Opulous – Ditto’s spin-off crypto company – offers a platform for the creation and exchange of music copyright NFTs (or “MFTs”), and also offers DeFi loans for musicians, amongst other things. Those are two of the most buzzy, big-budget developments in the music industry right now – so why not jump into another? Opulous has now announced that it has “spent 7 figures” to “take on companies like Hipgnosis” and buy full music catalogues, and people will then be able to buy special tokens representing this catalogue by investing Opulous’ OPUL tokens in them. Investors will then be encouraged to hold – sorry, HODL – their tokens, and receive rewards as the catalogue generates income.
DeFi – Decentralised Finance – is the web3 version of getting a loan, but with the intention of it being much easier, without human intermediaries. Opulous is designed for music: artists can take out music loans backed by their future royalties; and fans can also invest the other way. Holders of OPUL tokens can “stake” them in Opulous – which then pays interest, with higher rates available the longer you lock those tokens into the system: “lock for over 60 days, and you’ll get a 20% APY,” says the company’s blog. The token’s price is now valued at around 12¢ (its all-time high was $7.70 in November 2021; since mid-may this year, it’s hovered between 17¢ and 7¢).
Inevitably, because this is crypto, and the crypto world apparently lives for the drama, the news coincided with some robust back-and-forth on Twitter between critics and pro-Opulous users (including Opulous founder Lee Parsons). Opulous is one of the more interesting music web3 projects, partly because of the wholehearted way the company has embraced the crypto community and ethos, as well as the rocketship-emoji philosophy. That means it’s not been without controversy either: Opulous was the recipient of a lawsuit filed by artist Lil Yachty back in February.