With the rapidly development of music industry on web3，the music ecology is gradually improving. Not only platforms focus on music streaming appear, but platforms pay attention to find new stars and build community for musicians appear. The aims of this report are going to show 2 platforms as the labor record on web3, especially those platforms are not well known, they are still in the very early stage.

Good Karma DAO:

(4282 followers on twitter, Joined October 2021)

Brief Introduction:

• A community owned record label:  it is backed by a shared treasury to launch exclusive NFT projects, host live events, and remove label power structures to help artists grow and thrive in web3. Over the course of the contract, the team will advertise and market artists’ music, plan and promote NFT drops, book shows, and develop artists’ craft.

• Signing artists on rolling basis: artists are pitched quarterly.

• Host live events: Good Karma Records will host a live event in Los Angeles to showcase potential signees and established talent to offer an IRL minting experience and provide exclusive access for $KARMA holders.

• Now working with premier web3 music platforms:  work with  Audius, Catalog, Sound and Arpeggi

How to earn $KARMA (native token):

• Members earn $KARMA for signing artists, doing creative work (production, graphic design, mixing, etc.) and contributing to the day to day operations of the DAO. (Just like POW?)

• Artists are allocated $KARMA upon signing (giving them direct incentives to share in the growth of the label and its roster). The amount of $KARMA allocated to each artist will be voted by the DAO at signing, though every artist will be earmarked a base amount of tokens to participate in governance.

Income Sources:

• A percentage of all on-chain royalties: the income will be added to a community treasury - found at goodkarmarecords.eth. The exact percentage will be determined through governance following the DAO’s inception.

NFTs (not released yet)

• Store every artist's first NFT in the community treasury: Good Karma Records may use ETH to acquire some percentage of every signed artist's first NFTs, stored in the community treasury and governed by $KARMA holders.

• Karma DAO Genesis NFT: allow to join Good Karma Records, and a total of 100 Genesis NFTs offered for the first Season, each priced at 0.2 ETH. All ETH contributed to the purchase of the NFTs will return $KARMA tokens at a rate of 100 $KARMA per 0.1 ETH.

• Karma membership NFT: Karma membership NFT will be minted on 21st June.

Road Map (no timeline, only the stuffs they will do)

• Crowdfund launches

• Crowdfund Ends, $KARMA distributed.

• Ratify $KARMA distribution and label mechanics.

• Propose first artists to sign.

• Vote on date and location for the first showcase.

• Host first artist showcase

• Vote on the first artist(s) signed to Good Karma Records.

• Public announcement of signing and rollout strategy.

Personal Opinion:

• More platforms like Good Karma DAO appear: which are just like the record labors in reality, but built by a group of artists or creators on web3. (i.e. the ChillRx which Venice music worked with, define itself as a community to help musicians release their music by providing unlimited access to ChillRX elite team,  access to the DAO/tokens/ownership of the IP, community-powered creative direction, etc.)

• More platforms partner with each other: to expand the industry, maybe the goal is to go forward faster before the big institutions step in?

• More platforms dive into the utility of community:  more platforms aim to build a strong community for musicians and work with the existing music platform such as sound, audius, catalog, etc. to build a more complete industrial chain on web3.

• Small scale (early stage): Good Karma DAO is so small that the live events didn’t catch many eyeballs, no information about the team members and only 4282 followers on twitter.

Dreams Never Die Records DAO

Introduction (4646 followers on twitter)

• A record label on web3: Dreams Never Die Records DAO specializes in finding, developing, and launching brand-new musical talent. The team discovered and helped break some enormously influential artists (Billie Eilish, LANY, Lorde, Two Feet, Yellow Days, Kygo, Chelsea Cutler, Tom Misch, healy, joan, VÉRTIÉ, etc)

• Already converted into a DAO: Dreams Never Die already converted into a DAO and still in the process of recruitment and given the rough structure of the roadmap.

(position table https://airtable.com/shrP2bcQqazHCtS4h/tbluFf1VAZn8Nrjv0 )

Team

• Chad Hillard: Founded Dreams Never Die Records, Before The Data, and Hillydilly, 14+ years of additional industry experience as manager, A&R, promoter, and label owner.

• Cole Ryan: Co-Founder, Editor, Creative Director at Before The Data (former Senior Writer at Hillydilly)

• Chris Anokute: Chris is a veteran music industry executive and founder of artist development company Young Forever. He’s held key A&R roles at Virgin/Capitol Records, Universal Motown Records, Island Def Jam, and Epic/Sony, as well as being Katy Perry’s A&R for the past decade. In addition to having one of the best radars for new talent in the business.

• David Greenstein: the co-founder of Sound is in the team of Dreams Never Die Records DAO: there are two artists of Dreams Never Die released their song on sound.xyz (used to released on catalog)

Funding Raised

• Dream Never Die raises 2.5M Seed Funding from Polychain Capital

Service provide

• Deliver music to the world through traditional means: onboard artists into various other income-generating platforms( Spotify, Apple Music, etc)

• provide hand-on guidance to artists who request it in their beginning stages.

Personal Opinion:

• Dreams Never Die works with sound.xyz to release 3 songs of their own musicians, but the price performance of those songs on Opensea are not so attractive.

• Still long way to go even one of the team members is the CEO of sound.xyz.

• Be attention to the large labor record institution on reality enter web3 to grab market share in the near future.

Market Assessment Artists have real difficulty in obtaining loans from traditional banking because their greatest assets — the copyrights they own or share — are not accepted as collateral. The gap between the music industry and capital markets investors is curbing the potential of a sector set to double over the next decade.

How Opulous Works

Opulous provides a launchpad for the first music copyright backed NFTs as well as DeFi loans that will be changing how artists access the funding they need. Opulous is a bespoke tool for the music industry that recognises the value of royalty rights, backing entrepreneurial artists with the financial tools to grow. Through tokenization, the platform will leverage an otherwise illiquid asset, giving artists and other industry bodies the clout they need to raise finance.

Services Provided Music Fungible Token(MFT, used to be S-NFT) Each Opulous MFT represents a music copyright security token backed by the SEC and represents equal value which makes them much easier to trade. And this is a better way to split music copyright tokens into equal shares with everyone who invests in a particular song or album that has the same market value for each of their tokens. Now MFT is initially priced at $1. (like the stable coin?) Features: Represents part of the copyright：they can represent a stake in the music copyright of a song. Source of copyright income：Royalty income generated from the real world.Royalty income sources: Streaming: Spotify, Apple Music, Youtube, Amazon Music, Tiktok, etc Download: downloads on ITunes, Amazon Music,etc TV Broadcast: royalties are paid when the track is broadcast to TV Radio broadcast: royalties are paid when the track is played on the radio Public performance: public performance of musical works Sync: adverts, games, films, trailers, TV programming

Divisible and can be easily traded for another asset of the same kind: All of MFTs are initially priced at $1(represents equal value means they are much easier to trade), offer fractional investments while ensuring that each fraction is equivalent to the next Opulous is responsible for calculating and evaluating the value of Music Copyrights and the associated royalties involved, then redistributing those royalties payments to the MFT owners every three months through $OPUL tokens. (Opulous will match every royalty statement with the US dollar amount in OPUL tokens) Lower investment risk：Opulous is the only company to offer NFTs backed by SEC-compliant music copyrights. MFT are treated as securities by the SEC and taxable as securities by the SEC. (It’s important to note that these MFTs are under securities laws, and these regulations prevent the token from being traded on the open market within the first 12 months. After this lockup period, holders will be able to trade tokens on the Opulous platform.) flexible way to purchase MFT：It can be purchased with fiat on third-party platforms such as Securities and Republic’s platforms or with $OPUL on Opulous Launchpad.

The performance of NFTs: Issued： Mona Lisa by Lil Pump (1 million followers in twitter)- successfully raised $500,000 from 859 investors on December 1, 2021 Patek Myself by ARD ADZ (41.6k followers in twitter)-successfully raised $52,149 from 156 investors in April , 2022. Upcoming:Tyga (T-Raww-4.9 million followers in twitter) Kyle (superdeperkyle.eth-288.5k followers in twitter)

The Opulous Launchpad (will be announced by the end of May) Opulous Launchpad will help artists receive up-front funding through MFT fundraising campaigns, also offers bespoke generative artwork NFTs — which are one-of-a-kind digital artwork curated from the ground-up for each artist we work with. Opulous generative artwork NFTs feature exclusive perks and unique benefits such as VIP fan experiences, VIP meet and greets, limited edition signed artist merch, and special access to Discord MFT groups for our presales.

DeFi Loans Decentralized peer-to-peer DeFi loan platform which will be announced by the end of July The definition of peer to peer: The team of Opulous will use future music royalty earnings as collateral to offer loans to musicians and creators. In other words, artists can use their future copyright earnings as a guarantee to take out loans from the music loans pool. Investors can stake their crypto assets(USDC) on this pool to generate high returns. Features: Opulous DeFi Loans are backed by real-world music assets and future royalties, musicians can fund new projects with DeFi loans up to the value of the royalties they generate over 12 months (The platform will analyze a borrower’s music data and copyright assets to ascertain how much money they are eligible to borrow. It will then establish a custom loan repayment plan based on their predicted future earnings. And Note the music assets will be vetted by their Opulous’ specialized expert team, which reduces risks on investment.) Provide low-interest loans (4%) to artists without affecting 100% ownership of the artist The accuracy of calculating and evaluating of song’s royalty: Opulou already has direct integration with 76 music services streamlines repayments which makes the borrower’s music data more accurate

OPUL Staking Stake OPUL on third-party platforms (such as Algofi, Huobi etc.) and OPUL POOL (will be announced at the end of May) to get more benefits. Features: OPUL staking pool offers passive income for all investors Earn special access to MFT presales: For every OPUL token you stake, you accumulate a lottery ticket every day leading up to the MFT sale. Then, on the day the sale goes live, the system randomly draws a set of winners who are granted early access to the sale. The use of staking：the amount of funds you choose is “locked” in your wallet for a predetermined amount of time and used by the network to validate its transactions and create new blocks on its blockchain.

The Opulous Music Fund (Q2 2022) The pool is hand-curated by the Opulous team and centers around music copyright acquisitions. The fund will acquire the best music catalog assets from the top artists worldwide. Then, Whenever their music is streamed, purchased, or used in film and TV, it earns music royalties which are then distributed to the music fund pool members. Generative NFTs Use an algorithmic process to create one-of-a-kind artwork defined by individual items within the image, such as accessories, clothing, and other personal elements, so each artwork will be unique. Currently, along with the sale of ARD ADZ S-NFT , Opulous launched their first generative artwork collection. Features: An upgrade of the fan experience: a portion of the generative NFT servesare as a bonus perk for investors during the S-NFT sales (Perks include incredible fan experiences such as tickets to headline shows, customized speakers, one-on-one Zoom calls, and even studio hangout sessions with Ard Adz) Incentive for the next MFT launch: the remainder of the collection can be offered to collectors via the upcoming MFT launchpad.

Teams Lee Parsons: Co-Founder and CEO, used to set up Ditto Music:--(44.4kfollowers) music distribution, management and label services for over 500,000 independent artists & release unlimited music on more platforms than anywhere else. Miles Carroll: Co-Founder and COO, Miles also became Manager Director of Kosmos Capital, a world-leading investment firm focused on helping blockchain startups scale and integrate their products into enterprises. Miles has vast knowledge of blockchain technology and global financial markets. Ivam César Costa: Community Manager, In 2020 he became an Algorand Ambassador to help promote their mission of bringing blockchain to the masses. Mark Fitzgibbon: Chief Strategy Officer, Mark Fitzgibbon is a leading crypto writer, investor and blockchain researcher with more than 20 years of experience in technology. Mark has worked with cutting-edge blockchain projects such as API3 and Minterest Finance, and also works with the Ethereum Enterprise Alliance. Funding of Opulous Opulous has raised a total of $1.5M in funding in the Seed round on Feb 1, 2021 from 2 investors: Double Peak Group and Borderless Capital

Investors of Opulous Jumptrading, Borderless Capital, SOMESING, BASIC, TRUSTVERSE,R3, BINANCE NFT, rand labs

The Income Resources of Opulous Commission form from all NFT Launchpad sales Interest from lending Pools and DeFi Loans Portion of NFT Launchpad transaction fee Sponsorship and brand deals Transaction fees on the NFT exchange Uncollected royalties from purchase (after 5 years)

How to Buy and Sale MFT Pay through a bank account from the U.S. or via credit card.(payments are made in US dollars) to buy the MFT through Wefounder. Cannot sell MFT now: these Music S-NFTS are securities, S-NFT holders won’t be able to trade these tokens for the first 12 months. After this lockup period, Opulous will introduce an exchange on the Opulous platform where anyone can buy and sell S-NFTs.

How to account the royalty income

1. how many (shares) of the MFT you own

2. divided by the total number of MFTs

3. multiplied by the income

4. divided by the copyright share.

Investment view:

Embed usability and future cash flow into token (future trend, more emphasis on the utility of token) Build the real connection with real world Easy to persuade investors to buy the MFT-the only one complied with SEC, lower investment risk Used to work with a lot of artists: CEO Lee Parsons is the founder of music company Ditto Music, which works with more than 50,000 independent musicians Promote the generative NFT, and a portion of it is used to improve the fans’ experience Focus on the combination of DeFi with the music industry: promote product innovations (launch the Opulous Loan , Opulous Exchange etc.)

Sources: -CoinGecko (www.coingecko.com) -www.crunchbase.com -www.stakingrewards.com

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目录 Opulous 1

1. Roadmap 1

2. 2022 timeline 2

3. Revenue 2

4. Token distribution 2

5. Product 3 (1) S-NFT (Security Non-Fungible Token ) 3 (2) DEFI Loans (decentralised peer-to-pool DeFi loan platform) 4 (3) OPUL Staking 5 (4) The Opulous Music Fund (Q2 2022) 5 (5) Generative NFTS 5

6. Personal view 6

7. Market data 6

Opulous providing a launchpad for the first music copyright-backed NFTs as well as DeFi loans that will changing how artists access the funding they need. 1.Roadmap

2.2022 timeline

3.Revenue Commission form all NFT Launchpad sales Interest from lending Pools and DeFi Loans Portion of NFT Launchpad transaction fee Sponsorship and brand deals Transaction fees on the NFT exchange Uncollected royalties from purchase (after 5 years)

4.Token distribution

5.Product (1)S-NFT (Security Non-Fungible Token ) Features: ①　代表一部分版权：they can represent a stake in the music copyright of a song. ②　版权收入来源：Royalty income generates from the real world.(such as when the track is steamed on the platforms like Spotify and Apple Music , or performed in public venue and used in video games.) ③　Emphasis the utility of S-NFT: 将未来现金流嵌入NFT中，与以往的NFT只注重create和transaction不同，更注重使用性 ④　由Opulous平台负责版权收益的计算以及可以独立于控制版权的艺术家进行版权收益的发放：Opulous can calculate and evaluate the value of Music Copyrights and the associated royalties involved, then redistributes those royalties payments to the S-NFT owners every three months through $OPUL tokens. (Opulous will match every royalty statement with the US dollar amount in OPUL tokens) ⑤　投资风险更小：Opulous is the only company to offer NFTs backed by SEC-compliant music copyrights. S-NFTS are treated as securities by the SEC and taxable as securities by the SEC. (It’s important to note that these Music S-NFTS are under securities laws, and these regulations prevent the token from being traded within the first 12 months. After this lockup period, you’ll be able to trade your tokens on the Opulous platform.) ⑥　投资者购买方式较灵活：可以在第三方平台例如Securities和 Republic’s platforms上用法币购买或者在Opulous的 Opulous Launchpad上用$OPUL购买。 (ex: 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. 目前有2个艺术家成功发行S-NFT, 有2个artists准备上线发行)

(2)DEFI Loans (decentralized peer-to-pool DeFi loan platform) Opulous Music Loans Pool will be announced in the End of July Features: ①　基于历史数据，预测artist未来一年或两年的创造的收入,允许artist将音乐版权作为抵押进行贷款，贷款上限是预测收益的50% (The platform will analyse a borrower’s music data and copyright assets to ascertain how much money they are eligible to borrow. It will then establish a custom loan repayment plan based on their predicted future earnings. Opulous DeFi Loans are backed by real-world music assets and future royalties. And the music assets vetted by their expert team, which eliminates risks on investment.) ②　为artist提供低息贷款（4%），不影响artist的100%的所有权 ③　尚未开始: Opulous Music Loans Pool will be announced in the End of July

(3)OPUL Staking 将OPUL质押在第三方平台上(例如Algofi, Huobi etc)和OPUL POOL（will be announced in the end of May)中，获得更多收益 Features: ①　OPUL staking pool offers passive income for all investors ②　Receive a generous APY ③　Earn special access to S-NFT sales: For every OPUL token you stake, you accumulate a lottery ticket every day leading up to the S-NFT sale. Then, on the day the sale goes live, the system randomly draws a set of winners who are granted early access to the sale. ④　质押资金的使用：the amount of funds you choose is “locked” in your wallet for a predetermined amount of time and used by the network to validate its transactions and create new blocks on its blockchain.  (4)The Opulous Music Fund (Q2 2022) The pool is hand-curated by the Opulous team and centers around music copyright acquisitions. The fund will acquire the best music catalog assets from the top artists worldwide. Then, whenever their music is streamed, purchased, or used in film and TV, it earns music royalties. The royalties from the assets the fund acquires are then distributed to the music fund pool members. (5)Generative NFTS Use an algorithmic process to create one-of-a-kind artwork defined by individual items within the image, such as accessories, clothing, and other personal elements, so each artwork will be unique. Currently, along with the sale of ARD ADZ S-NFT , Opulous launched their first generative artwork collection.

Features: ①　An upgrade of the fan experience: a portion of the generative NFT are as a bonus perk for investors during the S-NFT sales (Perks include incredible fan experiences such as tickets to headline shows, customized speakers, one-on-one Zoom calls, and even studio hangout sessions with Ard Adz) ②　Incentive for the next S-NFT launch: the remainder of the collection can be offered to collectors via the upcoming NFT launchpad.

6.Personal view 赋予token使用性，嵌入未来现金流（未来趋势，更加强调the utility of token) Build the real connection with real world Easy to confirm investors to buy the S-NFT, lower investment risk CEO Lee Parsons是音乐公司Ditto Music的创始人，该公司和5万多名独立音乐人有合作 Promote the generative NFT, and a portion of it is used to improve the fans’ experience The strong creativity (launch the Opulous Loan , Opulous Exchange etc) and limited competitors

7.Market data Opulous Audius Royal(未流通） Rocki Growth potential Market cap $20,827,484 $698,025,162 - $823,749 Volume/market cap(%) 8.875% 6% - 59.92% Funding 1.5M 13.6M 71M - tokenomics Top 10 holders(%) 96.93% 84.81% - 95.45% Circulating supply 49,722,362 620,805,326 - 7,885,722  Total supply 50,000,000 1,090,299,952 - 100,000,000 yield Stake APY 35% 28.9% - - Sources:-CoinGecko (www.coingecko.com) -www.crunchbase.com -www.stakingrewards.com