Nigerian’s award-winning artist, David Adeleke popularly known as Davido has announced the launch of his social token, ECHOKE.
He made this announcement via Instagram on Tuesday. ECHOKE, which is a Nigerian slang curated by the Afrobeat became a commonly used phrased that implied “pressure”.
According to information from the whitepaper of the token reveals that it is a cryptocurrency built on the Binance Smart Chain (BSC) and it is meant to provide access to giveaways, NFTs, festivals, exclusive merchandise, entertainment, media and hospitality benefits.
The token was built in collaboration of Nestcoin and Bitsika Africa, a remittance company, who reportedly launched a crypto platform called Omegoat on the Binance Smart Chain (BEP-20) Davido also stated that there will not be token sales in the spirit of ‘democracy’ but he will be giving out the tokens through periodic giveaways starting from the 28th of November 2021.
The ECHOKE token aims to reposition fans in the entertainment and media industry from being mere spectators into influencers and stakeholders. It will solve the issue of limited direct fan engagement and also provide a transactional relationship with the fans whenever they pay to listen to music, attend concerts and buy merchandise without any reciprocal benefits.
“$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 $ECHOKE tokens, and in return, they offer giveaways in exchange for the tokens as well as exclusive discounts on services,” the whitepaper stated.
Per Tokenomics, there will be a total supply of 2.5 billion tokens and no new tokens can be minted.
Here is the breakdown of the token allocation:
Public sale – 12.5%
Private sale – 5%
Team ownership – 35%
EChoke Foundation – 10%
Product & marketing – 5%
Partnerships – 15%
Giveaways / Faucets – 7.5%
Community Treasury – 10%