Web3 Music Platform Gala Music Ecosystem Analysis

Gala Music is an emerging Web3 music platform, which is an important part of the Gala ecosystem, along with gaming and film, forming the three main pillars. This article will delve into the ecosystem of Gala Music.

Ecosystem Participants and Their Profit Models

The Gala Music ecosystem is composed of five roles: artists, collectors, node operators, listeners, and fans.

artist

Artists are the cornerstone of ecology, influencing ecological development through the creation and distribution of music. They can earn income in various ways:

1. Issuance Revenue: The main source of income for users when purchasing music NFTs.
2. Royalty Earnings: 50% of royalties are obtained during secondary market transactions.
3. Peripheral Sales: Selling related merchandise and tickets.
4. Popularity Reward: Earn $MUSIC rewards based on the popularity of the work.
5. Referral rewards: Attract new users to join the platform
6. Other income: such as live streaming rewards, etc.

Collector

Collectors participate in the ecosystem by purchasing or minting music NFTs. The main source of income is streaming rewards: after hosting the music to the nodes, rewards in $MUSIC are obtained based on the popularity of the music.

node operator

Node operators purchase Judebox devices, responsible for music playback and earning rewards. They need to stay online for at least 20 hours a day, and currently can host 10 songs, with the future ability to increase the hosting limit through $MUSIC upgrades.

audience

Listeners participate in the ecosystem by increasing play counts and supporting artists. They can listen to high-quality music for free and take part in activities such as artist live streams.

fans

Fans can interact directly with their favorite artists on the platform, purchasing merchandise and concert tickets.

It is worth noting that these roles are not fixed, and users can play multiple roles simultaneously to participate in the ecosystem.

Core Assets and Application Scenarios

Music NFT

Music works released by artists will appear in the form of NFTs with different rarity levels. The higher the rarity, the higher the mint price, and the stronger the profitability.

$MUSIC token

$MUSIC is the core token of the platform, with application scenarios including:

1. Music Distribution Pricing and Payment
2. Purchase and Upgrade Judebox
3. Store Consumption and Tips
4. Support artists (stake to gain fan loyalty)
5. Ecological Incentives
6. Token Burn (50% of Store Sales Revenue)

Product Features and Core Algorithm

1. Music playback: Supports online playback, creating playlists and other functions.
2. Music Discovery: Provides multi-dimensional charts to help users discover new music.
3. Merchants: Selling artist merchandise and concert tickets
4. Live Music Supporting APP: Supports live streaming, playback, and tipping features
5. Popularity Algorithm: Calculates the popularity of music works based on multiple indicators and allocates $MUSIC rewards.
6. Fan Loyalty System: Users can stake $MUSIC to support artists and gain corresponding rights.

Token Economic Model

The total supply of $MUSIC is 1 billion, with an initial supply of 150 million. The token follows a dynamic supply plan to ensure that the supply grows in sync with the platform. As the ecosystem develops, the rate of token release will gradually slow down.

Security Audit

A security company conducted an audit of the Gala Music contract and awarded it an AA security rating. Most projects received scores around 90, indicating their maturity as new projects in the Web3 field.

Summary

Gala Music, as a Web3 music platform, combines the design experience of traditional music products with the characteristics of blockchain technology. With the $MUSIC token and popularity algorithm at its core, it has built a complete Web3 music ecosystem for ecological participants. Although it is currently in its infancy, it still has significant development potential and imaginative space.