While many still think the use cases of NFTs are tied to rare images, one project, since the beginning of September has been making inroads into the tokenization of the music industry and even made an exponential growth of over 1000% within the space of a month.

The project, Opulous (OPUL), is focused on how musical artists can use their musical rights as assets in DeFi. According to its website, the “groundbreaking NFTs will generate monthly royalty revenue and increase in value as an artist’s career progresses.”

Making sense of Opulous’ meteoric rise

Towards the end of September, the value of OPUL, the native token of the project, had crashed to as low as $0.635 before it began its dramatic rise to a new ATH of $7.60 on November 15. Not only that, its trading volume also witnessed a 564% surge to over $24 million.

Available information shows that the sale of the first-ever NFT on Opulous partially accounts for the dramatic surge seen in OPUL price a few days ago.

The protocol recently launched its Security NFT(S-NFT) sale in partnership with artists like Lil Pump and Soulja Boy who sold their song “Mona Lisa” as a S-NFT and reached its maximum target of $500,000 within a few hours.

Our S-NFT sale of 'Mona Lisa' by @lilpump & @souljaboy has now finished, so we've rounded up all the key information you'll need