Opulous, the web3 offshoot from distributor Ditto Music, has been talking about its plans to launch music NFTs since 2021.
Originally branded as ‘Security NFTs’ (S-NFTs) to reflect the fact that they would be sold as securities under US financial regulations, they were renamed ‘Music Fungible Tokens’ (MFTs) in May 2022.
A litepaper last October promised the launch of Opulous’s self-service MFTs platform this year, and now we have a date: 23 May, complete with a teaser trailer.
Fans will be able to buy MFTs from a range of artists, sharing in a slice of the royalties from their music’s performance, and earning other rewards. There will also be an exchange for secondary trading of these tokens.
Opulous says it has “a roster of talented artists” signed up to sell MFTs, with new drops every fortnight. For now, the identity of those artists is under wraps.
The launch follows Opulous’s recent settlement with artist Lil Yachty, over a legal dispute concerning an NFTs partnership announced by the company in 2021.
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