Web3 Music Platform Gala Music Ecosystem Analysis

Gala Music is an emerging Web3 music platform, and an important component of the Gala ecosystem. This article will provide a comprehensive analysis of the Gala Music ecosystem.

User Roles and Profit Models

The Gala Music ecosystem consists of five main participants: artists, collectors, node operators, listeners, and fans.

artist

Artists are the foundation of the ecosystem, influencing the entire ecosystem through the creation and distribution of music. They can earn revenue in various ways:

1. Issuance Revenue: Users purchase NFTs of artists' works.
2. Royalty Earnings: 50% royalty from the secondary market trading of music NFTs
3. Peripheral Sales: Selling related merchandise and concert tickets
4. Popularity Reward: Rewards based on the popularity of the work
5. Referral Rewards: Promote the platform to receive rewards.
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 from playback rewards - after hosting the music to nodes, rewards are obtained based on the popularity of the music.

Node Operator

Node operators purchase Judebox devices, responsible for hosting and playing music. They need to be online for at least 20 hours a day and can currently host up to 10 songs. They mainly earn playback rewards by providing music playback services.

audience

Listeners can enjoy high-quality music for free and participate in activities such as live streams from artists. They support the ecosystem by increasing play counts and rewarding artists.

fans

Fans can interact more directly with their favorite artists, purchasing merchandise and concert tickets, etc.

It is worth noting that users can play multiple roles in the ecosystem at the same time. For example, artists can mint their own NFT works while also acting as collectors to host music with nodes to earn revenue.

Core Assets and Application Scenarios

Music NFT

Music works released by artists will be issued in the form of NFTs, categorized into different rarity levels. NFTs that are minted earlier are usually rarer, more expensive, and have higher profitability.

$MUSIC token

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

1. Music Distribution: The main pricing and payment methods for artists to distribute music
2. Purchase and Upgrade Judebox Devices
3. Store Consumption and Tips
4. Support Artists: Stake Tokens to Become Fans
5. Ecological Incentives: Rewards for behaviors that contribute to the ecosystem.
6. Destruction mechanism: 50% of the store's sales revenue will be destroyed.

Main Products and Algorithms

Music playback

Users can stream hosted music online, create playlists, like their favorite music, and more.

Music Discovery

The platform offers about 50 music genre tags and multidimensional rankings to help users discover new music.

shop and APP

The all-access store sells artist merchandise and concert tickets. The STGE APP offers features like live performances and live music parties.

popularity algorithm

The algorithm calculates the popularity of musical works based on multiple indicators and determines the distribution of rewards. The specific calculation method has not been made public to prevent cheating.

Fan Loyalty System

Users can stake $MUSIC to support their favorite artists and earn loyalty points and corresponding benefits.

Token Economic Model

The total supply of $MUSIC is 1 billion, with an initial supply of 150 million. The token supply follows a dynamic plan, expanding in sync with platform growth and token utility. As the ecosystem thrives, the token release rate will gradually slow down.

Security Audit

The Gala Music contract has passed the Certik audit and received an AA security rating. Most specific project scores are around 90 points, indicating high security.

Summary

Gala Music, as an emerging Web3 music platform, combines the design experience of traditional music products with the decentralized characteristics of Web3. With the core of $MUSIC token and popularity algorithms, it builds a complete ecosystem that includes artists, collectors, node operators, listeners, and fans. Although it is still in the early stages, it has already shown great development potential.