Comprehensive Analysis of Web3 Music Platform Gala Music

Gala Music is an emerging Web3 music platform and an important part of the Gala ecosystem. This article will delve into the ecosystem of Gala Music.

User Roles and Revenue Models

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

artist

Artists are the cornerstone of the ecosystem, influencing ecological development through the creation and distribution of music. Currently, there are 93 artists on the platform. Artists can earn income in various ways:

1. Issuance revenue: Users purchase the artist's NFT works.
2. Royalty Income: 50% royalty from transactions in the secondary market for music NFTs.
3. Sales Revenue: Peripheral Products, Concert Tickets, etc.
4. Popularity Rewards: Earn $MUSIC rewards based on the popularity of the work.
5. Recommended Rewards: Promote the platform to receive rewards.
6. Other income: live streaming, performance rewards, etc.

collector

Collectors participate in the ecosystem by purchasing or minting music NFTs. The main source of income comes from playback rewards: after hosting the music to nodes, rewards in $MUSIC are earned based on the popularity of the music.

Node Operator

Node operators purchase Judebox to become nodes, responsible for music playback and earning rewards. They must remain online for 20 hours a day and can host up to 10 songs. The main income comes from playback rewards.

audience

Listeners participate in the ecosystem by increasing play counts and supporting artists. They can listen to high-quality music for free and take part in activities such as artist live streams.

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.

Platform Assets and Application Scenarios

Music NFT

The music works released by artists will be presented in the form of NFTs, categorized into different rarity levels. The earlier the NFT is minted, the rarer it is, the higher the price, and the stronger the profitability.

$MUSIC token

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

1. Music Distribution Pricing and Payment
2. Purchase and upgrade Judebox nodes
3. Store Consumption and Tips
4. Support artists to gain fan loyalty
5. Ecological Incentives
6. Token Burning Mechanism

Product Features and Core Algorithms

Music Playback and Discovery

Users can stream hosted music online, create playlists, and like their favorite songs. The platform provides multi-dimensional rankings to help users discover new music.

store and live music APP

The all-access store sells artist merchandise and concert tickets. The live music companion app (STGE) supports features such as live performances, replays, and tipping.

popularity algorithm

The algorithm allocates $MUSIC rewards based on the popularity of music works, taking into account factors such as the number of plays, unique listeners, external platform popularity, and more.

Fan Loyalty System

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

Token Economic Model

The total supply of $MUSIC is 1 billion, with an initial supply of 150 million. It adopts a dynamic supply plan that expands in sync with the platform's growth. As the ecosystem thrives, the token release rate will slow down.

Security Audit

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

Conclusion

Gala Music, as a Web3 music platform, combines the design experience of traditional music products with the decentralized characteristics of Web3. Centered around the $MUSIC token and popularity algorithms, it has built a complete ecosystem for various participants. Although it is currently in its early stages, it still has significant growth potential.