Official website: https://music.gala.com/
Twitter: https://twitter.com/GoGalaMusic
English white paper: https://music.gala.com/Gala_Music_Whitepaper.pdf
Project Description
Gala Music ($MUSIC) is a decentralized music platform built using blockchain technology. It aims to give artists more control over music through the characteristics of blockchain, allowing listeners/fans to get closer to artists. communication channels and more communication opportunities.
The Web3 music track is currently in its infancy, and institutions such as Binance Labs, Coinbase, and Animoca have plans. The essence of combining Web3 with music is to try to reshape the value distribution of the music industry, solve issues such as copyright ownership, revenue transparency, and new artist promotion channels, hoping to distribute as much revenue as possible to artists and listeners.
Of course, for artists and Web2 users, the obscure concepts and complex operations of Web3 are a threshold. For Web3 users, income may be more important than the quality of music. In addition, the existing Web2 music platform already has a mature product system and a wide range of user groups. If you want users to abandon their original usage habits and embrace Web3, Web3 products need to have high standards in terms of user experience and product marketing.
The Gala Music platform connects four roles, namely artists who release music NFTs, collectors who purchase music NFTs, jukebox operators who help run music NFTs, and fans and listeners who listen to music.
participation role
artist
Artists are the core role of Gala Music. Artists publish their own music NFT works on Gala Music to earn profits. The methods of income include selling music NFT works (the issuance volume of music NFT increases with the level), selling peripheral goods in the platform All Access store, music playback income and fan support.
collector
The role of purchasing music NFT works, but only purchasing music NFT does not earn income. The collector also needs to host the music NFT to the jukebox operator (node). After pairing with it, through the platform's "popularity algorithm", according to its Earn token revenue based on popularity both inside and outside the platform.
jukebox operator
Music NFT needs to be hosted at the jukebox operator (node), and both parties can earn revenue from music playback. A single jukebox can be hosted for 10 tracks, after which the quantity can be upgraded by consuming $MUSIC.
Fans & Audiences
The audience of the platform, as listeners, can listen to music for free, and as fans, they have a channel to understand and communicate from different perspectives (the supporting App STGE focuses on sharing the scene), and fans are also the main players in purchasing music NFT, peripherals and other experiences.
Team information
In February 2022, Gala established the Music department and became part of Gala Web3 territory. At this point, Gala's business scope includes games, music, and movies, and it has gradually migrated its business to L1 GalaChain, which is deployed by itself.
Gala was founded by Eric Schiermeyer and Michael McCarthy. Eric Schiermeyer is a gaming legend who founded Zynga, while Michael McCarthy was the creative director on hit games such as Farmville 2.
The Gala Music team CEO is Leila Steinberg, who was the first manager of American rapper Tupac Shakur. He subsequently founded Aim for the Heart, an arts education nonprofit for youth, and is running the Mike Sessions, an artist development workshop.
Ryan Rodriguez, vice president of Gala Music, has collaborated with music producer Mike Will Made It, American hip-hop artist Ray Sremmud and rapper Cash Money AP.
Tim Herndon, head of Gala Music's A&R (artist and album planning and production), has worked with famous R&B singers such as Macy Gray and Usher.
Artists currently working with Gala Music have released collaborative releases with 86 artists including BT (Grammy Award-nominated electronic music composer) and Snoop Dogg (Grammy Award-nominated American rapper, record producer, actor) Music NFT.
Financing situation
Gala Music, as part of Gala's strategy, does not seek external financing. Instead, it was disclosed in a news release in 2022 that an ecological budget worth US$5 billion will be established to expand Gala's Web3 territory, of which various supports worth US$1 billion will be used for Music.
Token economic model
The $MUSIC token is a utility token that can be used in MUSIC's All Access store to purchase music, peripherals, and upgrade the jukebox's hosted track capacity.
The maximum supply of $MUSIC tokens is 1 billion, and the initial circulation is 150 million. During the testing phase, 75 million test tokens were generated, all converted into $MUSIC at a 1:1 ratio, and an equal amount of 75 million $MUSIC was minted and given to ecological operators. The initial supply totaled 150 million, accounting for the largest supply 15%.
release rules
The remaining tokens are released daily, and the amount released is related to the number of tracks released daily and the current token supply.
The specific release amount follows the joint function curve:
Simply put, the greater the proportion of the token supply to the total, the smaller the minting allowance generated for each track released, and these allowances are accumulated into the minting allowance pool.
The minting subsidy pool initially supplies 150 million tokens, and 0.15% of them are released every day. If no new tracks are minted, approximately 225,000 tokens will be released on the first day. If no new tracks are minted, 150 million of the 150 million tokens will be released. 90% will be released within approximately 4 years.
50% of the daily release will belong to the project operator. The other 50% is allocated 35% to jukebox operators, 25% to track owners, 25% to ecosystem participants, 10% to artists, and 5% to founder nodes.
Token utility
All Access is the ecosystem’s exclusive experience and merchandise market, where users can purchase music NFTs, jukebox nodes, exclusive experiences set by artists, etc. 50% of $MUSIC used in All Access will be collected by the artist, and the other 50% will be destroyed.
Increase the number of hosted tracks on the jukebox: The initial hosted number is 10, and you can increase the number by spending $MUSIC.
Token status
Token data source: coinmarketcap/dexscreener
Current top 15 currency holding addresses:
According to Coinmarketcap information, the current circulating volume is 81.64M. Calculated based on the current currency price of $0.162, the circulating market value is 13.87M US dollars, and it is deployed on the Gala chain and the Eth chain. According to Etherscan, the number of Gala on ETH is 61.35M, and the top 15 currency holding addresses hold 39.72M, accounting for 64.7%. The first 6 addresses are all Cex and Dex. The 7th, 9th, and 10th addresses are early large investors. They have not sold in the past week, and 7 and 10 are still buying. The 12th and 14th currency holding addresses have continued to purchase in the past week.
According to the official economic model, $MUSIC is released daily, and the amount released is related to the number of tracks released the previous day. According to current data, the amount released in a single day is around 200,000 pieces, and the total amount of 1 billion can be ignored for the time being.
Project summary
Music is an indispensable part of people, but now most of the benefits are divided by record companies and channels, and it is difficult for newcomers to debut. Web3 may be able to solve problems such as profit distribution, industry opacity, and copyright ownership for the music industry.
As an important part of Gala Web3, Gala Music allows listeners to listen to music for free, allowing fans to have close contact with artists. Artists gain more control over music, and investors can also gain income from music playback. It takes into account the needs of various roles and provides An attempt is made to reasonably distribute value in the music industry.
The release mechanism of $MUSIC tokens is relatively novel. As the total supply of tokens increases, the minting allowance given per unit track decreases, and minting is delayed based on market popularity, which to a certain extent creates a shortage of tokens. But for now, the consumption scenario of tokens is relatively simple, relying only on the transactions of music NFT, jukeboxes and artist peripherals for use and destruction, which relies more on the revenue brought by market popularity and the purchasing power of fans. The current token price is slightly lower than the opening price of $0.19, and the market value is nearly 15 million US dollars. Since there is currently no leading project in the Web3 music track, the upward range of the project's market value needs to be judged by the reader.
Gala Music has been making constant moves recently. In December, it launched tokens and appointed a new CEO. On January 16, it appointed a new vice president and A&R. Keep track.
