Earlier this year, distributor Ditto launched its Opulous ‘decentralised finance scheme’ as a blockchain-powered way to offer loans to artists, guaranteed against their streaming revenues. However, the spin-off company is also exploring non-fungible tokens (NFTs) including a new partnership with crypto exchange Binance. It will see the company launching a series of artist-focused NFT drops, starting with Lil Yachty (who has already launched his own cryptocurrency) and Kyle.
Ditto says that more artist drops will follow, and it’s part of Binance’s own expansion into NFTs that includes footballer Guti and painter Frank Holliday. The Lil Yachty and Kyle NFT collections will go live on 24 June on Binance’s marketplace.
Opulous is also working on the idea of NFTs that will offer buyers “a share of a song’s future earnings in exchange for social media support” as well as other rewards.