Gala Games isn’t only about gaming. They have also been busy building out branches for film and music. And now, their Gala Music platform takes another step forward as they announce the launch of their MUSIC token, an 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 accumulate points toward MUSIC tokens whenever 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 as users stream tracks from their server, encouraging them to keep their Node online, and also to gather a large selection of music tracks that people want to listen to!
And best of all, the artists aren’t left out. Not only do they receive income when their tracks are purchased, but they also receive ongoing royalties as their tracks are streamed through the Gala Music platform! All MUSIC distribution happens through a ‘popularity points’ system, with a shared reward pool among the participants.
Users can support artists and gain loyalty points by holding, or staking MUSIC tokens on that artist. Players receive a loyalty level, depending on how much they stake, which opens up perks like access to an exclusive Discord chat, monthly giveaways, discounts, and more.
Any user of the Gala Music site that has accumulated BEAMS can convert those into MUSIC tokens through their 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 bridge 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 pair with Nodes and stream for anyone to listen to. Track owners, Node owners, and the musical artist all earn points then more often users stream their tracks. These points determine the size of the payouts to everyone involved.
Artists release new tracks regularly on the platform. Tracks are available for a variety of prices.
With the introduction of the MUSIC token, Gala Music has brought their economy fully online. With some expansion and integrations with other apps, Gala Music may be poised to take the lead in the merging of the blockchain and music industries!
To learn more about Gala Music, visit their website, follow them on Twitter, and join their Discord.
