A decentralized financing solution for artists
– Opulous will provide access to capital for artists outside of traditional financial institutions.
– First decentralized financing offer backed by music as an asset class
LONDON, February 1, 2021 / PRNewswire / – Ditto, the award-winning global music distribution and record label services company, which has handled over $ 1 billion in royalties to date, announced today opulent: a pioneering peer-to-peer platform to help increase artists’ access to capital without the need for traditional institutions such as banks.
The very first decentralized finance (DeFi) offering backed by music as an asset class, opulent will function as a loan pool to which artists can borrow and contribute. For artists looking to borrow money, the loan is secured against the artist’s past streaming income with the copyrights they own as collateral. Meanwhile, artists and other investors will also be able to contribute to Opulous’s music copyright pools, earning 10% per year on any contributions they make.
Opulous will use blockchain technology to connect investors with artists in need of a loan, generating new investment in an industry that is expected to double its revenues over the next decade. Smart contracts will automate monthly premium and interest repayments and channel profits directly to investors. It will integrate the staking of other parts to allow the widest possible support.
The idea was inspired by Ditto’s 250,000+ users, many of whom have their streaming income in their accounts and who may also not be eligible for financial support through traditional means. Open to everyone, not just Ditto users, Opulous offers a bold new venture for investors while providing the opportunity for financial support for artists looking to fund the next step in their careers.
Currently in development by Ditto and RandLabs, Opulous is built on Algorand’s public blockchain. Founded in 2017 by a renowned cryptographer Silvio micali, Algorand is an open source public blockchain based on a pure proof of stake consensus protocol that supports fast, efficient and secure transactions anywhere in the world.
Opulous has already raised $ 1.5 million in its initial funding cycle, including backing from Borderless Capital, TrustVerse, Somesing, BASIC and Kosmos Capital, with Elastos confirmed as one of the first staking partners. A minimum viable product (MVP) is expected in two months.
Commenting on the launch of Opulous, Same as CEO Lee parsons mentionned, “Musicians are often largely overlooked when it comes to traditional bank loans, or the terms are so unfavorable as to be not worth their time. By using De-fi, Opulous is doing away with traditional banking, giving musicians a platform with minimal interest payments, while giving investors the ability to claim a claim in one of the most exciting and exciting financial industries. the fastest growing in the world. “
“Using blockchain technology to democratize access to music capital markets is truly disruptive and unique. We are excited to support the Opulous platform and the opportunities it offers to investors and music artists. Building on Algorand’s blockchain, the Opulous platform will function as one of the first real-world DeFi applications, “added David Garcia, CEO and Managing Partner of Borderless Capital.
About Idem Musique
Ditto Music is one of the world’s largest digital distribution and record label services platforms, supporting more than 200,000 artists and labels worldwide. Our services include music distribution to major stores like iTunes and Spotify, chart eligibility, royalty collection, and online promotion. Ditto’s label services manage the accounts of major and independent artists. These include social media, radio, online and offline promotion, and project management.
About Borderless Capital
Borderless Capital is a modern financial institution that invests capital and co-constructs financial products that accelerate access, drive adoption and create value globally through Algorand’s borderless economy. We do not stop at investments only. We also provide advice and mentorship to build our portfolio companies into successful, category-leading businesses. As a blockchain thought leader with deep expertise in the Algorand ecosystem, we advise our portfolio companies on go-to-market strategies to effectively build their network effect. In short, we leverage the synergy of our portfolio, our network of partners and our domain expertise to create value for all.
For more information: https://www.borderlesscapital.io.
About the Algorand Foundation
The Algorand Foundation is a non-profit organization with the vision of a borderless and frictionless economy, based on public and decentralized blockchain technology. The Foundation, in partnership with Algorand Inc, built the Algorand blockchain protocol – originally designed by the crypto pioneer and winner of the Turing Prize Silvio micali and a team of leading scientists – as the cornerstone of realizing this vision. The Foundation envisions a wide range of applications built on this protocol by a new, larger community of mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and ecological way by using the Proof of Stake consensus algorithm.
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SOURCE Idem Music; Algorand Foundation