Meta (previously known as Facebook). Whether you like the idea of it or not personally it's most likely something as the next-generation social media platform and interaction space in the future, and NFTs will definitely have it's place in the Metaverse eco-system.
Currently OPUL's market cap is a mere $85 million USD.
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Social Media - Opulous
You can follow the project on the official Social Media platforms. Most activity is seemingly taking place on Telegram and Twitter.
Twitter - Opulous (@opulousapp)
Telegram - Telegram @opulousapp
Reddit - Opulous Subreddit
Website - Opulous | Music NFTs & DeFi Loans
Conclusion
That's it for the second part of ASA Deep Dive. Opulous is an unique and exciting project on the Algorand protocol, and revolutionary for the music industry as whole, as well as holding it's unique place in the NFT market. Be sure to check out their webpage or social media handles to stay updated on OPUL news.
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Anyways - now it's time to enjoy this lovely Saturday instead.
Happy weekend friends! Algo and out!
AlgoDaddy
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