As we continue to explore the limitless possibilities of blockchain technology in enhancing the music experience, it’s essential for our community members, especially those new to blockchain, to grasp some fundamental concepts that make all of this possible. While at first these ideas may seem daunting, a short study will increase your confidence, helping you understand why this tech is so groundbreaking and why we’re so excited.
This quick guide will cover four key components: Smart Contracts, Token Standards, Token IDs, and Block Explorers.
Smart Contracts: Blockchain’s Backbone
What are Smart Contracts?
Basically, a smart contract is a self-executing contract with the terms of the agreement directly written into lines of code.
Smart contracts automatically execute transactions and enforce agreements between parties, eliminating the need for intermediaries. This makes transactions faster, cheaper, and more transparent. Everyone reading this who has dealt with paper contracts of any kind will certainly realize how tedious and difficult they can be. Self-executing contracts are one of the most important features of web3 tech.
How do they work?
Smart contracts operate on an ‘if/when…then…’ principle, which means actions are triggered when predefined conditions are met. For example, Gala Music smart contracts can:
Automate Track Distribution and Sales: Blockchain contracts manage the execution of sales and handle the issuing of digital tracks in various rarity tiers.
Facilitate Reward Distribution: Smart contracts calculate and distribute $MUSIC tokens to track owners, Jukebox Node operators and artists based on track popularity metrics from the platform’s Popularity Algorithm.
Operate Jukebox Nodes: Various contracts automate the operations of Jukebox Nodes which host music tracks, coordinating between track owners who want their music hosted and node operators who provide the hosting service.
Enable Ecosystem Incentives: A system of smart contracts makes it possible to incentivize user participation by automating rewards for activities like promoting Gala Music, referring new users, listening for rewards and other actions beneficial to the ecosystem’s growth.
Regulate $MUSIC Tokenomics: Smart contracts govern the creation, distribution and other overall supply management of the $MUSIC token, using a dynamic supply mechanism that responds to ecosystem activity, working to prevent oversupply or undersupply.
Govern Artist and Fan Interactions: Contracts automate the flow of features like All Access Experiences, early access sales, direct artist tipping and locking in $MUSIC to support individual artists.
Secure Transactions: Smart contracts are in place to ensure all transactions within the platform, from track purchases to node operations, are executed securely and transparently, reducing the risk of fraud and enhancing trust within the community.
Please note that this list of examples is not exhaustive. There are many ways that smart contracts enrich your music experience through the power of GalaChain and web3; these are just a few.
Token Standards: Defining the Rules for Digital Assets
What are Token Standards?
Token standards are predefined templates that developers use to create new crypto tokens. These standards ensure compatibility with the broader ecosystem, including wallets, exchanges, and other smart contracts.
Popular Token Standards
To understand the tokens used in the GalaChain ecosystem, it is important to grasp the two main Ethereum based token standards. Both have counterparts on the GalaChain blockchain.
ERC-20: The most common standard for creating fungible tokens on the Ethereum blockchain. Fungible tokens are identical and interchangeable, much like traditional currency. $GALA and $MUSIC are examples of ERC-20 tokens, as units of these tokens are indistinguishable from one another.
ERC-721: A standard for non-fungible tokens (NFTs), which are unique and can represent ownership of specific items, like digital artwork or certain collectibles. Every ERC-721 has a unique Token ID.
ERC-1155: This versatile token standard allows for creating and managing multiple types of tokens within a single smart contract. ERC-1155 tokens can include both fungible and non-fungible tokens. Gala Music track NFTs are created using the ERC-1155 token standard and minted directly to GalaChain when purchased.
Token ID: Unique Identifiers for NFTs
Understanding Token IDs
A Token ID is a unique identifier assigned to each NFT, distinguishing it from every other token. In the context of Gala Music, each NFT could represent a unique NFT track or collectible, with its Token ID confirming its authenticity and ownership.
Role of Token IDs
Token IDs play a crucial role in the digital economy, providing a way to verify, track, and trade digital assets securely on the blockchain. They help maintain the integrity of transactions and ensure that each item’s history is transparent.
Block Explorers: Navigating the Blockchain
What is a Block Explorer?
A block explorer is an online tool to view all transactions that have taken place on the blockchain, including transaction histories and balances of addresses. It’s like a search engine for the blockchain.
How to Use a Block Explorer
To use a block explorer in Gala Music, a user might input a transaction ID or wallet address to see the transaction details, including the number of tokens transferred and when the transaction occurred. This tool is invaluable for verifying transactions and ensuring the transparency of the blockchain. Using GalaChain’s open source SDK (Software Development Kit), the GalaChain community has built several effective blockchain explorers, listed below:
By understanding smart contracts, token standards, Token IDs, and how to use block explorers, our community can fully appreciate the security, transparency and efficiency of web3 benefits to the music industry.
Gala Music is proud to introduce a debut web3 track from The Years with their latest single, “Electric Intervention,” a poignant reflection on our modern digital dilemma.
Set for Signature Edition NFT drop on Wednesday, May 15th, the track is an electrifying blend of indie and alternative pop sounds that invites listeners to reconsider their relationships with technology and fame.
About The Years
The Years consists of Cecil Campanaro and Brian Stanley, a dynamic collaborative force in the Los Angeles indie music scene since their 2016 formation. Known for their evocative soundscapes and thoughtful lyrics, the duo gained early acclaim with their debut EP “Street Queen.” Their music has not only resonated with fans but has also captured the attention of major platforms, being featured on shows like HBO’s “Euphoria” and across networks such as NBC, MTV, and Netflix.
Electric Intervention
This unique song explores the theme of society’s overwhelming obsession with transient fame and the pervasive influence of technology. The track is crafted with pulsating rhythms and vibrant melodies that challenge listeners to disconnect from the noise of social media and reconnect with their genuine selves. This song is a call to action, urging an awakening to the real connections and experiences that life has to offer beyond the digital realm.
With the power of our Artist Upload self service portal, Gala Musicians can manage their own releases from naming prices to suggesting drop schedules and uploading music videos.
Gala Music artists enjoy a 70% revenue share for NFT tracks sold. Making music with Gala is the perfect way to build a music career in the web3 world while maintaining total control over your art.
There’s always something new in the Gala Music All Access store, and we always encourage our artists to think outside the box and to create truly memorable offerings for their devoted fans. From limited edition merch to exclusive once-in-a-lifetime opportunities to meet your favorite artists, the All Access store has tons of reasons to stack that $MUSIC.
You can now collect $MUSIC on the daily for simply discovering and listening to new music on the Gala Music app. When you listen to at least 10 unique tracks each day, you’ll get reward points toward the daily Listen for Rewards distribution.
The Gala Music app is your home for the latest drops and emerging artists on the go. With account integration, custom playlist creation, $MUSIC rewards, live stream concert events and more, the Gala Music app is your ticket to the best in web3 entertainment.
As the music industry continues to grapple with the complexities of fair compensation and artist rights, Gala Music is emerging as a transformative force, championing the interests of emerging artists in a landscape often dominated by established platforms and traditional mechanisms. This is increasingly significant in light of recent developments, such as Spotify’s decision to reduce royalty payments to songwriters, which is poised to further squeeze the already modest earnings of creative professionals.
Spotify’s latest subscription rate hike plan to include audiobooks as a Premium tier feature, songwriters and publishers did not get the royalty boost that might be expected from a subscription cost increase. Instead, the membership restructuring will introduce a new bundle disbursement rate for royalties that includes audiobooks. As a result, US songwriters and publishers’ royalty value will drop by an estimated $150 million over the coming 12 months. SOURCE
Fair Pay for Gala Recording Artists
Gala Music, built on the innovative GalaChain, leverages cutting edge web3 tech to create a decentralized ecosystem where artists can thrive by maintaining control over their music and directly engaging with their audiences.
Unlike traditional music platforms that offer minimal royalties and limited transparency, Gala Music introduces an equitable revenue model where artists receive a substantial 70% share of the revenue from NFT track sales. This model not only ensures artists are fairly compensated but also aligns with Gala Music’s core philosophy of empowering artists rather than exploiting them for profit.
But NFT track sales aren’t the only way for artists to earn with Gala Music. Artists can also receive $MUSIC in a variety of ways, including direct tips from users, rewards based on platform track listens and more. By building a fan base on Gala Music, an artist is securing a plethora of potential revenue streams with the power to significantly boost their careers.
To learn more about Gala Music’s industry-empowering vision, read the Gala Music Whitepaper.
Gala’s partially decentralized structure allows artists to bypass the restrictive practices of the music industry that have historically undermined their financial and creative autonomy, while still adhering to high quality standards for platform offerings. Through features such as the Gala Music Jukebox Node DePIN, the Artist Upload self service portal and the All Access store that allows artists to share unique and creative experiences, artists and fans can interact in novel ways with the potential to transform an entire art form for the better. From direct sales to live concerts, special promotions and more, Gala Music is a game changer for artists’ careers.
The recent shift by Spotify highlights a broader industry trend where the economics do not favor the artist. According to reports, Spotify’s bundled subscriptions for audiobooks and other content are expected to further reduce the royalties that songwriters can earn from the platform, pressing the need for alternative solutions like Gala Music where artists’ contributions are valued and rewarded.
Resonating Change
Gala Music’s response to the industry’s challenges is not just about offering better pay. It’s about a revamp of the artist’s role in the music industry that puts the creators back in the driver’s seat.
Through blockchain technology, Gala Music provides transparency, allowing artists to see exactly how their music is being consumed and ensuring that they are compensated accordingly.
Smart contracts make it possible for artists to easily manage things like releases and rev shares, and the unsurpassed security of GalaChain ensures a safe environment that uplifts and rewards artistic integrity. This level of clarity and fairness is absent in conventional music streaming services, which have often been criticized for opaque payout processes and disproportionately low payments to artists.
Gala Music is much more than a free streaming platform; it’s a movement towards a more just and artist-focused music industry. It represents a shift from a corporate-dominated space to one where independent artists can pave their own paths and receive the full value of their creative output. As the landscape of music continues to evolve, Gala Music represents hope and fairness in the future of music, promising a better deal for artists and a richer, more diverse musical culture for fans around the world.
As Gala May Mayhem intensifies, Gala Music continues to make massive strides toward empowering the entire music industry with ownership and rewards.
$MUSIC is now listed on GalaChain’s official token swap platform, making it easy to trade Gala Music rewards for $GALA, $GUSDC, $GWETH and much more without leaving GalaChain.
With the latest platform updates and drops all week from both new and returning Gala Music artists, this is the perfect time to start discovering new sounds and unlocking new levels of fandom for your favorite musicians.
This Week’s Highlights
Waje Returns
After making her Gala Music premiere with “I Promise” in late March of 2024, the Voice of Africa is back with a special 4 song EP– The first two tracks, “Worries” and “Odo” dropped yesterday, May 8th! Look for the other two tracks, “With You” and “Energy” two weeks later to complete the “Same Human, Different Beast” EP. If you’re a fan of the massively popular Afrobeats genre, this set will be an amazing crowning jewel for your Gala Music collection.
JOIN THA KULT
Consisting of billboard chart-topper & platinum songwriter Krysta Youngs and platinum singer-songwriter Zach Maxey from The Crushboys, JOIN THA KULT is about to drop a special Marzetti dance mix of “Breakin’ Up” that’s sure to get you moving. This killer collab from Gala Music favs drops today, Thursday May 9th!
Pagansus
Where “the supernatural meets the sonic,” the Pagansus rides, making mythical waves with its triumphant entry to web3 with “Bad Apple,” a track that will get you psyched on a superhuman level. Kicking off this week with a hefty dose of metal adrenaline, the Signature Edition dropped on Tuesday.
DJ At Dawn
Experience the fusion of gangsta and electronic house with this new track from DJ At Dawn, thriving with energy, attitude and transcendent emotion. The Signature Edition of “Gangsta House” drops on Thursday.
This Week’s Drops
With the new Artist Upload self service portal in full swing, it’s easier than ever for Gala Music artists to manage their new track drops, set pricing and set releases. Here’s a list of upcoming Signature Edition NFT tracks to check out now!
Are you feeling the $MUSIC flow? There are plenty of ways to start collecting $MUSIC rewards with Gala. From referring users who go on to become collectors, to engaging with live streams, tipping artists and more, you can qualify for additional rewards for your ecosystem support!
When you own NFT tracks and pair them with active Jukebox Nodes, you’ll start collecting regular $MUSIC rewards based on the success of your owned track on the platform. When an NFT track is hosted (paired with a node), it becomes available for listening to anyone in the ecosystem. Whenever that track is played, rewards are generated for the artist who created it, the node operator who hosted it, and the collector who owns the NFT!
Take the ownership and reward journey even further when you start literally powering the ecosystem by running a Jukebox Node of your own. You can even pair your own track with your own node to essentially double down on that track’s rewards!
Unlock exclusive experiences and merch in the All Access Store in some of the most exciting ways to make the most of your $MUSIC. From exclusive merchandise to once-in-a-lifetime opportunities, look no further than the All Access Store, the natural habitat of Gala Music superfans.
This week, check out the wide variety of available All Access items from the following Gala Music artists:
S2art
Daisy Guttridge
TIHANE
Earl Sweatshirt & The Alchemist
September Mourning
Sandi Thom
Marty Grimes
PLS&TY
Just Shocky
OKAY! KENJI!
Monia Ashibi
Calling Artists
Have you thought about elevating your music career to web3 with Gala Music? It’s now easier than ever, thanks to the Artist Upload self service portal. Gala Music artists keep 70% of the revenue generated from their track sales.
Gala Music is thrilled to announce the debut of the electrifying track “GANGSTA HOUSE” by the innovative electronic music maestro, DJ At Dawn. This track is set to drop on May 9th, marking a vibrant new addition to our rich and diverse music catalog.
“GANGSTA HOUSE” is a heady mix of powerful beats and intense melodies, tailored for those who crave high-energy electronic beats infused with a gangsta vibe. It’s a track that not only compels you to dance but also envelops you in a wave of emotive and euphoric soundscapes. Get ready to be transported into a world where each beat resonates with attitude and energy.
At Dawn, the mastermind behind this track, brings his unique philosophy of uniting people through music. His tracks are more than just songs; they are experiences that transcend the ordinary, celebrating life with every note.
Gala Music is a new kind of music streaming platform, with potential rewards for everyone for various kinds of interaction. Whether you’re a casual listener, a dedicated NFT collector or a seasoned artist dropping your next album in the cutting edge of music web3 tech, $MUSIC rewards are available for your time and energy.
Gala Music’s amazing newly released Listen for Rewards system lets you collect points on a daily basis that will unlock $MUSIC rewards, turning into spendable platform tokens you can use to cop the latest track drops, tip your favorite artists, unlock once-in-a-lifetime experiences in the All Access Store and much more.
$MUSIC is like a key that unlocks an entire world of immersive web3 entertainment, powered by GalaChain. To learn more about Gala Music’s economy of $MUSIC rewards, check out the Gala Music Whitepaper.
Owning a Track
By owning a Gala Music track, you’re not just supporting our artists, who enjoy a top-notch 70% revenue share– You’re also unlocking the door to additional $MUSIC rewards. To start the daily reward flow, simply host your track by pairing it with an active Gala Music Jukebox Node. Then other users will be able to listen to your instance of the track and rewards will be generated based on how often your track is played!
“GANGSTA HOUSE” will drop tomorrow as a Signature Edition, our most limited NFT edition with just 100 total copies. Signature Edition
Make sure you’re ready to add this track to your collection when it drops tomorrow at 1pm PT. More than a good listen, it’s a part of the music revolution we are all driving forward together.
