In the midst of all the fever that has been NFT we have forgotten the amazing projects that are still going strong on the Solana blockchain and how those projects can change the world. Recently another project has come into the light -GIGCO.
Gigco is a new platform that hopes to revolutionize the way the music industry is done by leveraging a new booking protocol that allows artists to have full control of their music, their gigs, NFTs, tickets, and merchandise. This in turn will give more power to the artist and even less to record labels that would take advantage of the artist.
Independent artistry is not new and many new artists have made their fortune based on independent streaming platforms such as SoundCloud. GIGCO allows the artist to mint the songs as NFS(Non-Fungible Songs,) The platform will allow the artists to form a bond with the fans by creating a split between artists and the fans that now the NFS. The platform also intends to connect artists and venues via an instant smart contract that will incorporate ticket and merchandise sales.
Staking membership will unlock many great options such as rewards and benefits within the music industry. The CEO and Founder Frank de Vrijer told Cryptoslate.com “Through Web3 technology, the music industry will finally see an era of creative ownership in the hands of the community”.
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The all-in-one app is on mobile and will allow users to filter out the artist and the venue. The artists will create smart contracts by committing to the gigs and the contract will ensure everyone, providing coverage for potential no-shows or defaulting. The app allows the artist to also offer benefits such as merchandise or special passes. Those that are early adopters of the project could eventually find themselves as “verified” users and receive bonuses for their roles in enlisting event locations.
The token GIG will have an initial IDO offering of 4.75 million tokens on the Solana blockchain and the distribution system has been created to reward early adopters of the platform. After the initial IDO, the rest of the tokens will be unlocked over a period of three years.
Early adopters have been promised great benefits such as a lower bar to enter the “Smart Member Program”. This program will unlock extra discounts and cashback opportunities for holders on all purchases, more staking rewards, and priority VIP access to tickets, goods, and NFT drops.
Artists that use the GIG token will be rewarded as well with token bonuses and other future amenities. The platform will also allow the artist to choose to share the royalties of the project NFT with the fans that invest in their work.
One final utility is the ability to gain GIG by submitting reviews of music on the network. By writing an article or a review users can gain GIG.