Analysis of the Web3 Music Platform Gala Music Ecosystem

Gala Music is an emerging Web3 music platform, which, along with Gala Game and Gala Film, forms the three pillars of the Gala ecosystem. This article will provide a comprehensive interpretation of the Gala Music ecosystem.

Ecosystem Participants and Profit Models

The Gala Music ecosystem consists 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. The platform currently has 93 artists onboard.

The main ways for artists to profit include:

1. Issuance revenue: Users purchase work NFTs
2. Royalty income: 50% royalty from NFT secondary market transactions.
3. Peripheral Sales Revenue
4. Popularity Rewards
5. Recommendation Reward
6. Income from live broadcasts and performances, etc.

Collector

Collectors participate in the ecosystem by purchasing music NFTs, mainly earning playback rewards through hosting NFTs. At least 10 users must play the hosted music each month to generate income.

Node Operator

Node operators purchase Judebox devices, responsible for music playback and earning rewards. They need to be online for more than 20 hours a day and can currently host 10 songs. In the future, they can upgrade the nodes to increase the hosting limit.

audience

Listeners can enjoy high-quality music for free and participate in activities like artist live streams. Support ecosystem development by increasing play counts, artist rewards, and more.

fans

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

It is worth noting that users can play multiple roles in the ecosystem simultaneously. For example, artists can issue their own NFTs while also acting as collectors to host music and earn revenue.

Ecological Assets and Application Scenarios

Music NFT

The music NFTs issued by artists are divided into different rarity levels. The earlier an NFT is minted, the rarer it is, the higher the price, and the stronger the profit potential. After each level is unlocked, airdrops will be made to the holders of NFTs from the previous levels.

$MUSIC token

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

1. Music Distribution Pricing and Payment
2. Purchase and upgrade node device Judebox
3. Store Consumption and Tips
4. Support artists in gaining fan loyalty
5. Ecological Contribution Incentives
6. Partial Income Destruction

Core Products and Algorithms

Music Playback and Discovery

The platform provides basic functions such as online music playback and playlist management. Users can discover music through multi-dimensional charts.

peripheral stores and live streaming APP

The all-access shop sells artist merchandise and concert tickets. The newly launched STGE APP offers features like live streaming and replays.

Popularity Algorithm

Calculate the popularity of music based on indicators such as playback volume, number of listeners, and dissemination on and off the platform, and allocate rewards accordingly.

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. Subsequent supply will follow a dynamic supply plan, synchronized with platform growth. As the ecosystem flourishes, the rate of token release will gradually slow down.

Security Audit

The Gala Music contract has passed the Certik audit and received an AA security rating. Most project metrics score around 90 points, but as a new Web3 project, the maturity metrics are relatively low.

Summary

Gala Music, as an emerging Web3 music platform, combines the product experience of Web2 and the decentralized features of Web3. With the $MUSIC token and a popularity algorithm at its core, it has built a relatively complete music ecosystem. Although it is still in its early stages, its potential is enormous and deserves continuous attention.