Last month we reported that Blockchain-powered financial platform Opulous had partnered with rapper Lil Pump and EDM star KSHMR to let fans invest in the artists’ music via crowdfunding platform Republic.
Through the offering of Security NFTs (S-NFTs), a term coined by Republic to describe a non-fungible digital asset, offered and sold as a “security” (as defined by the Securities Act of 1933 and the Exchange Act of 1934), users are able to invest directly in artists’ music “for as little as $100” via Republic’s platform.
As part of the first wave of releases, Lil Pump offered fans the chance to invest in his single Mona Lisa (feat. Soulja Boy), produced by Jimmy Duval.
The shares went on sale today (November 4), and after just two hours of being made publicly available, the track reached its maximum funding goal, selling out at $500,000 to 927 investors.
Owners of the NFT will receive royalties every time the song is streamed across streaming platforms or played on the radio, TV, movie, or video game.
The auction was open to all investors and the NFT sale includes the music NFT, Lil Pump’s Mona Lisa, and added “perks” such as four different tiers of exclusive NFT artworks from Opulous, all built on the Algorand chain.
Republic is an equity crowdfunding platform based in the US, which has facilitated over $500 million in investments from over one million global community members.
Built on the Algorand blockchain, Opulous closed a $6.5 million funding round in June and also recently struck a partnership with cryptocurrency infrastructure provider Binance to let artists sell non-copyright NFTs via Opulous.
Opulous, devised by the founders of DIY music service Ditto, says that the new Republic launch will “radically simplify” the way in which investors can engage with music.
Today’s news follows Opulous’ recent announcement of its partnership with LINE Blockchain to develop NFT products.
“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.”
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
