📈 Lil Pump raises $500k from NFT Sales
21-year old American Rapper becomes the latest artist to break into NFT's, in partnership with Opulous.
Happy Monday everyone!
Depending on which part of the world you live in, last weekend would’ve been an extendedly long one if you happened to be celebrating the Festival of Lights-Diwali 🪔
However, it feels like light years have passed ever since, in the world of music & especially in Crypto, so let’s get right into it 📝
A few months back, we covered a piece on this newsletter talking about a $6.5 Million fundraise, and imminent launch of a project in the Music & Blockchain space- called ‘Opulous’.
What is it exactly?
A tool that enables artists to raise money from their fans by converting part of their royalties from music into NFT’s, it also provides a platform for fans to invest in the earning potential of artists 💸
Opulous has been making big moves ever since it’s launch last month 🚀
With partnerships announced in collaboration with popular Japanese messaging app- ‘LINE’, and a bunch of artists being onboarded onto its platform, the most famous one off-late was 21-year old American rapper Lil Pump 🗣
In case you haven’t really been tracking the Hip-Hop scene off late, Lil Pump arrived on the charts with his 5x platinum hit song in 2017: ‘Gucci Gang’, and went onto collaborate with artists like Kanye West and 2 Chainz ⛓
He was later immortalised in Pop Culture history, when he endorsed Donald Trump’s presidential campaign in 2020, and was even brought out to a rally by Trump in Michigan, who mistakenly called him ‘Little Pimp’ 😂 🙈
However, these days, Lil Pump has been putting his time to better use and recently announced that he’s working with Opulous and Republic, launching a ‘Security-NFT’ including a share of the royalties in his upcoming Soulja Boy-featuring track ‘Mona Lisa’.
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How can a fan participate?
People could spend $100, $1k, $5k or $10k on, respectively, bronze, silver, gold or platinum-level NFTs, and within two hours of the launch, the campaign had reached its maximum funding goal of $500k.
A company called Mona Lisa LLC has 50% of the master and publishing rights to the song, which will be shared between the investors based on “each investment and amount invested”.
That means 910 bronze-level, 100 silver-level, 21 gold-level and four platinum-level investors, so it’s quite a crowd.
NFT’s and Music have been long experimented with ever since they blew up earlier this year, however most of them have been positioned as one-off sales, i.e, artists minting their songs as NFT’s for their fans to purchase.
However, Opulous isn’t technically letting artists mint their songs, but has set up a mechanism of letting fans benefit from supporting their favourite artists before the song is even released.
While there is no clear release date for Mona Lisa by Lil Pump, it’s going to be across streaming platforms and with the royalties being promised to be shared with the holders of the NFT collectors, fans are going to be tracking the streaming performance of this one real closely 📊
Not bad right?