Opulous (OPUL) rallies 785% as followers dig the sound of NFTs within the music trade
There is potential for the use circumstances of nonfungible token (NFT) expertise to broaden far past the straightforward monitoring of distinctive pictures with various levels of rareness and analysts challenge that one NFTs will contact each side of our lives. Already, builders, artists and companies are contemplating the tokenization of all property and a few have already experimented with NFT-based live performance tickets and sports activities passes.
One NFT challenge that has been gaining traction since September is Opulous (OPUL), a protocol targeted on the tokenization of the music trade. The challenge claims to be angled towards empowering artists to the extent that music rights will be utilized as value-backed property in decentralized finance (DeFi).
Data from Cointelegraph Markets Pro and TradingView exhibits that since hitting a low of $0.635 on Sept. 29, the OPUL token has “climbed the charts” and its worth swelled 1,095% to a brand new all-time excessive of $7.60 on Nov. 15 because the 24-hour buying and selling quantity spiked 564% to $11.67 million.
Three causes for the breakout in OPUL embrace the profitable completion of its first S-NFT sale, the token’s cross-chain capabilities which have enabled assist from a number of centralized (CEX) and decentralized exchanges (DEX) and the rising recognition of the NFT ecosystem as a complete.
High demand for the primary S-NFT sale
The greatest increase in momentum for OPUL got here with the launch of its first S-NFT or “security NFT” sale, a particular token customary that was created along with the Republic to signify investments that followers make in artists’ songs.
Opulous partnered with artists Lil Pump and Soulja Boy to conduct the S-NFT sale for his or her music Mona Lisa, which reached its most objective of $500,000 raised in lower than two hours.
— Opulous (@opulousapp) November 5, 2021
Once the funding course of is finalized by Republic, contributors will be capable to go to the Opulous web site and mint the S-NFT tokens which will probably be distributed on the Algorand blockchain.
As the music positive aspects views on platforms like Spotify and Apple Music or attracts different publishers equivalent to radio, tv exhibits, motion pictures or video video games, royalty shares will probably be distributed quarterly within the type of USD Coin (USDC) on to the wallets holding the S-NFTs.
Cross-chain capabilities and exchange assist
A second issue working in OPUL’s favor has been the tokens’ cross-chain capabilities and assist from a number of giant CEXs and DEXs which have helped enhance merchants’ entry to the token.
Unlike lots of the NFT and DeFi tasks that “launched in the wild” for the reason that Uniswap-inspired summer time of DeFi in 2020, OPUL obtained assist from a number of giant exchanges at its launch, together with KuCoin and Gate.
The token was additionally capable of launch on two of the biggest DEXs within the crypto ecosystem – Uniswap and PancakeSwap – due to its cross-chain capabilities which presently embrace Ethereum (ETH), Binance Smart Chain (BSC) and Algorand (ALGO).
Being listed on DEXs has enabled token holders to earn a yield via offering liquidity and people who don’t wish to threat the potential for impermanent loss can now stake their tokens on Gate which is providing an APY of 35%.
New staking pool with @gate_io is LIVE!
— Opulous (@opulousapp) November 12, 2021
Rising recognition of NFTs
A 3rd motive for Opulous’s current positive aspects is the rising recognition of the NFT ecosystem, which continues to draw a considerable amount of public consciousness as time goes on.
— Black Ape (@BlackApeNFT) November 15, 2021
A deeper dive into key phrase search knowledge on Google exhibits that searches for “nonfungible tokens” and “NFT” is now at all-time highs with the nascent asset class surpassing searches for different common phrases together with “Dogecoin”, “blockchain” and “Ethereum.”
The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer includes threat, you need to conduct your individual analysis when making a call.