Solana recently launched GIGCO, a brand-new platform for all things music. It held a public token sale in an IDO or initial decentralized exchange which was hosted on SolRazr. SolRazr is the very first ecosystem for developers by Solana.
How does this booking platform work? IT works by taking advantage of a new and reliable protocol for reservations. This will empower artists to manage and possess their music, related merchandise, concert tickets, gigs and NFTs as well.
By using GIGCO, musicians can mint one or many songs and turn them into NFTs. On GIGGO these are called non-fungible songs. The whole idea is to bring in a shared possession of the created music and the royalties thereof, between an artist and his/her followers. BY helping to connect artists and concert venues via a deployable contract, the platform reinvents music gigs. It facilitates ticket reservation and gross sales of merchandise.
In the meanwhile, membership staking choices are key to unlocking rewards, reductions and other advantages for the entire music sector and for the platform. Using Web3 technology, the music business will see many inventive ways of possession. Wondering how this all-in-one app for cell phones works?
Here is how: one or many gigs can be organized quickly with the help of specific filters to drill down venues and artists. Committing to a gig will ensure that each event is secured, offering protecting against possible no-shows or even a defaulting artist.
Tickets for a gig are created right away because the event is already organized. This app lets artists supply merchandise via their retailer. Current estimates indicate that 190 million tokens (GIG tokens) have already been minted. Of these, 14.25 million will provide preliminary liquidity after the IDO and the remaining will be unlocked over a three year period.