Gala Games is not just about gaming. They have also been busy building branches for film and music. And now their Gala Music platform takes another step forward as they announce the launch of their MUSIC token, a blockchain-based token that will replace the current, in-app-only BEAMS token.
Gala Music is ready to make things official with the launch of their MUSIC token on the Ethereum and GalaChain networks. This token replaces BEAMS and will function as the economic backbone for the Gala Music ecosystem.
More about MUSIC token
Track owners collect points for MUSIC tokens when someone streams a track they own. This encourages track owners to promote their track collection through social media, playlists and special events. Node owners also receive points when users stream songs from their server, encouraging them to keep their Node online and also to collect a large selection of music songs that people want to listen to!
And best of all, the artists are not left out. Not only do they receive revenue when their songs are purchased, but they also receive ongoing royalties when their songs are streamed through the Gala Music platform! All MUSIC distribution is done through a ‘popularity points’ system, with a shared reward pool among participants.
Users can support artists and earn loyalty points by holding or staking MUSIC tokens on that artist. Players receive a level of loyalty depending on how much they wager, which provides benefits such as access to an exclusive Discord chat, monthly giveaways, discounts and more.
Any user of the Gala Music site who has collected BEAMS can convert them into MUSIC tokens via his/her account balances page on a one-to-one basis (i.e. 1 BEAM = 1 MUSIC). MUSIC tokens are minted on the GalaChain, but can holders can link them back to the Ethereum network for trading. And vice versa.
What is gala music?
Gala Music is a web3 music distribution and streaming service. Artists sell tracks, which users can then connect to Nodes and stream for everyone to listen to. Track owners, node owners, and the musical artist all earn points as users stream their songs more often. These points determine the size of the payouts to everyone involved.
Artists regularly release new songs on the platform. Tracks are available for different prices.
With the introduction of the MUSIC token, Gala Music has brought their economy completely online. With some expansion and integrations with other apps, Gala Music may be ready to lead the way in the merger of the blockchain and music industries!
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