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GIGCO, a brand-new music platform built on Solana, recently announced its public IDO token sale to be hosted through Solana’s first decentralized developer ecosystem–SolRazr launchpad.
The platform leverages a new trustworthy booking protocol–empowering artists to take full control and ownership of their music, gigs, merch, tickets and NFTs.
Reinventing the music industry
By minting songs as NFTs, or as GIGCO calls them NFS (non-fungible songs), the platform introduces a form of shared ownership of music and royalties–split between artist and fans.
Furthermore, by directly connecting artists and venues through an instantly deployable smart contract, the platform reinvented arranging live music gigs–facilitating booking tickets and merch sales.
Meanwhile, staking membership options unlock discounts, rewards, and benefits within the music industry and the platform itself.
“Through Web3 technology the music industry will finally see an era of creative ownership in the hands of the community,” CEO and Founder Frank de Vrijer told CryptoSlate.
So how exactly does the all-in-one mobile app connect artists, venues and music fans?
Gigs can be arranged in a matter of seconds–using specific search filters to narrow down potential artists and venues. Committing to the gig (smart) contract ensures both parties–providing coverage for potential no-shows or defaulters.
Gig tickets get instantly created as soon as the event is arranged. Furthermore, the app enables artists to offer any merchandise for sale through their unique profile store.
By helping build the venue database, early adopters can become fully verified users–eligible to receive bonus payments for enlisting event locations.
Earning GIG rewards by enlisting venues that don’t have a profile on the platform is only one of the many utilities planned for the native token.
GIG token use cases
190 million GIG tokens have been minted on the Solana blockchain and its distribution is structured to reward early adopters of the platform.
14.25 million will become the initial liquid supply after the IDO, while the remaining tokens will be unlocked over a three-year period.
ICO and early investment round sales account for 16% of the supply, while 15% is reserved for both current and future advisory and development teams.
Ecosystem and community sectors will receive 50% of the total supply, and the remaining 19% is split between the reserve and liquidity pools.
“SolRazr provides GIGCO with a comprehensive approach to our IDO with a genuine understanding of the project’s needs for this critical growth phase,” Project Manager Brian Bunge explained to CryptoSlate.
The token’s utility is multifaceted, besides leveraging incentive rewards for signup and listing programs to onboard artists and venues, GIG can be used to boost the user referral program.
Early adopters are promised a range of benefits, including a lower bar for entering GIGCO Smart Member program, which is supposed to unlock extra discounts and cash backs to to on all purchases, increased staking rewards, priority access to tickets for popular gigs or NFT drops, and more.
Users who choose to hold GIG token can reap benefits of staking opportunities within the platform. Meanwhile, artists and venues that arrange events solely using GIG can receive token bonuses.
Those attending events will be able to use GIGCO tipping function and send GIG if they were impressed with either the artist or the venue.
The platform will enable artists who choose to digitize their work as an NFT to trade ownership or part ownership with fans who like to invest in their work. This ‘Song as Stock’ feature will allow royalties from the NFT sales to be shared between the artists and investors via GIG tokens.
Finally, users who actively contribute to the network with their reviews can earn GIG for articles written and published on the platform.
Disclaimer: CryptoSlate holds a financial position in Solana and was given the opportunity to participate in the presale of this project in exchange for news, analysis, and other types of coverage. CryptoSlate was NOT paid to publish this article.