Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Metaverse producer Gala Games launches system to be kind of Spotify with NFT songs

2 min read

 

Gala Games, a leading producer of metaverse games, has announced an expansion of a music-focused streaming and NFT service called Gala Music.

According to the company, the idea is for Gala Music to be a kind of Spotify, only with blockchain technology. As the project’s first partner, Gala Games recently announced Hip-Hop star Snoop Dogg.

It is still not possible to imagine how the system will work. After all, NFT music streaming is still a fairly new concept.

As announced by Gala Games, Gala Music will not be a centralized service like Spotify. However, it will have servers distributed through a system called Gala Music Nodes.

In this system, the nodes functioned as nodes in the Gala Music ecosystem, serving streaming music in the process. Thus, they will be responsible for transmitting the songs in NFTs.

For starters, node owners must have their own NFTs to broadcast. But in the future there will be an option for streamers to offer their node for use by NFT holders with profit sharing.

Gala Music

Sales for Gala Music Players Nodes started on February 11, and Player Music Nodes cost $1,200 in GALA token.

Unlike NFTs or other items in the cryptocurrency ecosystem, nodes cannot be sold or transferred once purchased. Also, there is no limit to the number of Player Nodes available.

Owning a Gala Music Node also opens up the possibility of receiving free NFT tracks from new releases. The latest email from Gala Music says that Player Nodes will only be at this price for a limited time.

In addition to the standard Player Nodes, there will be special and limited edition Fan Nodes. Fan Nodes focus on a specific artist or label and provide exclusive rewards, whitelisting and more.

While the company did not release the Gala Music white paper or the token that will be the reward for the nodes, they did reveal that for each track played, the system mints $0.10 in Gala Music Token.

This newly minted token is distributed as follows: 45% to all track owners (divided evenly); 10% for all nodes in the network (also split evenly); and 5% for the specific node that plays the track.

In the meantime, the remaining 50% goes to the artist. Each node contains only one instance of each trail, so accumulating trails offers little benefit.

No details have yet been provided on when the streaming service will launch.

Netflix films the strange life of the BTC launderers

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.