Comprehensive Analysis of the Gala Music Ecosystem on the Web3 Platform

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

Ecosystem Participants and Their Profit Models

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

artist

Artists are the cornerstone of the Gala Music ecosystem, influencing the entire ecosystem through the creation and distribution of music. They can earn revenue in various ways:

1. Issuance Revenue: Users pay tokens to mint NFT works.
2. Royalty Earnings: 50% royalties from music NFT secondary market transactions
3. Peripheral sales revenue: Sales of peripheral products, tickets, etc.
4. Popularity Rewards: Earn $MUSIC rewards based on the popularity of the work
5. Recommended Rewards: Promotion platform receives rewards
6. Other income: live streaming, performance tips, etc.

Collector

Collectors participate in the ecosystem by minting or purchasing music NFTs. The main profit model is playback rewards: after hosting the music to nodes, rewards in $MUSIC are obtained based on the popularity of the music.

node operator

Node operators purchase Judebox to become nodes, responsible for playing music and earning rewards. They must be online for at least 20 hours a day and can currently host a maximum of 10 songs. In the future, $MUSIC can be used to upgrade nodes and increase the hosting limit.

audience

Listeners can enjoy high-quality music for free, participate in artist live streams, and support the ecosystem through increased play counts, tips, 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 noting that users can play multiple roles in the ecosystem at the same time. For example, an artist can mint their own work as an NFT while also acting as a collector to host music with node operators to earn profits.

Platform Assets and Application Scenarios

Music NFT

Music works released by artists will be presented in the form of NFTs with different rarity levels. The higher the rarity, the higher the Mint price, the larger the allocation multiplier, the lower the score required for upgrades, and the stronger the profitability.

$MUSIC token

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

1. Music Distribution: The main pricing and payment methods for artists to distribute their music.
2. Purchase and upgrade Judebox: Node operators use $MUSIC to buy and upgrade equipment.
3. Store Consumption and Tips: Purchasing merchandise, tickets, and live streaming tips, etc.
4. Support Artists: Stake $MUSIC into the Artist Loyalty Pool to gain fan benefits.
5. Ecological Incentives: Rewarding actions that contribute to the ecosystem.
6. Token Burn: 50% of the sales revenue from the All Access platform will be burned.

Product Features and Core Algorithms

Music Playback and Discovery

The platform offers features such as online music playback, personal playlist creation, and music liking. Users can filter music and artists through about 50 music genre tags, and the Charts feature provides multi-dimensional rankings to aid music discovery.

All-Access platform and live music companion APP

The All-Access store sells artist merchandise and concert tickets, priced and paid for using $MUSIC. The live music companion app (STGE) offers features such as live performances, playback viewing, and live music parties.

popularity algorithm

The popularity algorithm is the key algorithm of the platform, which allocates $MUSIC rewards based on the popularity of the music. Factors include the number of plays within the platform, the number of unique listeners, performance on external platforms, and so on.

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. The token follows a dynamic supply plan controlled by a mathematical formula, ensuring that the supply expands in sync with platform growth and token utility.

Security Audit

An auditing company provided a security audit report for Gala Music. The platform received an AA-level comprehensive security score, with most project scores around 90 points. However, the project maturity indicators show that Gala Music is still an emerging project in the Web3 space.

Conclusion

Gala Music, as a Web3 music platform, combines the design experience of traditional music products with the decentralized characteristics of blockchain technology. With the $MUSIC token and popularity algorithm at its core, it has built a complete ecosystem for various participants. Although it is still in the early stages, it shows significant development potential and imaginative space.