Lil Pump royalty shares promote out in two hours by way of Opulous partnership, elevating $500,000
Last month we reported that the blockchain-based finance platform Opulous worked with rapper Lil Pump and EDM star KSHMR to allow fans to invest in the artists’ music through the crowdfunding platform Republic.
By offering Security NFTs (S-NFTs), a Republican term coined to describe a non-fungible digital asset that is offered and sold as a “security” (such as the Securities Act of 1933 and the Exchange Act of 1934 defined) users can invest directly in the music of artists “for only 100 US dollars” via the platform of Republic.
As part of the first wave of releases, Lil Pump offered fans the opportunity to invest in his Jimmy Duval-produced single Mona Lisa (feat. Soulja Boy).
The shares went on sale today (Nov. 4th), and just two hours after the release, the track hit its maximum funding target with a $ 500,000 sell-off to 927 investors.
Owners of the NFT receive royalties every time the song is streamed on streaming platforms or played on the radio, television, film, or video game.
The auction was open to all investors and the NFT sale included the music NFT, Lil Pumps Mona Lisa, and added “perks” like four different levels of exclusive Opulous NFT artwork, all built on the Algorand chain.
Republic is a US-based crowdfunding platform that has attracted over $ 500 million in investments from over a million global community members.
Based on the Algorand blockchain, Opulous completed a $ 6.5 million funding round in June and recently partnered with cryptocurrency infrastructure provider Binance to enable artists to sell non-copyrighted NFTs through Opulous.
Opulous, developed by the founders of DIY music service Ditto, says Republic’s new launch will “radically simplify” the way investors can interact with music.
Today’s news follows Opulous’s recent announcement of its partnership with LINE Blockchain to develop NFT products.
“Opulous is excited to help artists invest in themselves and their art without relying on mainstream financial aid like banks or label deals that consume most of the money they are entitled to.”
Lee Parsons, Opulous, speaks October
Last month Opulous founder Lee Parsons added, “Opulous is excited to help artists invest in themselves and their art without the need for mainstream financial support like banks or label deals that make up the majority of them bring in due funds.
“Instead, our ongoing campaigns on Republic allow fans to invest directly in the music they love so they can develop their careers and build it into something sustainable and rewarding.”Music business worldwide