Blockchain music platform Opulous launches fund to purchase copyrights

Catalog acquisitions and Web3 improvements: Maybe the 2 music trade narratives which have generated essentially the most headlines prior to now few years.

Now, at Ditto Music‘s sister firm Opulous, they’re being mixed.

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To recap: Opulous is an NFT and decentralized financing platform centered on the music trade, run on the Algorand Blockchain.

So far, it has enabled particular person buyers to accumulate fractional royalty streams in new releases from artists akin to Lil Pump – competing with the likes of 3LAU’s Royal.

Opulous has additionally launched its personal crypto token – OPUL – which at the moment trades at round $0.15 per token.

This week, Opulous has launched a brand new enterprise enterprise, one it says that can see it “tackle corporations like Hipgnosis” by shopping for full catalogs from artists and songwriters.

It’s planning to bankroll these acquisitions through a brand new music acquisition challenge accessible to the lots. The challenge – or ‘Opulous Royalty Vault’ – operates through a brand new set of tokens known as OVAULT.

Traders in music copyrights will be capable to purchase OVAULT after which stake (i.e. maintain) these tokens to obtain “each day rewards”, which the corporate says will largely be derived from the underlying music copyrights

Right here’s how the challenge will work in observe: Opulous will purchase music catalogs that generate what the corporate calls “sustainable income”. These catalogs will then be added to the ‘Opulous Royalty Vault’ and minted into OVAULT tokens. Particular person buyers will then be capable to purchase these OVAULT tokens utilizing OPUL tokens, earlier than staking their OVAULT tokens to obtain the promised rewards.

Stated “rewards” are designed to tempt buyers not to promote their OVALUT tokens, and as an alternative use them to earn secure rewards, akin to returns from extra conventional music copyright investing.

Based on Opulous’ founder and CEO, Lee Parsons, OVAULT challenge has already spent a seven-figure price buying rights/earnings streams associated to 2 catalogs by “iconic evergreen artists”.

These artists will not be being named, however Parsons stated they’ve notched up eight Grammy nominations between them.

Stated Parsons: “Music copyrights are maybe the fastest-growing asset within the funding house, however have up till now solely been obtainable to giant entities like banks and household funds. By means of this challenge, Opulous is giving anybody the possibility to spend money on music and luxuriate in regular rewards.

“Our plan is to develop Opulous into one of many world’s largest music rewards applications.”

Lee Parsons, Opulous

“Our plan is to develop Opulous into one of many world’s largest music rewards applications. Opulous will give everybody the possibility to share in music, assist their favorite artists, and luxuriate in many forms of rewards.”

The OVAULT challenge is being headed up by ex-Kobalt exec Jay Moore, the Chief Funding Workplace at Opulous.

As Kobalt’s Senior Director of Investments, Moore was closely concerned within the Kobalt-managed ‘Fund 2’ copyrights portfolio, which was acquired by a car funded by KKR for $1.1 billion final 12 months.

In November final 12 months, Lil Pump raised $500,000 promoting fractional possession of earnings streams in his monitor, single Mona Lisa (feat. Soulja Boy), through Opulous and the Crypto website Republic.

A month earlier, Opulous inked an NFT partnership with the tech division of Japan’s largest music streaming service, LINE.

In Q1 this 12 months, Opulous introduced that it meant to “vigorously defend ourselves” in opposition to what it known as “meritless claims” from the rapper Lil Yachty, who accused the corporate of utilizing his identify and likeness with out permission.Music Enterprise Worldwide