What is MUSIC and what does it solve?
Gala MUSIC (MUSIC) is a decentralised platform built using blockchain technology on Gala’s layer 1, GalaChain. It’s the new music destination for artists who are looking for control, transparency and improved monetisation – and for listeners wanting a more rewarding experience that’s directly connected to musicians, access, events, merchandise and more.
Token Overview
– Token name: Gala MUSIC
– Token symbol: MUSIC/USDT
– Max supply: 1,000,000,000
– Circulating supply: https://www.coingecko.com/en/coins/gala-music
Coinstore Listing
– Trading pair: MUSIC / USDT
– Trade time:2023/12/08 10:00（UTC+8)
What are the utilities of MUSIC?
When fans engage with Gala MUSIC by listening, sharing and supporting artists with upcoming and current music releases, they receive perks, incentives and can earn rewards (MUSIC token).
The MUSIC token is a utility token that can be spent in the Gala MUSIC – All Access store on experiences, merchandise, music and more. There are other uses for the token for example it can be used to increase the capacity of Player Nodes and the amount of tracks they can host.
What does the project ecosystem include?
There are essentially five (5) users of the MUSIC platform, who benefit from different features.
1. Player Node Operator – nodes have a 20 hours uptime requirement and can (currently) host 10 tracks – these tracks can be their own, or be owned by a member of the community who has opted in to have them hosted on their behalf
2. Track Owners – these are the group of individuals who currently earn $MUSIC, by buying a track and hosting that track on a node, so that others can enjoy listening to it. The number of tracks available per artist song depends on their artist tier.
3. Artists – both established and new come to MUSIC to monetise their work, engage with their fans, understand their listeners and control their creative content. Depending on how much commercial success they have had and how big their reach is they enter as part of a tier system – that starts at Bronze and goes up to Diamond. Artists earn from the initial sale of their tracks, and they also from secondary market, All Access purchases and by engaging more with ecosystem and its partners.
4. Fans – fans are able to listen to their favorite artists for free and are (through their listens), able to access rewards through earning $MUSIC tokens, that they can redeem on items such as merchandise and exclusive artist content.
5. Listeners – because the MUSIC ecosystem is designed for the mass market, MUSIC has launched an app called STGE, this along with an optimized mobile site means that casual listeners can stream free, with no ads, while artists and those who own and host tracks benefiting from those plays.
MUSIC Official Media
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This press release was originally published on this site