ECHOKE – Sensational Afrobeats artist “Davido” has announced the launch of a new social token called “ECHOKE.” The name emanates as a slang Davido introduced and had since gone viral with a growing popularity among Nigerians.
The crypto asset is however built on Binance Smart Contract Chain as indicated by the token whitepaper. The token is designed to provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment alongside media and hospitality benefits.
Recall, Davido prior his last birthday puts up his Wema bank account online and asked that his friends send him N1m each .
It turns out to be a money festival as his friends turned out massively overwhelming his Wema bank account with millions of naira to the tune of N200m.
However, through his philanthropic gesture, the Afrobeats artist announced his intention to give out the money to charity having added his own N50m to the huge sum.
Insight about the token
In his announcement, Davido reveals that he built the token with the help of Bitsika Africa, supposedly a remittance outfit that recently launched a crypto asset called “Omegoat”
In his words,
“I built this with Bitsikaafrica’s new crypto company @omegoat on the Binance Smart Chain (BEP-20), make sure to follow them.”
“There will not be token sales in the spirit of democracy, however, I will be giving out tokens through periodic giveaways and the first badge is slated to take off on the 28th November 2021. Check @omegoat for more details.”
According to the available whitepaper, the token was created to turn fans in the entertainment and media industry from spectators into influencers and stakeholders, as it cited the growth of global entertainment industry.
This token looks to solving the problem of limited direct fan engagement. It explains that the current entertainment industry offers, for the most part, a transactional relationship with fans where they pay to listen to music, attend concerts/shows and buy merchandise without any reciprocal benefits, the token solves this problem.
The “ECHOKE” partners with artists, festivals, streaming apps, fintechs, parties, hotels, clubs and more to offer giveaways and discounts on their services. These partners are provided with “ECHOKE tokens,” and in return they offer giveaways in exchange for the tokens as well as exclusive discounts on services.”
The whitepaper stated.
There will be a total supply of 2.5 million tokens according to the tokenomics, kindly find a break-down of the token allocation.
- Public sale – 12.5%
- Private sale- 5%
- Team ownership – 35%
- Echoke foundation 10%
- Product and marketing – 5%
- Partnerships – 15%
- Giveaways – 7.5%
- Community treasury – 10%
That’s the order of allocation of the token according to the whitepaper, operations are strictly on basic rules, terms and regulation.