Non-profile picture (PFP) NFTs had been cooling down over the past few months but now that Bitcoin and Ethereum have turned bullish again, altcoins and NFT-focused tokens are beginning to follow.
Music NFTs are one sector of the ecosystem that is showing bullish signs this week, and Opulous (OPUL) protocol was the breakout star of the day. Opulous aims to bring aspects of decentralized finance (DeFi) to the music industry and also change how artists access funding.
Data from Cointelegraph Markets Pro and TradingView shows that the price of OPUL has climbed 260% since hitting a low of $0.287 on March 18 to hit a daily high of $1.04 on April 4 amid a 415% spike in its 24-hour trading volume.
Three reasons for the price turnaround in OPUL include the completion of its latest security NFT (S-NFT) sale, new exchange listings and the upcoming launch of liquidity pools for OPUL on multiple Algorand-based DeFi protocols.
The first S-NFT sale is a success
The biggest driver of interest in OPUL over the past couple of weeks was the launch of its latest S-NFT sale for the song “Patek Myself” by the U.K. rap artist Ard Adz.
The S-NFT sale occurred 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 the sale was oversubscribed and managed to raise $66,900.
Since the sale, the team at Opulous revealed that the next major announcement from the project will be revealed this week and will involve an S-NFT sale for 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 on the way
Another factor helping to boost the price of Opulous are plans to list OPUL on several DeFi protocols in 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 it recently announced a campaign in conjunction with the Algorand Foundation that will distribute 1 million ALGO tokens to its supported pools 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 opens TOMORROW
Lots of the #OPULFAM have been asking for this one
Stake $OPUL to earn more $OPUL #OPULSEASON $ALGO pic.twitter.com/l4844D5MeX
— Opulous (@opulousapp) April 4, 2022
Related: Record music streaming profits highlight how NFTs will empower content creators
OPUL lists on centralized exchanges
OPUL has also recently listed to a few centralized exchanges, including HotBit and LAToken.
After the March 30 listing announcement for LAToken, the project teased that another exchange listing would be “coming next week,” indicating the potential for 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 lockup time to 60-days and now offers an APY of 30%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.