Comprehensive Analysis of the Web3 Music Platform Gala Music Ecosystem

Gala Music is an emerging Web3 music platform and one of the three pillars of the Gala ecosystem. This article will provide a comprehensive interpretation of the Gala Music ecosystem.

User Participation and Profit Model

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

artist

Artists are the cornerstone of ecology, influencing the ecosystem through the creation and distribution of music. 70% of the platform's net revenue belongs to users (, primarily artists ).

Profit Model:

1. Issuance Revenue: Users pay tokens to mint NFT works.
2. Royalty Earnings: 50% royalties obtained during secondary market transactions.
3. Sales revenue: peripheral products, tickets, etc.
4. Popularity Rewards: Rewards are given based on the popularity of the work.
5. Referral Rewards: Promote the platform to earn rewards.
6. Other income: live streaming, performance tips, etc.

Collector

Users can mint music as NFTs or purchase music NFTs in the market to become collectors.

Profit Model:

Play Rewards: After hosting music to the node, rewards are earned based on popularity. At least 10 logins per month by users listening can bring profits.

Node Operator

Purchase Judebox to become a node operator, responsible for playing music and earning rewards. You need to be online for at least 20 hours a day, and currently, you can host up to 10 songs.

Profit Model:

Playback Rewards: Rewards for providing music playback services to listeners.

audience

By increasing the number of plays, artist rewards, and other incentives to support the ecosystem.

Participation Mode:

1. Listen to music for free: Access high-quality music and curated playlists
2. Participate in live broadcasts for free: get closer to the artists.

fans

A group that enjoys listening to music, purchasing albums, or concert tickets.

Participation Mode:

1. More direct communication: Interact with your favorite artists
2. Purchase merchandise and concert tickets

Users can play multiple roles in the ecosystem simultaneously. For example, artists can mint their own works to earn royalties while also acting as collectors to host music and earn streaming revenue.

Assets and Application Scenarios

Music NFT

The rarity is highest when an artist's work is first issued, and the next level of issuance begins after all Minting at each rarity level is completed. The higher the rarity, the higher the allocation multiplier, and the stronger the profitability.

$MUSIC

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

1. Music Distribution: Main Pricing and Payment Methods
2. Purchase and upgrade Judebox: Node operators use
3. Store Consumption and Tips
4. Support Artists: Stake to Loyalty Pool
5. Ecological Incentives: Rewarding Contributory Actions
6. Burn: 50% of the store's sales revenue is burned.

Products and Algorithms

Music Playback

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

Music Discovery

Provides about 50 music genre tags and multi-dimensional rankings, making it easier for users to discover music.

all-access platform and "live music matching" APP

The all-access store sells music merchandise and performance tickets. The "Live Music Package" APP offers live performances, on-site parties, and other features.

Popularity Algorithm

Calculate the popularity of music based on multiple metrics and distribute $MUSIC rewards. The specific algorithm is not disclosed to prevent fraud.

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. A dynamic supply plan is adopted to ensure that supply synchronizes with platform growth. As the ecosystem flourishes, the release rate of $MUSIC slows down.

Security Audit

The Gala Music contract has been audited by Certik, with a comprehensive security rating of AA. The project maturity indicator shows that it is a new project in the Web3 field.

Summary

Gala Music combines the design experience of Web2 music products with the decentralized, fair, and secure features of Web3 products. With the $MUSIC token and popularity algorithm at its core, it has built a complete Web3 music ecosystem. Currently in the early stages, it still has significant potential and imaginative space.