Last month, we announced that the Blockchain-powered financial platform Opulous has partnered with rapper Lil Pump and EDM star KSHMR to enable fans to invest in artists’ music through the platform. Republic crowdfunding fund.
Through the Security NFT Offering (S-NFT), a term coined by Republic to describe a non-fungible digital asset, offered and sold as “security” (as defined by the Securities Act of 1933 and the Exchange Act of 1934), users can invest directly in artists’ music “for as little as $ 100” through the Republic platform.
As part of the first wave of releases, Lil Pump offered fans the opportunity to invest in his single Mona Lisa (feat. Soulja Boy), produced by Jimmy Duval.
The shares went on sale today (Nov. 4), and after just two hours of being publicly available, the track hit its maximum fundraising goal, selling for $ 500,000 to 927 investors.
NFT owners will receive royalties whenever the song is aired on streaming platforms or played on radio, television, movies or in a video game.
The auction was open to all investors and the NFT sale features NFT music, Lil Pump’s Mona Lisa, and added “perks” such as four different levels of Opulous exclusive NFT artwork, all built on the Algorand Channel.
Republic is a US-based crowdfunding platform that has facilitated over $ 500 million in investments to over one million members of the global community.
Built on Algorand’s blockchain, Opulous closed a $ 6.5 million funding round in June and also recently partnered with cryptocurrency infrastructure provider Binance to allow artists to sell NFTs. copyright free via Opulous.
Opulous, designed by the founders of music service DIY Ditto, says Republic’s relaunch will “dramatically simplify” how investors can engage in music.
Today’s news follows Opulous’s recent announcement of its partnership with LINE Blockchain to develop NFT products.
“Opulous is delighted to help artists invest in themselves and their art without the need for traditional financial support such as banks or label deals that take the majority of the money they are owed. “
Lee Parsons, Opulous, speaking in October
Speaking last month, Opulous founder Lee Parsons added, “Opulous is delighted to help artists invest in themselves and their art without the need for traditional financial support such as banks or label deals that take the majority of the money owed to them.
“Instead, our ongoing campaigns on Republic will allow fans to invest directly in the music they love so they can continue to create and make their careers enduring and rewarding.”Music trade around the world