DeFi and music platform Opulous will become the first project to utilize the Binance NFT marketplace for exclusive music drops.
News Desk · June 3, 2021 at 1:42 pm UTC · 2 min read
The music releases, which will be issued as NFTs, will feature the work of major artists including Lil Yachty and Kyle and are sure to pique the interest of NFT collectors and fans of the artists themselves.
Digital Music Becomes a Digital Asset
Music has emerged as one of the unlikelier use cases for NFTs, but one which has swiftly gained traction within the nascent marketplace for non-fungible tokens. Such renowned artists as Kings of Leon and Aphex Twin have released their music in NFT format, while album art and even the rights to entire albums have been sold in the same way.
Opulous is the brainchild of Lee Parsons, founder of Ditto Music which boasts of supporting more than 500,000 artists and labels through its global distribution and record publishing service. Recognizing the potential of NFTs, and their ability to support exclusive and highly collectible music releases, Parsons created Opulous and began marrying digital music with the digital tokens that grant ownership.
“We’re delighted to work with Binance NFT to launch these exclusive NFT drops with some of the most exciting artists from all over the world,” said Parsons. “I’ve been passionate about the applications of crypto and blockchain technology within the music industry for many years, and believe the launch of NFT drops like these will help to strengthen the connection between artists and their fans well into the future.”
Binance Spreads Its Wings
Binance has grown from a simple cryptocurrency exchange to a global blockchain hub with a presence in every major industry vertical, from investment to staking. Its NFT marketplace, simply called Binance NFT, will launch in June. Platform users can sign up to receive exclusive NFT drops covering such fields as art, collectibles, and music. Non-fungible tokens can be minted, traded, and displayed on the all-in-one NFT platform.
As one of the first NFT projects dedicated to music and nurturing artists, Opulous aims to become the preeminent platform for artist funding. Opulous is building the first launchpad for copyright-backed NFTs, allowing artists to get paid for their work and to build their global fanbase. Future products include the provision of defi loans backed by future royalties, allowing artists to fund new work while rewarding their most loyal fans and supporters.
The exclusive NFT drops on Binance NFT, led by Lil Yachty and Kyle, will give fans a taste of what to expect when Opulous rolls out its launchpad for music NFTs. By earning royalties from copyright shares, artists will be able to receive passive income while early buyers of their work will be rewarded as the career of their favorite artists blossom.
Opulous will ultimately create an NFT exchange where the music of supported artists can be traded, forming a thriving economy for tokenized music that will fund the stars of tomorrow.
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