OPUL prices significantly rise in the crypto charts following the launch of their first-ever security-NFT. This comes from an effort to move the music industry towards tokenization.
NFT refers to a non-fungible token that is a non-interchangeable unit of data exclusively tracked on a digital ledger. These tokens work with digital items that can be easily reproduced such as audio files such as music. Also, any other types of digital files including photos, videos, and others.
These non-fungible tokens or NFTs provide public proof of ownership. Artists, companies, and developers are changing to a digital world where all assets are NFT-based. The entertainment industry has already seen NFT tokenization in sports and concert tickets.
A recent notable NFT project is Opulous (OPUL), which focused on the music industry's tokenization. The goal of the project is to give artists more power by extending the rights to their music so that they are able to utilize them as assets that are value-backed. Their assets would be used in DeFi or decentralized finance.
Reports from TradingView and Cointelegraph Markets Pro confirm that OPUL tokens' price climbed up by a whopping 1,095% since being at a low point of $0.635 in late September. The price is now an amazing $7.60 on November 15, putting it at their highest ever seen.
This incredible rise in price has made the 24-hour trading volume climb by 564% putting it at almost $12 million!
What's Behind OPUL's Incredible Spike?
The first reason why OPUL "climbed the charts" is because of the launch of their first security NFT sale. In less than two hours, along with music artists Lil Pump and Soulja Boy, OPUL hit their $500K goal with the song Mona Lisa.
Secondly, OPUL has experienced cross-chain capabilities with its tokens. They have received support from DEXs and CEXs, which have increased their access to token trading.
Lastly, OPUL's rise is also due to the increasingly popular use of NFTs. In recent times, the public has shown more awareness of the new system.
NFTs Will Continue to Rise in Popularity
Google keyword search analytics show that NFTs are becoming much more popular in the nascent asset class category. They are now much more popular than Dogecoin, Ethereum, and blockchain.