One project in the NFT sector which has been gaining major traction has been OPUL, a protocol that is focused on the music industry being tokenized. The project is angled towards empowering artists to the extent that most of the music rights will now be utilized as heavy value-backed assets in the DeFi sector.
Now, this implies a potential for the use cases of NFT technology to expand far beyond just the simple tracking of images with changing degrees of rareness- whilst analysts project that at least a single NFT would be touching every single facet of our lives. At this point, artists, developers, and corporations have already started considering the tokenization of every form of asset- whilst some have already experimented with concert tickets that are based on NFTs.
OPUL Revolutionizing The Music Industry
According to data received from TradingView and Cointelegraph Markets Pro, it can be understood that after hitting a low of $0.635 on the 29th of September, the token of OPUL has gone about climbing the charts- with its price swelling by 1,095% to touch a new all-time high of around $7.60 on the 15th of November, as the trading volume over 24 hours spiked 564% to reach a sum of $11.67 million.
There are quite a few reasons for OPUL to break into such a successful completion in its first S-NFT sale- with the cross-chain capabilities of the token enabling support from multiple centralized and decentralized exchanges- along with the rising popularity of the entire NFT ecosystem as a whole.
The largest boost in the momentum of this project came with the launch of the first S-NFT or security NFT sale- a token standard that was designed in collaboration with the Republic to bring about investments that fans would make in the songs of artists.
In recent news, OPUL has already partnered with several famous singers like Soulja Boy and Lil Pump in order to conduct the sale of S-NFT for their song Mona Lisa- which reached a maximum sum of $500,000 in under two hours.
