It is likely that use cases for NFT technology will go beyond tracking unique images of varying degrees of rarity, and analysts predict that an NFT will touch every aspect of our lives. Currently, developers, artists, and corporations are considering tokenizing all assets, and some have experimented with NFT-based concert and sports tickets.
One NFT project that has been attracting attention since September is Opulous (OPUL), the music industry’s encryption-focused protocol. Opulous claims to be working to empower artists to the extent that music rights can be used as secured assets, just as they are secured by value in DeFi.
Data from TradingView shows that since it hit $ 0.635 on Sep 29, OPUL has “climbed the charts”, rising 1.095% to a new all-time high (ATH) of 1.095%. Trading volume rose 564% to $ 11.67 million.
OPUL / USDT 4 hour chart | Source: TradingView
The three reasons behind the breakthrough at OPUL are the successful completion of the first S-NFT sale, the cross-chain capabilities supported by multiple centralized exchanges (CEXs) and the decentralized exchanges (DEX), and the growing popularity of the entire NFT ecosystem .
Great demand for the first S-NFT sale
The biggest driver of the OPUL price came with the start of the first sale of S-NFT, or “Secure NFT”, a special token standard developed in partnership with Republic to represent investments that weren’t in the artist’s songs flow in.
Opulous has partnered with artists Lil Pump and Soulja Boy to make an S-NFT sale of their song Mona Lisa, with the ultimate goal of raising $ 500,000 in less than two hours.
– Opulous (@opulousapp) November 5, 2021
“Our ‘Mona Lisa’ sale on Lil Pump & Soulja Boy’s S-NFT is now over, so we’ve put together all the important information you need.”
Once Republic’s investment is complete, contributors can visit the Opulous website and mint S-NFT tokens which will be distributed on the Algorand blockchain.
When a song receives views on platforms such as Spotify and Apple Music or attracts other publishers such as radio stations, TV shows, films or video games, the license fees are transferred daily as USD coin (USDC) directly into the S. distributed -NFT wallet.
Cross-chain capabilities and support from exchanges
The second factor in OPUL’s favor is its cross-chain capabilities and the support of some of the major CEXs and DEXs has improved accessibility for traders.
Unlike many NFT and DeFi projects that have been “born in the wild” since the Uniswap-inspired DeFi summer of 2020, OPUL received support from several major exchanges at launch, including KuCoin and Gate.
Thanks to its cross-chain functions, which currently include Ethereum (ETH), Binance Smart Chain (BSC) and Algorand (ALGO), OPUL was also able to launch on two of the largest DEXs in the crypto ecosystem such as Uniswap and PancakeSwap.
Listing on a DEX has allowed holders to benefit by providing liquidity and those who do not want to risk a temporary loss can now place tokens on Gate, which offers an APY of 35%.
The growing popularity of NFT
A third reason for Opulous’s recent accomplishments is the growing popularity of the NFT ecosystem, which over time continues to attract widespread public attention.
– Black monkey (@BlackApeNFT) November 15, 2021
“NFT Google searches have hit an all-time high.”
A deeper look into Google’s keyword search data shows that searches for “non-fungible tokens” and “NFT” are currently done at ATH, outperforming searches for other popular terms such as “Dogecoin.”, “Blockchain” and “Ethereum” , how Bitcoin magazine reported.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cointelegraph