Introduction
It has been a while since I wrote a blog on GALA, but there has been a few developments in the eco-system that have caught my eye, so…. well…… here we are.
For those not aware, GALA originally started out in the gaming and crypto space back in early 2022, and following a successful few years, they are now a multi-billion Company and one of the biggest players in the Web3 gaming space, with over 50+ games in their pipeline, some of them already live.
In 2022, the team ventured into the music industry and created GALA MUSIC.
What is GALA Music?
For years the music industry has been monopolised by the record labelling companies who have built their wealth at the expense of the artists. GALA is on a mission to change that!
GALA MUSIC puts artists in full control of both their music and earnings by allowing them to market themselves directly to their fans without the need for a pesky middleman (cough cough — the so called “managers” and “agents”). It is also a new home for listeners and fans to enjoy a more interactive experience whilst also earning money simultaneously.
Some Facts About GALA MUSIC
- Platform Launched in March 2023
- Over 1000 artists, 7 million streams. 163K users, 25K Jukeboxes (discussed below)
- Major partners include Snoop Dogg (yep Snoop Dogg), Warner Music Group, BT, Death Row Records, Mount Westmore
- $MUSIC token launched in December 2023 and listed on 5+ crypto exchanges and can be traded for USD
- STGE music app released in December 2023
How can users monetize GALA MUSIC?
GALA MUSIC offers its’ users a plethora of ways to earn.
- Buying Tracks
Users can purchase music tracks which can then be paired with a GALA MUSIC Jukebox. Track owners then receive $MUSIC based on how well the track is doing, which is predominantly based on number of plays. This in its’ simplest forms, is investing in a promising artist in return for passive income. And this is what I love about GALA MUSIC. It allows the general public to directly invest in an artist/song, knowing that the full amount is going to the artist — free of any “record label” or “agent” taking their slice of the pie.
Tracks can be purchased from GALA MUSIC and typically cost around $30 per track. Users can purchase tracks in either $Music, $GALA, or Ether.
2. Selling Tracks
Once a user no longer wishes to hold a particular track, they can sell it on the secondary market, such as Opensea. Obviously, all future income rights of the track are transferred to the new owner. A track may increase or decrease in value over time depending on its’ popularity.
3. Owning a Jukebox
Jukebox operators who host music tracks receive $MUSIC token every time a track is played from their Jukebox.
A Jukebox, which can be hosted on a local drive ( a simple download is required) or on a VPS, must be on for a minimum of 20 hours per day in order to receive rewards.
Jukeboxes can be purchased at the GALA Music store for approx. 1,300 $MUSIC tokens (~ $150 USD).
As of January 2024, there are over 20,000 Jukeboxs, making GALA Music one of the most decentralised platforms on the planet.
What if I do not want to invest in tracks or a Jukebox? Is it free to listen to songs on GALA MUSIC?
Yes, absolutely! GALA MUSIC is a free platform for listeners. Furthermore, through streaming, users can earn perks such as tracks, concert and passes, branded merchandise, artist access (meet and greets, VIP tickets etc), memorabilia and branded items, as well as other entertainment related content, collectibles and experiences.
The Technology behind GALA MUSIC
The platform harnesses the power of blockchain, web 3 and decentralisation.
The platform is effectively run on a number of individual servers (thousands in fact) that are known as Jukeboxes alleviating “the single point of attack or failure” issue.
What’s more, all transactions are conducted on GALA chain — a blockchain built by GALA themselves — which provides a public ledger of all transactions on the platform thus increasing transparency and user awareness.
Final Thoughts
Whilst I do plan to do more of an in-depth blog on the intricacies of the GALA MUSIC platform, I wanted to use this post to bring some initial awareness of what GALA MUSIC is trying to do.
GALA MUSIC is simultaneously offering a decentralised music platform (through the thousands of Jukebox operators) that gives artists full autonomy over their music and earnings, whilst allowing users, fans, and listeners the chance to get directly involved in promoting and investing in the music industry.
For those who interested in setting up a GALA MUSIC account, you can create an account for free here
