The platform – based by Ditto Music CEO, Lee Parsons – has been utilizing its decentralized financing platform (constructed on the Algorand blockchain) to gasoline fascinating fan-funding initiatives.
For instance, Opulous lately teamed with NFT platform Republic to allow music followers to put money into artist’s music rights by way of so-called S-NFTs (Safety NFTs).
That mixture led to Lil Pump elevating $500,000 in simply two hours in November for his then-unreleased single Mona Lisa (feat. Soulja Boy), with followers successfully shopping for fractional shares within the monitor’s future revenue.
One other fascinating announcement from Opulous got here in June final yr, when the corporate stated in a press launch that it was teaming with crypto platform Binance to create and promote “unique NFTs” from artists together with Lil Yachty and Kyle.
Final week, that “unique NFTs” announcement landed Opulous in sizzling water with Lil Yachty: the rapper filed a lawsuit within the US in opposition to the corporate claiming that it had used his title and likeness with out permission.
Two weeks after the “unique NFT” announcement was issued final summer time, Opulous founder Lee Parsons revealed to MBW in an interview that Opulous had lately raised USD $6.5 million in funding to assist gasoline his firm’s development.
In his lawsuit, Lil Yachty claims that Opulous leaned on his title and likeness to boost this cash – though it’s presently unclear whether or not Opulous really closed on its $6.5 million increase earlier than or after the “unique NFTs” announcement.
At present (February 2), Opulous has issued a brief assertion in response to Lil Yachty’s lawsuit – and it’s combating its nook.
“Opposite to the assertions within the Criticism filed by Lil Yachty, Opulous’s makes use of of Lil Yachty’s title and likeness had been all licensed by Lil Yachty and his representatives. We intend to vigorously defend ourselves in opposition to these meritless claims.”
Opulous assertion in response to Lil Yachty lawsuit
The corporate claims that the rapper and his representatives gave the inexperienced gentle to Opulous to make the “unique NFTs” announcement bearing the artist’s title.
It reads: “Opposite to the assertions within the Criticism filed by Lil Yachty, Opulous’s makes use of of Lil Yachty’s title and likeness had been all licensed by Lil Yachty and his representatives.
“We intend to vigorously defend ourselves in opposition to these meritless claims.”
MBW can be conserving a detailed eye on this case because it progresses.
In October final yr, Opulous introduced a partnership with tech big LINE Company by way of its Tech Plus division.
LINE is the proprietor of Japan’s greatest messaging app (LINE) in addition to the nation’s greatest home streaming platform (LINE Music).Music Enterprise Worldwide