Opulous (OPUL) appreciates 785% thanks to fans opting for the sound of NFTs in the music industry

Non-fungible token (NFT) technology use cases can go far beyond simply tracking unique images with varying degrees of rarity, and analysts expect NFTs to reach all facets of our lives. Developers, artists, and companies are already considering tokenization of all assets and some have already experimented with NFT-based sports passes and concert tickets.

An NFT project that has been gaining followers since September is Opulous (OPUL), a protocol focused on the tokenization of the music industry. The project claims to be geared towards empowering artists to the point where music rights can be used as securities-backed assets in decentralized finance (DeFi).

Data of Cointelegraph Markets Pro and TradingView show that, Since hitting a low of $ 0.635 on September 29, the OPUL token has “climbed the charts” and its price soared 1.095% to a new all-time high of $ 7.60 on November 15, since the daily trade volume soared 564% to USD 11.67 million.

4-hour chart of the OPUL / USDT pair. Source: TradingView

Among the three reasons that explain OPUL’s appreciation are lThe smooth completion of its first sale of NFT securities, the token’s cross-chain capabilities that have enabled support from multiple exchanges both centralized (CEX) and decentralized (DEX), and the growing popularity of the NFT ecosystem in general.

Great demand for first sale of NFT securities

The biggest push for OPUL came with the launch of its first sale of S-NFT or “NFT securities,” a special token standard that was created together with Republic to represent the investments fans make in artists’ songs.

Opulous partnered with the artists Lil Pump and Soulja Boy to carry out the S-NFT sale of their song Mona Lisa, which reached its maximum goal of $ 500,000 raised in less than two hours.

Once the investment process is completed by Republic, taxpayers will be able to go to the Opulous website and mint the S-NFTs that will be distributed on the Algorand blockchain.

As the song gains views on platforms such as Spotify and Apple Music or attracts other publishers such as radio, TV shows, movies, or video games, royalty royalties will be distributed quarterly in the form of USD Coin (USDC) directly to wallets with S-NFTs.

Cross-chain capabilities and exchange support

A second factor that has favored OPUL has been the token’s cross-chain ability and support from several large CEX and DEX that have helped increase traders’ access to the token.

Unlike many of the NFT and DeFi projects that launched since the DeFi Summer 2020 inspired by Uniswap, OPUL received support from several large exchanges upon its launch, including KuCoin and Gate.io.

The token was also able to reach two of the largest DEXs in the cryptocurrency ecosystem, Uniswap y PancakeSwap, thanks to its cross-chain capabilities that currently include Ethereum (ETH), Binance Smart Chain (BSC) y Algorand (ALGO).

Listing on DEX has allowed token holders to earn passive income through the provision of liquidity and those who do not want to risk the possibility of an impermanent loss can now bet on gate staking, which is offering an APY. 35%.

The growing popularity of NFTs

A third reason for Opulous’ recent gains is the growing popularity of the NFT ecosystem, which continues to attract large audiences as time goes on.

A closer look at the keyword search data on Google shows that searches for “non-fungible tokens” and “NFT” are currently at all-time highs with the nascent asset class outperforming searches for other popular terms como “Dogecoin”, “blockchain” y “Ethereum”.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.

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Opulous (OPUL) appreciates 785% thanks to fans opting for the sound of NFTs in the music industry