Comprehensive Analysis of the Gala Music Ecosystem on the Web3 Music Platform

Recently, a Web3 music platform named Gala Music has attracted attention in the industry. This platform is an important part of the Gala ecosystem, which, together with the gaming and film sectors, forms Gala's three core businesses. This article will provide an in-depth analysis of the Gala Music ecosystem from multiple perspectives.

Participant Roles and Profit Models

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

artist

Artists are the cornerstone of the ecosystem, primarily influencing the entire ecosystem through the creation and distribution of music. Currently, there are 93 artists on the platform.

The main sources of income for artists include:

1. Artwork Distribution Revenue
2. NFT Secondary Market Transaction Royalties
3. Peripheral products and ticket sales
4. Popularity Reward for Works
5. User Referral Rewards
6. Live Streaming and Performance Rewards

It is worth noting that 70% of the platform's net income will be distributed to users, with artists taking the major share.

Collector

Collectors participate in the ecosystem by purchasing or minting music NFTs. They can host the NFTs to nodes to earn playback rewards, and revenue is generated when logged-in users listen to the hosted music at least 10 times a month.

Node Operator

Node operators purchase Judebox devices to become nodes, responsible for music playback and earning rewards. Currently, each node can host a maximum of 10 songs, and the limit can be increased in the future through upgrades. Nodes must remain online for at least 20 hours each day.

audience

Listeners can enjoy high-quality music for free, participate in artist live streams, and support ecological development through increasing play counts, tipping, and other means.

fans

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

It is worth mentioning that users can play multiple roles simultaneously. For example, an artist can mint their own NFT to earn royalties while also acting as a collector hosting music to earn streaming revenue.

Ecological Assets and Application Scenarios

Music NFT

Music works released by artists will be minted as NFTs graded by rarity. The higher the rarity, the lower the issuance, the higher the Mint price, the higher the distribution multiplier, the lower the points required for upgrades, and the stronger the profit potential.

$MUSIC token

$MUSIC is the platform's core token, with main application scenarios including:

1. Music Release Pricing and Payment
2. Purchase and upgrade Judebox node devices
3. Store Consumption and Tips
4. Support artists ( to stake and gain fan loyalty )
5. Ecological Incentive Distribution
6. Token burn 50% of the sales revenue from the ( store will be burned )

Product Features and Core Algorithms

Music Playback

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

music discovery

The platform offers around 50 music genre tags for filtering and has multi-dimensional rankings for users to reference.

surrounding stores and live music APP

The all-access store sells artist merchandise and concert tickets. The STGE APP supports watching live broadcasts, replays, and participating in online parties, etc.

Popularity Algorithm

The algorithm calculates the popularity of music works based on multiple indicators and allocates $MUSIC rewards accordingly. The specific calculation method is not disclosed to prevent activities such as botting.

Fan Loyalty System

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

Token Economic Model

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

Security Audit

The Gala Music contract has been audited by Certik, with an overall security rating of AA. Most specific indicators score around 90 points. However, the project maturity indicator shows that Gala Music is still an emerging project in the Web3 field.

Conclusion

Gala Music, as a Web3 music platform, integrates the design experience of traditional music products with the decentralized characteristics of blockchain technology. At its core, the platform builds a complete ecosystem for various participants based on the $MUSIC token and popularity algorithm. Although it is still in its early stages, it has already shown significant development potential and imaginative space.