Immutable Token Technology (NFT) use cases are likely to go beyond simply tracking individual images with varying degrees of rarity, and analysts predict that an NFT will touch every aspect of our lives. Currently, developers, artists, and corporations are looking into encrypting all of its content, and some are already experimenting with NFT-based sports and concert tickets.
One NFT project that has been attracting attention since September is Opulous (OPUL), the music industry’s encryption-focused protocol. The project claims to work towards empowering artists to the extent that music rights can be used as valued assets in decentralized finance (DeFi).
Data from Cointelegraph Markets Professional and TradingView show that since hitting a low of $ 0.635 on September 29, the OPUL token has “climbed the charts” and its price has climbed 1.095% to a high. The new all-time high was $ 7.60 on November 15, when the 24-hour trading volume rose 564% to $ 11.67 million.
The three reasons for the breakout at OPUL are the successful completion of the first S-NFT sale, the token’s cross-chain capabilities that have enabled the support of multiple centralized and decentralized exchanges (CEX), centralization (DEX) and the growing popularity of the NFT ecosystem as a whole.
Great demand for the first S-NFT sale
The biggest boost for OPUL came with the launch of the first sale of S-NFT, or “Secure NFT”, a special token standard created in partnership with Republic to represent investments that weren’t for fans in the artist’s songs be made.
Opulous teamed up with artists Lil Pump and Soulja Boy to make an S-NFT sale of their song Mona Lisa and hit a maximum goal of $ 500,000 in less than two hours.
– Awesome (@opulousapp) November 5, 2021
Once Republic’s investment is complete, contributors will be able to access the Opulous and Mint-S-NFT tokens on the World Wide Web, which will be distributed on the Algorand blockchain.
When a song receives views on platforms such as Spotify and Apple Songs or attracts other publishers such as radio stations, TV shows, films or video games, license shares are distributed. NFT wallets.
Cross-chain skills and exchange support
The second factor in OPUL’s favor is the token’s cross-chain capabilities, and the support of several major CEXs and DEXs has helped improve traders’ access to the token.
In contrast to many NFT and DeFi projects that have “started in the wild” since the Uniswap-inspired DeFi summer in 2020, OPUL received support from several major exchanges, including KuCoin and Gate, at the start.
The token could also be launched on two of the largest DEXs in the crypto ecosystem – Uniswap and PancakeSwap, thanks to its cross-chain capabilities, which now include Ethereum (ETH), Binance Clever Chain (BSC) and Algorand (ALGO).
Listing on a DEX has enabled token holders to benefit by providing liquidity, and those who do not want to risk the possibility of permanent loss can now use their tokens. On Gate gives an APY of 35%.
New betting group with @gate_io is live!
– Awesome (@opulousapp) November 12, 2021
The growing popularity of NFT
A third reason for Opulous’s recent accomplishments is the growing popularity of the NFT ecosystem, which continues to attract a great deal of public attention over time.
– Black monkey (@BlackApeNFT) November 15, 2021
A deeper look at the keyword search data on Google shows that the search for “unusable token” and “NFT” is currently at an all-time high, with the emerging asset class searching for other popular terms such as “Dogecoin”, “Blockchain” and “ surpasses. Ether. ”