Opulous simply raised $6.5 million. Now it needs extra artists to promote NFTs by means of its platform.
Developed and launched by the founders of DIY music service Ditto, the Opulous platform has been causing a stir in the music business since its launch earlier this year.
As a blockchain-based financial platform for artists, Opulous – then trading as Bluebox – hosted the first shared music copyright sale by artists via NFTs in April.
British rapper Big Zuu and US artist Taylor Bennett each successfully sold a 1% collection of unpublished recordings on the blockchain.
All 125 of these items sold out in less than 30 seconds, and over 10,000 people tried to get on sales. (Buyers of these 1% shares acquired a worldwide exclusive partial license for these sound recordings with perpetual ownership).
After completing a successful multi-million dollar round of funding to fund its next phase of growth, Opulous is now welcoming a wider range of artists to its platform to host similar NFT copyright sales.
“When it comes to split-copyright NFTs, we see a real sweet spot here for artists who, for example, have over 3 million followers on Spotify.”
Lee Parsons, Opulous
“Of course we want the greatest artists out there to start selling NFTs on the Opulous platform,” says Opulous founder Lee Parsons. “But when it comes to split-copyright NFTs, we see a real sweet spot for artists who, for example, have more than 3 million followers on Spotify – artists with a solid fan base who want to actively help promote their music to others pass on and will really appreciate owning a stake and getting a return on the success of this music. “
What Parsons is describing is essentially a future of dedicated global fan bases working with a shared determination to promote the success of their favorite artist – a la BTS Online ARMY.
However, that determination will come not only from fans who love the plot in question, but also because they are directly invested in its wealth.
Thanks to a recent partnership with Binance, artists can now sell non-copyrighted NFTs through Opulous, including VIP Fan Experiences – giving super fans the opportunity to spend big bucks on rare items from their favorite artists.
Great artists like Lil Yachty and Kyle have already signed up to sell non-proprietary NFTs through the Opulous / Binance connection.
Meanwhile, Opulous closed a $ 6.5 million funding round this month from a list of backers that is due to be announced shortly.
Parsons is keeping the names of the new Opulous supporters a secret for the time being, but confirms that “some of my favorite artists” are investors in the platform.
(A quick look at the Opulous Twitter account reveals that people like famous entrepreneur Gary Vaynerchuck – as well as some notable types in the music industry – are closely following the company.)
One million dollars of the 6.5 million dollars was raised through a crowd raise. Parsons says this process proved so popular that it was conducted through a lottery system – with users having to prepay their money in hopes of “winning” an allotment to invest in Opulous.
“In this world where artists need and want [finance] even about their copyrights, that kind of [crypto-based] Fan funding is the inevitable model of the future. And as it builds up, it becomes a major threat to the major labels. “
Lee Parsons, Opulous
“With the demand we could literally have increased tenfold,” says Parsons, “but right now it’s about taking Opulous to the next level and ushering in the next wave of artists selling proprietary NFTs for the very first time.”
Parsons added: “We hear a lot from independent artists: ‘But I want to keep my copyrights, not sell them.’ And of course that’s an option in a career. But another option is to raise the money you need or want directly from your fans, turning those fans into evangelists for you and your music.
“In this world where artists need and want [finance] even about their copyrights, that kind of [crypto-based] Fan funding is the inevitable model of the future. And as it builds up, it becomes a major threat to the major labels.
“Our software can even track who is most engaged in your ‘army’ and increase their rewards.”
Earlier this month, Opulous partnered with Binance to allow artists to sell additional, different types of NFTs – that are not copyright-related – through the Binance NFT platform.
Parsons says Opulous plans to launch a number of these exclusive music NFT drops featuring “great artists” – led by Lil Yachty and Kyle – on Binance NFT, with more to be announced shortly.
“NFTs are very lucrative,” comments Parsons. “With our Binance collaboration, artists will be able to sell fan experiences like a day in the studio with themselves, as well as face time calls to do extreme sports together for a day – everything.
“We see a future where artists outside of their copyrighted music regularly perform NFT drops on Binance and sell everything from future fan experiences to artwork.”
Lee Parsons, Opulous
“And these items will be tradable and potentially bring the artists even more money through secondary trading.”
Parsons adds, “We see a future where artists outside of their copyrighted music regularly perform NFT drops on Binance and sell everything from future fan experiences to artwork.
“There’s a lot of money to be made there”
Opulous is currently hiring a Los Angeles-based Head of Artist Services, a position that requires at least 5 years of experience in the music industry as a senior account manager, artist association, or other relevant role.Music business worldwide