NFTs without a profile picture (PFPs) had cooled off in recent months, but now that Bitcoin and Ethereum are bullish again, altcoins and NFT-focused tokens are starting to follow suit.
Music NFTs are one sector of the ecosystem that is showing bullish signs this week, and the Opulous Protocol (OPUL) was the star of the day. Opulous aims to bring aspects of decentralized finance (DeFi) to the music industry and also change the way artists access funding.
Data from Cointelegraph Markets Pro and TradingView shows that the price of OPUL has risen 260% from a low of $0.287 on March 18 to a daily high of $1.04 on April 4, amid a surge in 415% on your 24-hour trading volume.
Among the three reasons behind OPUL’s price change are the completion of its latest sale of NFT (S-NFT) securities, new listings on centralized exchanges, and the upcoming launch of liquidity pools for OPUL across multiple DeFi-based protocols. in Algorand.
The first sale of S-NFT is a complete success
OPUL’s biggest driver of interest in the past two weeks was the release of its latest S-NFT sale for the song “Patek Myself” by British rap artist, Ard Adz.
The S-NFT sale took place on March 31 and took less than 45 minutes to sell out and reach its goal of raising $50,000, with data from WeFunder showing that the sale was oversubscribed and managed to raise $66,900.
Since the sale, the Opulous team has revealed that the project’s next big announcement will be revealed this week and will consist of an S-NFT sale of an entire music album.
Huge announcement coming NEXT WEEK. Our next NFT will be for an ENTIRE ALBUM #OPULSEASON is just getting started
Can YOU guess who it is? Let us know in the comments $OPUL pic.twitter.com/nQ0z0cl6mV
— Opulous (@opulousapp) April 2, 2022
DeFi staking is coming
Another factor that has contributed to boosting the price of Opulous is the plans for OPUL to be included in various DeFi protocols of the Algorand (ALGO) ecosystem.
Pact, an Algorand-based automated market maker, has already established two liquidity pools for OPUL that are paired with ALGO and USD Coin (USDC) and recently announced a joint campaign with the Algorand Foundation that will distribute 1 million ALGO tokens to their pools supported between April 8 and June 2.
Opulous has also revealed that new staking pools will be coming to the Algorand DeFi hub, AlgoFi, beginning on April 5.
Our new $OPUL staking pool with @algofiorg opensTOMORROW
lots of the #OPULFAM have been asking for this one
stake $OPUL to earn more $OPUL #OPULSEASON $SOMETHING pic.twitter.com/l4844D5MeX
— Opulous (@opulousapp) April 4, 2022
OPUL hits centralized exchanges
OPUL has also recently landed on some centralized exchanges, such as HotBit and LAToken.
Following the announcement of its arrival at LAToken on March 30, the project hinted that another listing on the exchange was coming, indicating the possibility of further price appreciation.
In addition to these new exchange listings, the OPUL staking pool on KuCoin has increased its capacity to 5 million OPUL, increased the available lock time to 60 days, and now offers 30% APY.
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