Gala Music is a Web3 music platform recently launched by Gala, which, together with Gala Game and Gala Film, forms the three pillars of the Gala ecosystem. This article will comprehensively interpret the Gala Music ecosystem.
❖ User Participation and Profit Model ❖
The Gala Music music ecosystem consists of five roles: artists, collectors, node operators, listeners, and fans.
➤ Artists
Artists are the cornerstone of the Gala Music ecosystem, mainly influencing the ecosystem through creating and releasing music. These artists bring their fan base and traffic from the music industry and the Web2 field into the Gala Music ecosystem, becoming new users. Currently, Gala Music's official website lists a total of 93 artists.
At Gala Music, artists can not only expand their influence and gain more listeners and fans but also earn income through various methods. 70% of Gala Music's net income belongs to users (mainly artists):
Profit Model:
(1) Revenue from releases: Artists release works, and users can pay with various tokens to mint NFT works, which is the main source of income for artists.
(2) Royalty income: When music NFTs continue to be traded on the secondary market, artists will also receive 50% of the royalty income from each transaction.
(3) Sales income: Earn income from selling peripheral collectibles, performance tickets, etc.
(4) Popularity rewards: A portion of the daily released $MUSIC is distributed to artists based on the popularity of their works.
(5) Referral rewards: Referring Gala Music to more people and converting fans into Gala Music users can earn referral rewards.
(6) Other income: Earn tips through live broadcasts, performances, etc.
➤ Collectors (owners of music NFTs)
Musicians release music on the Gala Music platform, and users can mint the music as NFTs or purchase music NFTs in the NFT market to become collectors.
Profit Model:
Playback rewards: After collectors host music for nodes, listeners can listen to this music. Depending on the popularity of the music, Gala Music ecosystem distributes $MUSIC as playback rewards, with a portion of the rewards going to collectors. Hosting music listened to by logged-in users at least 10 times per month can bring playback income to collectors.
➤ Node Operators
Node operators purchase Judebox to become node operators, responsible for playing music and earning rewards. Node operators must remain online for a minimum of 20 hours per day and can currently host up to 10 pieces of music. In the future, they can use $MUSIC to upgrade nodes and increase the maximum number of hosted music.
Profit Model:
Playback rewards: Node operators provide music playback services to listeners and receive another portion of the playback rewards.
➤ Listeners
Listeners support the ecosystem by increasing playback times, artist rewards (platform side), and other incentives including tips, contests, and gifts.
Participation Model:
(1) Free music listening: Listeners on the Gala Music platform can not only enjoy high-quality music for free but also access curated playlists.
(2) Free participation in live broadcasts: They can also participate in artists' free live broadcasts, have more intimate contact with musicians or bands, and gain unedited and unique perspectives.
➤ Fans
A group that enjoys listening to songs, purchasing albums, or buying concert tickets.
Participation Model:
(1) More direct interaction: On the decentralized WEB3 music platform—Gala Music, they can have more direct interaction with their favorite artists and gain recognition from the artists.
(2) Purchase of merchandise, concert tickets: Purchase artists' merchandise, concert tickets, etc.
These roles are not fixed, and each user can participate in the Gala Music ecosystem in multiple roles. For example:
Artists can mint their own works as NFTs to earn royalties, and as collectors, they can host music for node operators to earn music playback income.
Node operators can host their owned music to earn 100% of the music playback income.
Listeners can mint or purchase their favorite music as NFTs for collection and earn playback income while listening to their favorite music.
❖ Assets and Application Scenarios ❖
➤ Music NFT
When an artist releases a new music work on Gala Music, the rarity is highest at the initial release. After all NFTs of a certain rarity level are minted, the next rarity level is released.
For example, if Jay Chou releases a new song on Gala Music, the first 100 music NFTs are signature editions. After all 100 are minted, the next minted NFTs are pioneer editions, and after all pioneer editions are minted, users can mint limited edition NFTs of the song…
(Once each level is unlocked, airdrops will be made to the holders of the previous level of NFTs.)
The allocation multiplier affects the holder's playback income. The higher the allocation multiplier, the higher the holder's playback income. The score on the chart affects the music's grading, and the lower the score required for an upgrade, the faster the upgrade.
Therefore, the earlier the NFT is minted, the rarer it is, the higher the minting price, the higher the allocation multiplier, the lower the score required for an upgrade, and the stronger and faster its profit potential.
➤ $MUSIC
$MUSIC is the core of the Gala Music platform, with various functions and application scenarios in the ecosystem. Specifically, it includes:
(1) Music release
When artists release music, \(MUSIC is the main pricing and payment method in addition to GALA/ETH/USD. Collectors pay with $MUSIC and other tokens to mint music NFTs, which is required to earn playback income.
(2) Purchase, upgrade Judebox
Node operators use \(MUSIC to purchase Judebox to host music and earn income. A standard Judebox can host up to 10 pieces of music, and in the future, using $MUSIC can upgrade Judebox to increase the maximum number of hosted music.
(3) Store consumption and tips, etc.
Listeners, fans can use $MUSIC to purchase artists' merchandise, online and offline concert tickets, etc., in the store. More scenarios such as tipping in the "Live Music Companion" app require the use of $MUSIC.
(4) Support artists
Stake $MUSIC tokens in a designated artist's loyalty pool, become their fan, and enjoy corresponding rights.
(5) Ecosystem incentives
Behaviors contributing to Gala Music can receive $MUSIC incentives, including collectors hosting music for node operators to earn playback rewards, founder node suppliers, sharing music, referring friends, etc.
(6) Destruction
In Gala Music's All Access store, the sale of artists' collectibles, online and offline concert tickets, etc., is priced and paid in $MUSIC, and 50% of the proceeds will be destroyed.
❖ Products and Algorithms ❖
➤ Music Playback
After collectors host their owned music for nodes, it can be played online.
Users can play recommended playlists, create their own playlists, like their favorite music (Like), play playlists of music they have liked, and review their playback history.
➤ Music Discovery
Gala Music is a music vertical ecosystem with approximately 50 music genre tags available for filtering music and artists.
Charts provide audiences with rankings based on multiple dimensions such as points, hosting quantity (Paired), earnings, and listening quantity, providing a basis for users to discover music and for artists to create, collectors and node operators to choose music.
➤All-Access Store and "Live Music Companion" App
The All-Access Store is a music peripheral sales store where fans can purchase artists' memorabilia, T-shirts, hats, etc., and also buy online and offline concert tickets. The pricing and payment in the All-Access Store use $MUSIC, with 50% of the sales revenue belonging to the relevant artists and the other 50% being destroyed.
Gala Music's "Live Music Companion" App (STGE) has just been launched and can be downloaded from the Google Play Store. In the STGE app, users can watch live performances and replays, participate in live music parties, give tips, and more.
In STGE, there are already over 20 live performance replays, and 2 new live parties are about to be held.
➤Popularity Algorithm
The popularity algorithm is a key algorithm of Gala Music, distributing $MUSIC to eligible collectors and hosted node operators on the platform based on the popularity of relevant songs. Popularity is calculated based on the following indicators:
Streaming playback times on the platform,
Number of unique listeners,
Popularity on external platforms,
Exclusive status on the MUSIC platform,
Track dissemination on social platforms related to Gala Music.
To prevent cheating and fraudulent behavior, the popularity algorithm is not public. The popularity algorithm encourages the production of more good music works by calculating the popularity of music works.
➤Fan Loyalty System
Holding $MUSIC can be used to support favorite artists, become a fan of the artist, and earn loyalty points. When loyalty reaches a certain level, corresponding rights can be obtained. It is equivalent to using $MUSIC to stake for the artist.
❖Token Economic Model❖
The total supply of $MUSIC is 1 billion, with an initial supply of 150 million. 50% of the initial supply comes from test token conversion, and the other 50% is used for ecosystem cooperation, initial node operator rewards, etc. The current circulating supply is approximately 82 million.
The $MUSIC token will follow a dynamic supply plan controlled by a mathematical formula, similar to a bond curve. The formula depends on input parameters of ecosystem activities and is designed to ensure that the supply of $MUSIC expands synchronously with platform growth and token utility. This approach will mitigate potential oversupply and undersupply issues in a fixed supply plan.
The $MUSIC rewards generated by minting 100 music are as shown in the chart:
As the Gala Music ecosystem thrives, the increase in music minting daily will slow down the release of $MUSIC.
❖Audit❖
The Gala Music contract has been audited by Certik:
https://skynet.certik.com/zh-CN/projects/gala-music?utm_source=CMC&utm_campaign=AuditByCertiKLink
The security composite score is AA, and the specific scores for most projects are around 90.
The project maturity index shows that Gala Music is a new project in the WEB3 field.
❖Summary❖
In summary, Gala Music is a WEB3 music platform under Gala. It has the design and experience of WEB2 music products, as well as the characteristics of decentralization, fairness, and security of WEB3 products. With $MUSIC tokens and the popularity algorithm as the core, Gala Music has built a complete and in-depth WEB3 music ecosystem for artists, collectors, node operators, listeners, and fans. The products that have been implemented and the ecosystem are still in the early stages, with great potential and room for imagination.
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