Music Making $MUSIC: All About the Official Ecosystem Token

by Gala Music | Jun 6, 2024 | Gala Music

Gala Music is a new way of looking at music that elevates the careers of artists while empowering the experiences of the fans who make it happen. This game-changing rework of the music industry wouldn’t be possible without the creation of a secure and sustainable economy, unlocking the door to real ownership and real rewards. That’s where $MUSIC comes in, powered by GalaChain.

A World of Tokens

No matter where you look in the web3 world, you’ll find a plethora of tokens. Whether fungible (each token is the same as every other token) like Bitcoin or non-fungible (each token is uniquely identified) like a Gala Music track NFT, these gamified representations of digital property have staked a massive claim in the future of the internet.

Because tokens In web3 are always tied to smart contracts, a token is defined by what it represents and what it does. This is why nearly every blockchain-based project out there has a token of its own, created on a blockchain with custom specs that perfectly fit the situation. Basically, $MUSIC was built for music, created to fuel the Gala Music ecosystem for artists, fans, collectors, record labels and more.

What is $MUSIC?

Whenever you see the word with the $ and all capital letters, there’s a good chance it’s referring to the core ecosystem token of Gala Music. We think of $MUSIC mainly as a utility token because its economy is primarily driven by what it does. However, when categorizing the different types of tokens in web3, you’ll find that $MUSIC falls into multiple categories.

1. $MUSIC is a Utility Token, used to access and utilize the services offered by the platform. They can be spent in the ecosystem’s All Access store, locked to show support for artists, and used to incentivize ecosystem growth. For instance, the $MUSIC token within the Gala Music ecosystem can be used to purchase music tracks, concert passes, merchandise, and more​​.

2. $MUSIC is a Reward Token, distributed as rewards for specific actions or participation within the ecosystem. For example, in the Gala Music ecosystem, users can collect $MUSIC tokens for a variety of actions based on their platform engagement, as well as the popularity of owned and hosted tracks​​.

3. Governance Tokens give holders the right to participate in the decision-making processes of the platform. Holders can vote on changes, upgrades, or any other decision that affects the ecosystem’s future. While not explicitly detailed in the Gala Music Whitepaper, governance tokens are common in many web3 projects to ensure community-driven development. In the future of Gala Music, governance functions will eventually be added to the $MUSIC token, allowing holders to contribute to ecosystem decisions based on their $MUSIC held.

4. Security Tokens represent ownership of an asset, and are subject to federal securities regulations. They often represent stakes in a company, real estate, or other assets and offer dividends or profit-sharing. $MUSIC is NOT a security token, nor is ownership of $MUSIC an investment of any kind.

5. Non-Fungible Tokens (NFTs) are unique tokens representing ownership of a specific item or piece of content, often used in the music and art industries. Within Gala Music, tracks and All Access Experiences are often sold as NFTs, allowing fans to own a piece of their favorite artist’s work​​ and share in the success. $MUSIC itself is considered a fungible token, meaning that a $MUSIC token is indistinguishable from any other $MUSIC token in terms of its use (similar to a US dollar).

6. Stablecoins are cryptocurrencies pegged to a stable asset, such as the US dollar or gold, in order to minimize price volatility. They are typically used within ecosystems to facilitate transactions without the risk of significant value fluctuations. Examples of stablecoins include USD-T(Tether) and USDC (US Dollar Coin).

$MUSIC Contract on Etherscan

Getting $MUSIC

As a cryptocurrency that can be held on either GalaChain or Ethereum, $MUSIC can be obtained by trading on a variety of exchanges where it is listed.

On GalaSwap, users can swap other GalaChain minted tokens (such as $GALA) directly for $MUSIC with no need to bridge tokens to Ethereum and navigate an external exchange. Simply log in with your Gala account credentials and you’re free to create and accept swaps at any time.

On Ethereum, you’ll find a list of $MUSIC markets at on CoinMarketCap along with the exchange pairings offered at those exchanges. Keep in mind that not all exchanges are legally accessible by residents of all countries, so be sure to check on your local and federal regulations before using a cryptocurrency exchange.

$MUSIC Rewards

$MUSIC is first introduced into circulation as rewards to artists, listeners, owners and Jukebox Node operators.

For Artists: One of the primary ways that artists benefit from producing their music with us is the generation of $MUSIC. $MUSIC generated based on platform and app popularity is entirely in addition to the 70% revenue share Gala Music artists enjoy from NFT track sales.

For Listeners: Even free users of the platform and app can stack $MUSIC rewards for simple actions like listening to new music on a daily basis, interacting with live events, sharing their favorite artists with friends and more. Part of the new $MUSIC generated each day into the ecosystem is reserved for what the Whitepaper calls “ecosystem supporting activities,” empowering fans to become superfans and build a collection in the process.

Check out regular reward opportunities here.

For Track Owners: Collecting reward enabled NFT tracks with Gala Music is a fantastic way to start gathering $MUSIC rewards, especially if you’re picking the most popular tracks and snagging digital copies before they sell out. Simply host your owned tracks by pairing them with active Jukebox Nodes to enable daily rewards based on their plays. The more plays each day for your track, the more $MUSIC you’ll get.

For Jukebox Node Operators: When you’re ready to become a real force in the decentralized world of music, you may decide to get licensed to operate a Jukebox Node. It’s easier than it sounds (your computer does the hard work), and without Jukebox Nodes forming our DePIN (Decentralized Physical Infrastructure Network), none of this would be possible. As such, Jukebox Node operators are rewarded accordingly, sharing in rewards from 10+ hosted NFT tracks at a time.

Using $MUSIC

This is where it gets really exciting: Spending those rewards. Everything sold on Gala Music can be purchased for $MUSIC, from the latest Mystery Boxes and All Access Experiences to NFT tracks, exclusive merch and Jukebox Nodes.

Most items can only be purchased for $MUSIC, so it’s a good idea to hold onto some if you want to be ready for the next drop.

Tipping Artists Directly

This is exactly what it sounds like. One of the most impactful things you can do for an artist whose music you enjoy is give them a tip. Gala Music makes it easy to send some $MUSIC to artists of your choice, letting them know how much you appreciate what they do.

Holding $MUSIC to Support Artists

At Gala, even the $MUSIC you’re holding can be put to use while you’re holding it. Using the Loyalty Pools program, you can lock in specific amounts of $MUSIC to support specific artists, directly aiding in their rise to the top and unlocking exclusive access benefits for yourself. Each of the (nearly 200 at time of writing this) Gala Music artists is invited to offer special benefits for loyalty support in the form of locked tokens, including special Discord community access, VIP concerts, early sale access, discounted track prices and more.

Learn more and browse artist Loyalty Pools here.

Make Some $MUSIC

That’s it– you’re empowered in the future of music with Gala Music, so what are you waiting for? Start stacking some $MUSIC rewards of your own today!

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