The current entertainment landscape is set up to benefit a select few. The fans who are the consumers, promoters, and distributors of the content are rarely compensated. If the audience can benefit more from the deals made there will be a deeper connection between the artists and his audience, it will be a win-win situation.
One of the advantages of cryptocurrencies is that they can create community ownership of value and make all stakeholders (producers & consumers) mutually benefit from the value created. If a platform is created in the entertainment that the audience can effectively monetise this will drive and increase fans’ engagement.
This problem is what the $ECHOKE social token was created to solve. $ECHOKE Social Token is a cryptocurrency that is built on Binance Smart Chain (BSC BEP-20). It provides access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.
With the $ECHOKE token, fans can become influencers and drive the next generation entertainment industry. By 2022, we anticipate that the current entertainment landscape will be shaped by the artists and companies that draw the highest audiences and those that can effectively monetize the audience by putting their fan base in the driving seat.
Why develop $ECHOKE Social Token?
The entertainment and media are multi-billion dollar industries controlled and owned by a few people at the top. Meanwhile, the fans that create or promote content for these industries but do not benefit due to the current ways incentives are set up.
Corporations and a privileged few get most of the money, and fans are left unrewarded as mere observers. With $ECHOKE tokens powering our ecosystem, we intend to turn millions of music and entertainment fans from spectators into influencers and decision-makers.
The vision embraces cryptocurrency and blockchain technology as an effective tool to empower active fans and transform them from passive spectators into active influencers that can promote the music and entertainment industry. Also, to turn fans in the entertainment and media industry from spectators into stakeholders.
Problem
The entertainment industry is limited in direct fans engagement. The current entertainment industry offers, for the most part, a transactional relationship with fans. Fans pay to listen to music, attend concerts/shows and buy merchandise without any reciprocal benefits.
While there have been attempts to activate direct fans engagement, the results have been underwhelming to a large degree. Cryptocurrencies have come to enable community ownership of value created by communities developed by fans.
When communities are built from scratch with tokens, early investors and hodlers can acquire tokens and benefit from early access to become major stakeholders as the ecosystem expands. $ECHOKE is built on a similar ideology and designed to reward early hodlers and investors.
Solution
The Innovation– A token where fans can get involved and become beneficiaries in the entertainment industry.
$ECHOKE partners with artists, festivals, streaming apps, fin-techs, parties, hotels, clubs, and more to offer giveaways and discounts on their services. These partners are provided $ECHOKE tokens, and in return, they offer giveaways in exchange for the tokens as well as exclusive discounts on services.
The Target audience
Those that will hold $ECHOKE tokens are high stakeholders in the entertainment industry. They may be super-fans of an artiste, regular attendees of party series, a massive user of a streaming app, or a combination of both. The discounts and giveaways given to these users will provide them with more benefits for less money.
This entire process is made possible via the novel application of a scalable, blockchain-based token with purchasing and utility infrastructure deployed through a secure, trustless smart contract on the Binance Smart Chain (BSC) network.
$ECHOKE tokens are finite in the amount that will be issued, and as holders get incentivized, we expect more people to want to acquire the tokens. Hodlers of the token will patronize partners’ services more, which will drive the use-cases.
Backed by African Entertainment Legend Davido
$ECHOKE token is created by Omegoat and built-in collaboration with African pop superstar Davido as our first partner. We wanted our first partner to be a respected brand in media and entertainment that has cultivated a dedicated fanbase of young Africans and understands the entertainment industry.
Davido was an obvious choice in this regard and we have been impressed with his previous forays into fintechs and his effect on those projects. We’re undertaking a very huge task, so we need the most brilliant mind to help us put things together.
Davido has one of the biggest social media presence of any entertainer in Africa and can leverage it to bring about the change we desire. Omegoat is a Defi/Crypto project created to provide the crypto-loving public with autonomous finance products that governments cannot take down. The $ECHOKE token is the first of a handful of projects we will release in the near future.
$ECHOKE tokens are not sold anywhere. The only way for you to get it is from our periodic giveaways on our Omegoat website (https://omegoat.com). This way, greedy rich people can’t buy up all the tokens on the first day. Only true fans (in their great numbers) can have access to these tokens and gain the benefits from the token.
Speaking with us at thecondia.com blog, Atsu said the $ECHOKE token was created to incentivise the consumers of the entertainment and hospitality industry by rewarding them with financial products.
