There may be potential for the use circumstances of nonfungible token (NFT) know-how to develop far past the straightforward monitoring of distinctive photos with various levels of rareness and analysts challenge that one NFTs will contact each aspect of our lives. Already, builders, artists and firms are contemplating the tokenization of all property and a few have already experimented with NFT-based live performance tickets and sports activities passes.
One NFT challenge that has been gaining traction since September is Opulous (OPUL), a protocol targeted on the tokenization of the music trade. The challenge claims to be angled towards empowering artists to the extent that music rights could be utilized as value-backed property in decentralized finance (DeFi).
Knowledge from Cointelegraph Markets Professional and TradingView exhibits that since hitting a low of $0.635 on Sept. 29, the OPUL token has “climbed the charts” and its worth swelled 1,095% to a brand new all-time excessive of $7.60 on Nov. 15 because the 24-hour buying and selling quantity spiked 564% to $11.67 million.
Three causes for the breakout in OPUL embody the profitable completion of its first S-NFT sale, the token’s cross-chain capabilities which have enabled assist from a number of centralized (CEX) and decentralized exchanges (DEX) and the rising reputation of the NFT ecosystem as an entire.
Excessive demand for the primary S-NFT sale
The largest increase in momentum for OPUL got here with the launch of its first S-NFT or “safety NFT” sale, a particular token commonplace that was created along with the Republic to signify investments that followers make in artists’ songs.
Opulous partnered with artists Lil Pump and Soulja Boy to conduct the S-NFT sale for his or her music Mona Lisa, which reached its most purpose of $500,000 raised in lower than two hours.
— Opulous (@opulousapp) November 5, 2021
As soon as the funding course of is finalized by Republic, contributors will be capable of go to the Opulous web site and mint the S-NFT tokens which will likely be distributed on the Algorand blockchain.
Because the music positive factors views on platforms like Spotify and Apple Music or attracts different publishers equivalent to radio, tv exhibits, motion pictures or video video games, royalty shares will likely be distributed quarterly within the type of USD Coin (USDC) on to the wallets holding the S-NFTs.
Cross-chain capabilities and alternate assist
A second issue working in OPUL’s favor has been the tokens’ cross-chain capabilities and assist from a number of giant CEXs and DEXs which have helped improve merchants’ entry to the token.
Not like most of the NFT and DeFi tasks that “launched within the wild” for the reason that Uniswap-inspired summer season of DeFi in 2020, OPUL acquired assist from a number of giant exchanges at its launch, together with KuCoin and Gate.
The token was additionally in a position to launch on two of the biggest DEXs within the crypto ecosystem – Uniswap and PancakeSwap – because of its cross-chain capabilities which at present embody Ethereum (ETH), Binance Good Chain (BSC) and Algorand (ALGO).
Being listed on DEXs has enabled token holders to earn a yield via offering liquidity and those that don’t need to danger the opportunity of impermanent loss can now stake their tokens on Gate which is providing an APY of 35%.
New staking pool with @gate_io is LIVE!
— Opulous (@opulousapp) November 12, 2021
Rising reputation of NFTs
A 3rd cause for Opulous’s current positive factors is the rising reputation of the NFT ecosystem, which continues to draw a considerable amount of public consciousness as time goes on.
— Black Ape (@BlackApeNFT) November 15, 2021
A deeper dive into key phrase search knowledge on Google exhibits that searches for “nonfungible tokens” and “NFT” is now at all-time highs with the nascent asset class surpassing searches for different fashionable phrases together with “Dogecoin”, “blockchain” and “Ethereum.”
The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you need to conduct your personal analysis when making a call.