The music business is growing closer and closer with the cryptocurrency world.
There have been a number of stories about NFTs in 2021, to be sure – with musicians selling Non-Fungible Tokens for millions of dollars. There have also been several significant events, such as UnitedMasters’ recent agreement with Coinbase, which allows independent artists to be paid in cryptocurrency.
In the world of digital music, Opulous is one of the first movers. It specializes in tokenized music assets, particularly NFTs that offer purchasers a stake in a song/recording’s future royalty earnings. It also allows artists to buy more resources through the tokenization.
NFTs are part of blockchain’s future, and they will be used. On this basis, Japanese Big Line entered into a partnership with Opulous.
Opulent (operating as BlueBox) powered the first ever split music copyright sale by artists using NFTs when it launched in February via the co-founder of distribution and services platform, Ditto Music. Japanese Big Line is independent distribution company based in Japan that services a number of major music companies.
Since its inception, Opulous, which is based on the Algorand blockchain, has raised millions of dollars and signed partnerships with prominent figures in cryptocurrency such as Binance and Republic – deals that have resulted in collaborations with musicians like Lil Pump and Lil Yachty.
(People are speculating who the next big-name artist to collaborate with Opulous will be: it looks like whoever it is has around 40 million monthly listeners. The platform’s creator is certain in the quality of artists and investors joining up; he claims that Opulous will “surpass Spotify in terms of scale”.)
In addition to the above, Opulous announced a new partnership with LINE Corporation’s Tech Plus arm on October 26. LINE is the owner of Japan’s biggest messaging app (LINE) as well as the country’s largest domestic streaming platform (LINE Music). To give you a sense of the scale of LINE Corporation: In 2020 alone, the company generated the equivalent of $1.5 billion in revenue, or around $4 million a day.
LINE’s messaging service, called LINE Direct Messaging (LDM), has 89 million monthly active users in Japan as of June 2021 and 188 million worldwide. As of 2014, LINE had over 400 million registered users across all of its business divisions.
LINE’s Tech Plus division (LTP) has struck a strategic partnership with opulent to co-develop Non-Fungible Token (NFT) solutions. The operator of LINE’s cryptocurrency and blockchain initiatives is LTP, which is part of Tech Plus.
The collaboration between LINE and Opulous Music NFTs will also see the two companies explore the integration of Opulous Music NFTs with LINE’s NFT Market to provide more NFT alternatives for users.
LINE Tech Plus will also work with Opulous on the development of blockchain services based on the LINE Blockchain Developers platform, according to the announcement.
This collaboration comes as part of LINE’s efforts to develop its token economy and expand into NFT markets.
LINE BITMAX Wallet recently launched a beta version of an NFT market in Japan, where users may trade and manage digital assets and NFTs using LINE’s digital asset LINK, all through a simple login using their LINE ID.
“IT IS CRUCIAL TO US TO WORK WITH HIGH CALIBER PARTNERS IN THE MUSIC NFT SPACE BECAUSE WE ARE THE FIRST MOVER. I’M GLAD TO ANNOUNCE THAT LINE TECH PLUS IS ONE OF OUR ASSOCIATES.”
LEE PARSONS, OPULOUS
“We’re excited to bring interesting NFT products to music lovers all around the world, using our blockchain technology and Ditto Music’s NFT services,” said Woosuk Kim, CEO of LINE Tech Plus.
“Being the first mover in the Music NFT industry, it’s critical to work with high-quality partners. I’m happy to say that LINE Tech Plus is one of them. We are excited about the possibilities that blockchain technology may provide in terms of reshaping the music business and NFT markets.”
Opulous offers DeFi loans to musicians in order to help them continue making music. The firm claims that these financing instruments can alter the course of a musician’s career.
The Opulent platform is made up of three key features: (a) the NFT Launchpad, which aims to provide a new source of income for artists in the form of music copyright NFTs; (b) the NFT Exchange, which allows anybody to invest in music and trade copyright shares; and (c) DeFi Loans, which are secured by future royalties and “will replace the bad deals routinely imposed on promising performers” according to Opulous.
Opulent is the implementation of two well-known concepts in one project: royalties and blockchain. The platform’s creator believes that Opulent will “change the way artists are valued – not only in terms of their business model but also in how they are regarded as people.”
Opulent aims to bring transparency into the music industry by tracking artists’ royalties in real time.
Opulent is also putting musicians at the heart of its development process, leveraging their insight and expertise to create a system that truly benefits them. Opulent will be using an “open ledger” approach in order to allow for user input, thus creating a platform “for the people, by the people.”
I think that this is a great project, because it can help many people to be passionate about music and it aids their dreams to become true.
I’d want to suggest this initiative because Opulent wants to improve the music industry in a better way than it is now, and their concepts are innovative and beautiful. What I appreciate most about them is that when creating new initiatives, they are open-minded, which will benefit our community significantly.
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