In a new era for music on Web 3.0, Opulous has teamed up with Lil Pump and KSHMR to launch a fan-financed decentralised music investment platform on Algorand that will enable artists and fans to share in tokenised royalties.
The platform has been built by the creators of Ditto Music and will connect with the innovative investment platform Republic to facilitate fan-financing.
Music lovers will be able to directly invest into their favourite artist’s new song or album, which will earn them a share in the royalties earned from plays on streaming services proportional to their investment in the music.Now, a way you can own a piece of my next music release and get paid when I do.This is historic! @opulousapp / @ceoleeparsons Esskeetit! 🔥 https://t.co/kU5MQDY3ku — Lil pump (@lilpump) October 6, 2021
Opulous has the mission of re-defining the artist/fan relationship, with the DeFi platform handing musicians an avenue to unlock funding for projects and giving dedicated fans willing to finance the music they love a chance to get a return.Revolutionising the music space
In an exclusive interview with Coin Rivet, the founder of Opulous – Lee Parsons – explained how the new DeFi platform launching on Algorand would revolutionise the music space and create an increasingly democratic art scene for global communities.
“One of the only things that major labels can offer musicians any more is money,” explained Lee.
“This leads artists into signing bad deals and their whole career is in the hands of a few people who may or not care if their music ever gets released.
“Opulous gives artists the chance to raise money from thousands of fans who truly care about their career and who are incentivised to not only listen to that music but to promote it, knowing that they will make more money the better that song does.”
With the platform enabling any and everyone the opportunity to access the financing they need to pursue t...