A report published last month confirms that, Opulous, a blockchain-powered financial platform, has partnered with Lil Pump, the rapper, and KSHMR, the EDM star, to allow their fans to invest in the artists’ music through the ‘Republic’ crowdfunding platform.
The Republic developed a word to characterize an irreplaceable digital asset with the help of the NFT’s Security. It was presented and sold as “security,” as defined by the Exchange Act of 1934 and the Security Act of 1933. Users might directly invest in the artists’ songs via Republic’s platform for as low as $100.
Lil Pump offered his fans a chance to invest in Mona Lisa’s single, produced by Jimmy Duval, as part of the first wave of releases. The shares went on sale on November 4, and just after hours of being made available for the public, the track sold out at $500,000 to 927 investors and reached its maximum funding goal.
Every time the song is streamed at different streaming platforms or played on TV, radio, or other sources, the NFT owners will receive royalties. The auction was open to all investors. Lil Pump’s Mona Lisa and added improvements like four different ranks of NFT artwork from Opulous were included in the NFT sales.
Republic is a crowdfunding platform based in the US and has expedited over $500 million investments from more than one million global members.
Opulous, built on the Algorand blockchain, closed a $6.5 million funding round in June. They recently struck a partnership with Binance, a cryptocurrency infrastructure provider, to let artists sell non-copyright NFTs through Opulous. Recent news pays focus to the announcement of Opulous’ partnership with LINE to develop NFT products.
Lee Parsons, Opulous founder had this to say:
“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 the 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.” He added