Opulous MFT platform goes live

Introduced by UK digital distributor Ditto in February 2021, Opulous operates as a decentralised financial (DeFi) platform, deploying blockchain technology to connect investors to artists who need a loan. The new platform will also employ smart contracts, which will automate monthly premium and interest repayments and direct profits straight to the investors.

“Musicians are often largely overlooked when it comes to traditional banking loans, or the terms are so unfavourable it isn’t worth their time,” Ditto CEO Lee Parsons said in 2021.

“Using DeFi, Opulous cuts out traditional banking, providing musicians a platform with minimal interest payments, while giving investors the chance to stake a claim in one of the most exciting and fastest growing financial industries in the world.”

The first wave of MFT Sales includes three releases, namely, ‘Fashionably Late’, ‘Bubbaloo’ and ‘The Empyrean Collection’. The sales will span two weeks, with the first week exclusively reserved for early access pass holders who have won through Opulous Raffles. Early access grants whitelisted wallets the privilege of purchasing MFTs using OPUL as payment. The general sale, open to eligible participants, commences in the second week directly from the platform.

General sales for the first wave of MFTs commence with a listing this month and conclude on 5 July.

Meanwhile, Opulous has revealed via a recent court filing that it has settled a dispute with US rapper Lil Yachty over their 2021 NFTs partnership. The artist had accused Opulous of promoting a branded NFTs collection without his permission, but Opulous claimed it had obtained consent from his team.