Opulous collaborates with Binance to launch exclusive music NFT drops
[Opulous](https://opulous.org/) was founded by Lee Parsons, CEO of [Ditto Music](https://dittomusic.com/en/), and is a DeFi app for musicians. Artists have difficulty getting loans from traditional banks because their biggest asset - the copyrights they own or share - is not accepted as collateral. This is one of the reasons why labels have emerged in the past. Labels would sign acts, provide the financing and recoup their investment through a share of the copyrights to a recording. Opulous wants to change that.
Opulous offers three services:
1. Opulous allows artists to turn their music into NFTs and sell them to investors. These NFTs then generate monthly passive income through the royalties the song earns.
2. Opulous offers an NFT exchange through which the NFTs are tradable.
3. Opulous offers loans that artists can take advantage of. The loans are secured by the royalties earned by the artist.
Opulous will be accessible to all artists over time and is built on Algorand.
Opulous now announced a collaboration with Binance to launch exclusive music NFT drops led by world-famous artists including Lil Yachty and Kyle. More big names are in the line-up. These NFTs will exceptionally be listed outside the Opulous platform on Binance's upcoming NFT marketplace. Opulous will also allow other artists to list sales on the Binance NFT marketplace in the future.
Side note: Ditto Music is an online music distribution company where artists retain their rights to the music. Well-known artists of Music are/were e.g. Sam Smith, Ed Sheeran and Chance the Rapper. [Interview with Lee Parsons on why he founded Opulous, what it means for artists and the current state of the music industry](https://youtu.be/y8sXyvyppho).
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