Music-related NFT project Opulous soars by more than 500% in a single day

While many people still believe that NFTs’ use cases are limited to rare pictures, one project has been making inroads into the tokenization of the music industry since the beginning of September, with an exponential increase of over 1,000% in less than a month.

Opulous (OPUL) is a DeFi project that focuses on how musical artists can use their musical rights as assets. 

The “groundbreaking NFTs will generate monthly royalty revenue and increase in value as an artist’s career progresses,” according to the company’s website.

Making sense of Opulous’ rapid ascension

The value of OPUL, the project’s native token, had plummeted to as low as $0.635 at the end of September before soaring to a new all-time high of $7.60 on Monday. 

Not only that, but its trade volume increased by 564% to $24 million.

Based on data, the sale of the first-ever NFT on Opulous contributed to the recent rapid rise in the OPUL price.

The protocol recently launched its Security NFT (S-NFT) sale in collaboration with musicians like Lil Pump and Soulja Boy, who sold their song “Mona Lisa” as an S-NFT and raised $500,000 in just a few hours.

The mentioned NFT was designed in collaboration with the Republic as a distinctive token to symbolize fans’ contributions in artists’ songs. 

NFT’s rank goes up on Google searches

Contributors can mint S-NFT tokens on the Opulous website once Republic has completed all of its tasks. Wallets holding S-NFTs would subsequently be able to receive royalty payments in USDC quarterly from the artists’ song views across all platforms.

Another factor contributing to the token’s price rise is its cross-chain capabilities and support on major decentralized exchanges such as PancakeSwap and Uniswap, as well as centralized exchanges such as KuCoin and Gate.io.

To sum up, the emergence of Opulous is inextricably linked to the sustained popularity of NFTs in recent years. 

If you look at Google’s keyword search results, you’ll notice that “NFT” ranks higher than Dogecoin, Blockchain, and Ethereum.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/bitcoin/music-related-nft-project-opulous-soars-by-more-than-500-in-a-single-day/