Davido took to his Instagram account to announce the launch of a new social token, going by the ticker, ‘ECHOKE.’ The ticker, ECHOKE comes from a slang the Nigerian Afrobeats artist commonly uses, which ultimately became an internet slang that means ‘pressure.’
According to the token’s whitepaper, it is a cryptocurrency built on the Binance Smart Chain (BSC) and is intended to provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.”
Recall the afrobeats artist posted his Wema Bank account information on Twitter and asked his followers to donate N1 million each. Davido’s friends responded overwhelmingly, and he was able to raise slightly more than N200 million. He later announced that he would donate the money to charity after contributing N50 million of his own money, bringing the total amount to N250 million.
Davido revealed that he was able to create the token with the help of Bitsika Africa, a remittance company that launched a crypto platform called Omegoat. “I built this with @bitsikaafrica’s new crypto company @omegoat on the Binance Smart Chain,” he said (BEP-20). Make a point of adhering to them”.
Davido also stated that there will be no token sales in the spirit of ‘democracy,’ but that he will distribute the tokens through periodic giveaways, the first of which will begin on November 28th, 2021. “In the spirit of democracy,” he said, “we will not be selling the tokens to the general public; we will distribute the tokens to fans over the next 12 months through periodic giveaways. The first giveaway will take place on November 28th. More information can be found at @omegoat”.
According to the whitepaper the token was created “to turn fans in the entertainment and media industry from spectators into influencers and stakeholders”; citing the global entertainment industry’s growth.
The token aims to address the issue of low direct fan engagement. It explains that the current entertainment industry provides, for the most part, a transactional relationship with fans, in which they pay to listen to music, attend concerts/shows, and purchase merchandise without any reciprocal benefits. This issue is resolved by the token.
“$ECHOKE partners with artists, festivals, streaming apps, fintech, 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 whitepaper stated.
A total of 2.5 billion tokens will be available according to tokenomics, and no new tokens can be minted. The token distribution is broken down as follows:
- Public sale – 12.5%
- Private sale – 5%
- Team ownership – 35%
- Ashoka Foundation – 10%
- Product & marketing – 5%
- Partnerships – 15%
- Giveaways / Faucets – 7.5%
- Community Treasury – 10%