Opulous (OPUL) rallies 785% as fans dig the sound of NFTs in the music industry

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Use cases for non-fungible token (NFT) technology may extend far beyond simply tracking single images with varying degrees of rarity and analysts predict that an NFT will touch all facets. of our life. Already developers, artists, and businesses are considering tokenization of all assets, and some have already experimented with NFT-based concert tickets and sports passes.

One NFT project that has been gaining traction since September is Opulous (OPUL), a protocol focused on tokenization of the music industry. The project claims to be geared towards empowering artists as music rights can be used as value-backed assets in decentralized finance (DeFi).

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $ 0.635 on September 29, the OPUL token has “climbed the charts” and its price has risen by 1,095% to a new all-time high. from $ 7.60 on November 15 as the 24-hour trading volume climbed 564% to $ 11.67 million.

4 hour OPUL / USDT chart. Source: TradingView

Three reasons for OPUL’s break-up include the success of its first S-NFT sale, the token’s cross-chain capabilities that enabled support for multiple centralized (CEX) and decentralized (DEX) exchanges, and growing popularity of the NFT ecosystem as a whole.

Strong demand for the first S-NFT sale

The biggest boost for OPUL came with the launch of its first S-NFT or “Security NFT” sale, a special token standard created in collaboration with the Republic to represent the investments fans make in songs. artists.

Opulous partnered with artists Lil Pump and Soulja Boy to organize the S-NFT sale of their song Mona Lisa, which reached its maximum fundraising goal of $ 500,000 in less than two hours.

Once the investment process is finalized by Republic, contributors will be able to go to the Opulous site and strike the S-NFT tokens which will be distributed on the Algorand blockchain.

As the song gains views on platforms such as Spotify and Apple Music or attracts other publishers such as radio, TV shows, movies or video games, the royalty shares will be distributed quarterly. in the form of USD Coin (USDC) directly into the wallets containing the S -NFT.

Inter-chain capacities and exchange support

A second factor in OPUL’s favor has been the cross-chain capabilities of the tokens and the support of several large CEXs and DEXs which have helped increase merchant access to the token.

Unlike many NFT and DeFi projects that have ‘kicked into the wild’ since the Uniswap-inspired DeFi summer of 2020, OPUL received support from several major exchanges upon launch, including KuCoin and Gate.

The token was also able to launch on two of the largest DEXs in the crypto ecosystem – Uniswap and PancakeSwap – thanks to its cross-chain capabilities which currently include Ethereum (ETH), Binance Smart Chain (BSC) and Algorand (ALGO).

Being listed on DEX has allowed token holders to earn a return by providing liquidity and those who don’t want to risk the possibility of a temporary loss can now bet their tokens on Gate which offers an APY of 35%.

The growing popularity of NFTs

A third reason for Opulous’s recent gains is the growing popularity of the NFT ecosystem, which continues to attract a large amount of public awareness over time.

A deeper dive into keyword research data on Google shows that searches for “non-fungible tokens” and “NFT” are now at all-time highs, with the fledgling asset class overtaking searches for other popular terms, including “Dogecoin”, “blockchain” and “Ethereum. ”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.