Opulous was founded by Lee Parsons, CEO of Ditto Music, and is a DeFi app for musicians. Artists have difficulty getting loans from traditional banks because their biggest asset - the copyrights they own or share - is not accepted as collateral. This is one of the reasons why labels have emerged in the past. Labels would sign acts, provide the financing and recoup their investment through a share of the copyrights to a recording.
Opulous brings Decentralized Finance to the music industry, changing how musicians access the funding they need and providing a launchpad for the first music copyright-backed NFTs.
