Weekly Altcoin Update – Week 3

This week’s HoC Weekly’s Altcoin Update will be highlighting Opulous. This innovative platform utilizes various decentralized finance (DeFi) integrations to revolutionize the accessibility of funding for upcoming and established music artists.

Opulous

The music industry suffers from a monopoly of a few major labels (e.g. Universal) playing a significant role. The major labels in the US produce two-thirds of all music consumed in the United States. Therefore, they have the power to pitch into massive media conglomerates and streaming platforms that control how music is consumed. Major label artists released more than 90% of all top 10 songs over the last decade to put this into perspective. The collective market share of these major labels is approximately 65,5%, essentially controlling the global music industry.

The Opulous ecosystem has a unique design, where the artist and funder do not have a clear advantage over one another. The ecosystem utilizes a non-zero-sum game mechanism where both parties can benefit from agreements. The team has incredible expertise within the music industry and is working with a few of the most prominent global music artists. Therefore, they can flawlessly understand the demands and requirements of artists. Due to the relatively closed nature of the music industry, it is essential to have a broad network of influential artists and managers to push a product further.

Future ahead of Opulous

The upcoming Opulous Music fund will allow anyone to invest in upcoming global music hits and get compensated for the perceived risk by the generated royalties. The Opulous team has decennia’s of experience within the music industry and has worked with a few of the biggest global music stars. The upcoming music fund will increase the exposure of Opulous significantly and potentially attract more investors to the ecosystem. Additionally, Opulous staking will be released in Q2, enabling OPUL holders to make their capital efficient by competitive APRs. Consequently, the circulating supply will be lowered, allowing market markets to have more control over the market, decreasing volatility. One of the most significant releases of OPUL in 2022 will be the Music loan pool.

The current funding options of independent artists are relatively slim, considering COVID19 harmed every industry. Banks are more careful when giving out loans and tightening standards to exclusively borrowers with pristine credit histories (Cox, 2020). According to a recent study by J. Wang (Wang et al., 2021), the crowdfunding landscape has drastically changed because of COVID-19. The study explores if COVID 19 has changed the success rate of specific crowdfunding categories with sentimental and data analysis. The study shows significant results that dozens of categories, such as travel & adventure and sports, are getting less funding while other types, such as medical-related crowdfunding projects, are getting more funding. The category “Creative Arts, Music & Film” is significantly less probable to receive financing on GoFundMe. Therefore it is harder for artists to obtain funding through crowdfunding.

The alternative that Opulous offers could set a quality standard for the music industry by utilizing blockchain technology to embrace transparency that improves the equal playfield for both parties. Furthermore, the flexibility of the Opulous music loans allows the artists to get funding while partly retaining ownership of their music. Altogether, Opulous offers innovative products to disrupt the music industry and set a quality standard for music funding

Generative Artist NFT

The NFT industry is one of the most popular industries within the cryptocurrency industry. Opulous already has exposure to the NFT industry through their S-NFT launches; however, it will increase the exposure through Generative Artist NFTs. The limited NFTs will revolve around artists that launched an S-NFT on the Opulous ecosystem, allowing users to benefit from the unique utility of these NFTs (e.g. prizes, experiences). The Generative Artist NFTs will be accessible through a fiat ramp-on on the Opulous website. Additionally, it allows users to have private access to S-NFT presales, essentially opening a broad window of opportunities for holders.