Lil Pump royalty shares sell out in two hours via Opulous partnership, raising $500,000

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Last month we reported that Blockchain-powered monetary platform Opulous had partnered with rapper Lil Pump and EDM star KSHMR to let followers make investments in the artists’ music via crowdfunding platform Republic.

Through the providing of Security NFTs (S-NFTs), a time period coined by Republic to explain a non-fungible digital asset, provided and bought as a “security” (as outlined by the Securities Act of 1933 and the Exchange Act of 1934), customers are capable of make investments instantly in artists’ music “for as little as $100” via Republic’s platform.

As a part of the primary wave of releases, Lil Pump provided followers the prospect to speculate in his single Mona Lisa (feat. Soulja Boy), produced by Jimmy Duval.

The shares went on sale at this time (November 4), and after simply two hours of being made publicly accessible, the observe reached its most funding purpose, selling out at $500,000 to 927 traders.

Owners of the NFT will obtain royalties each time the tune is streamed throughout streaming platforms or performed on the radio, TV, film, or online game.



The public sale was open to all traders and the NFT sale contains the music NFT, Lil Pump’s Mona Lisa, and added “perks” comparable to 4 completely different tiers of unique NFT artworks from Opulous, all constructed on the Algorand chain.

Republic is an fairness crowdfunding platform primarily based in the US, which has facilitated over $500 million in investments from over a million international group members.

Built on the Algorand blockchain, Opulous closed a $6.5 million funding spherical in June and in addition just lately struck a partnership with cryptocurrency infrastructure supplier Binance to let artists sell non-copyright NFTs via Opulous.

Opulous, devised by the founders of DIY music service Ditto, says that the brand new Republic launch will “radically simplify” the best way in which traders can interact with music.

Today’s information follows Opulous’ current announcement of its partnership with LINE Blockchain to develop NFT merchandise.

“Opulous is excited to help artists invest in themselves and their art without the need for mainstream financial support such as banks or label deals that take the majority of money they’re due.”

Lee Parsons, Opulous, talking in October

Speaking last month, Opulous founder Lee Parsons, added: “Opulous is excited to help artists invest in themselves and their art without the need for mainstream financial support such as banks or label deals that take the majority of money they’re due.

“Instead, our ongoing campaigns on Republic will enable fans to invest directly in the music they love so that they can keep creating and build their career into something sustainable and rewarding.”Music Business Worldwide

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