Review of the music blockchain-platform GIGCO
The main problem of talented musicians is the lack of venues for performances and invites from event managers. As a result, shortfall funds for creativity and promotion. It's the main reason why:
Listeners have to consume market-optimized and soulless content from labels.
Small venues (including coffee shops and restaurants) empty in silence because label artists are too expensive.
GIGCO looked at this problem and offered to use blockchain not only for content tokenization but also to eliminate labels and event managers in the real world. Well, not always is Spotify the best for music.
Website: https://www.gigco.com
Twitter: https://twitter.com/gigcoapp
Telegram: https://t. me/gigcocommunity
What is GIGCO?
GIGCO is a music platform on the Solana blockchain that connect to the ecosystem:
The advantages are obvious - artists and venues do not pay labels and concert managers, fans can directly support their favorite artists, and even get a part of the royalties from NFS (nonfungible song).
The uniqueness of GIGCO is that it is not just a virtual platform, where the artist uploads the track and waits for a donat, but a service that works in the real world. It connects live artists and fans of "live" music. There are also available digital and tokenized tracks, but this is not the primary function. So what can you do on GIGCO?
Platform functionality
GIGCO offers several services to connect venues, fans, and artists, including:
Live Music - the service will find the nearest venue (whether a stadium or an underground bar) with your favorite live music. Jazz mood? Just use the search and go to the nearest bar where the jazz band is playing.
Tickets & Shop - buy concert tickets, tokenized tracks, or merch of your favorite artists on GIGCO. You can pay with native tokens, and artists or venues can receive payments in fiat or crypto. There are also discounts and preferences for GIGCO users.
Profiles - Artists can create GIGCO profiles to post their content, collect donats, make concert announcements and post others. The profile allows earning on streams and uploaded tracks.
Music Ownership & NFTs - Artists can convert tracks and albums to NFT tokens. That means they can share the ownership of the track and the royalties with all holders. For example, an artist can create 10 NFT-s of the track - all token holders will receive the rewards, proportional to the number of NFT (1 NFT - 10% in that case). NFT freely trading on GIGCO.
Arranging Gigs - with GIGCO you can organize concerts by yourself. It is enough to find a venue, reserve it, and send invitations to the selected artists. Insta-gigs function allows you to do all this in a few moments - the service forms a list of artists and sends invitations automatically.
Attending Gigs - even if you are not an artist but like to attend concerts, you can become an active user of GIGCO: send invitations to your friends, help users find interesting artists or venues, give feedback to artists and venues. You can get rewards like gifts, cashback, or meetings with the artist for all this.
By the way, now GIGCO launched event GIGCO 300, to get 200 artists and 100 venues for a start. Try it if you want!
Tokens
GIG is the only native site token, so it contains several functions:
Payments for tickets, merch, music, and other content on GIGCO.
Staking - venues and artists can stake GIG to increase revenue.
Tips for active users for listing new artists, venues, and other activities before the GIGCO launch.
In addition to GIG tokens, there will be trading NFT (a.k.a. NFS).
Roadmap
The Roadmap of the project is well-planned and provides a full-scale launch in late 2022:
The problem is the team is already behind their plans. So until the end of 2021, the team finished only 2 points from 4: GIGCO 300 Program and Seed & Private ICO by 90%. And IDO, also behind the Roadmap - will be held only at the end of June instead of Q1.
All main action, including IDO, a listing of artists, application development, and the main promotion, is planned only for the second half of 2022 (if we look at Roadmap).
GIGCO tokenomics
19M (or 10%) tokens reserved for liquidity providing. It with a linear monthly unlock for 36 months.
Note: The cliff duration varies because the seeds and privates can use a 6-month extra lock to get 15% (seed) and 10% (private) more tokens.
Project strengths
Conceptually, GIGCO looks exciting and has some advantages that say about the high potential of the project:
A promising sector of business - the music sphere still relatively low-competitive for blockchain projects, a revolution in that part of showbusiness has not yet happened.
It is an interesting format - it is not just a marketplace for music NFT-s trading but a helpful service that solves real-life problems.
Good social networks - an organic number of followers and high activity. It seems not too much boosting was used.
Verified team - at the site, presented all teams members with their socials. By the way, the team includes not only managers and IT but also musicians, and I think that's great!
In addition, the project has almost finished the seed and private round - that is, GIGGO gets a majors part of funds from their total Hardcap.
Project weaknesses
The weaknesses of GIGCO are also enough:
There are no prototypes and developments results - only GIGCO 300 is the achieved goal. However, this is a classic "weak" of all early-stage startups.
IDO will be on SolRazr - of course, Solana is not Ethereum, but the site is far from the famous launchpad. I hope they are negotiating with other platforms.
There is no deployed promotion and awareness - a startup that wants to turn the music industry needs a powerful advertising campaign, which I do not see yet.
When you plan to push out labels, you need at least the support of a famous artist. Without this, it looks that the artist's difficulties are just fantasies of GIGCO, not real life. That support is absent for now.
Conclusions
GIGCO is an attractive, unusual, and high-potential project, which looks like a gem if you analyze only the Roadmap and the developers' plans. The truth is that the platform has no "media muscles" to try to kill or even move the label from the music industry.
The lack of promotion and support from influencers is perhaps the main weak of GIGCO. Let's also not forget that there is no product (even prototype) for now, except for the webpage. In general - it is worth tracking, but no more for now.