Davido, a Nigerian musician, recently announced his new token called “Echoke.” The superstar revealed that he partnered with a crypto startup called OmeGoat, which is a subsidiary of fintech startup Bitsika, to give out free tokens to his supporters.
According to Davido and his colleagues, entertainment consumers generate a lot of value for businesses, but that value is only absorbed and enjoyed by a few boardroom executives.
The Echoke coin will aid in democratizing access to the value created by trickling it down to the people.
Echoke is a social token with rewards designed to deliver value to consumers of entertainment and hospitality. As a result, token holders will be eligible for raffles, concert tickets, hotel discounts, and non-fungible tokens (NFTs). Furthermore, token holders will receive prizes twice a month that can only be obtained by spending with the token.
The tokens will be provided free in a number of monthly giveaways to the general public, according to OmeGoat and Davido, and will not be offered for sale on an exchange.
This will ensure that the majority of those who receive the token are regular folks who genuinely care about the initiative. This method is also supposed to prevent circumstances in which a few wealthy individuals buy up all of the tokens.
Simultaneously, Davido and Bitsika combined their funds to purchase two Mutant Ape NFTs from the MAYC Collection, which they also intend to buy from CryptoPunks, BAYC, and EtherRocks as well.
Davido and his colleagues are investigating the concept of NFTs in order to learn more about them and to find applications as a method to reward and incentivize Echoke fans.
The team also claims to be working with mainstream NFT platforms to deliver quarterly NFT drops to NFT fans all around the globe, with the first release set for the first quarter of 2022.
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