On Tuesday, Bitsika, a payment platform across Africa in partnership with Davido, a Nigerian celebrity musician, officially announced the creation of the Echoke community token. This marks both entities’ first attempt at entering into the metaverse.
Bitsika, which announced this move, claimed that the token was planned and produced in collaboration with Nestcoin and Davido’s team
The payment company also announced it has created a new outfit, Omegoat, to oversee the development of the crypto-native products. According to Bitsika, this will allow the company to focus on its regulated fintech activities.
The Echoke coin is expected to be a community token with incentives designed to deliver value to consumers of entertainment and hospitality.
Why create the Echoke token?
The company says the token was developed to provide an incentive for fans who previously haven’t been rewarded for creating and promoting content for the entertainment industry.
Bitsika also added that fans will no longer have to be left unrewarded as mere observers as the token would turn millions of music and entertainment fans from spectators into influencers and decision-makers.
“Entertainment consumers create so much value for corporations, but the value is captured and enjoyed by a select few executives in a boardroom. We are using this token to democratise access to the created value; trickling it down to the heartland.”
Holding benefits of Echoke
The Echoke token development team says the token idea embraces bitcoin and blockchain technology as a powerful tool for empowering active fans. It also transforms them from passive observers to active promoters of the music and entertainment industries.
According to Bitsika, the Echoke Social Token will grant holders access to giveaways, concert tickets, hotel discounts, and NFTs, among other things.
These token holders will receive incentives twice a month that can only be obtained by paying with the token. The company says its team and that of Davido’s have already established a giving spirit and this token will ensure that only genuine supporters receive prizes.
How to obtain eChoke token
The Echoke token is not currently up for sale, as the company has announced. To begin using the tokens, the general public will not need to purchase them.
The company also reiterated that in the next 12 months, Omegoat has no intentions to list the Echoke Social Token on any exchanges or DEXs.
However, it says the token will currently be freely distributed to the general public in a series of monthly promotions. That is to ensure that the majority of those who will be holding the token are those who care about it.
“Omegoat has no immediate plans of listing the Echoke Social Token on any exchanges or DEXs in the next 12 months. The tokens will be freely distributed in a series of monthly giveaways to the public. This will ensure that most people who get the token are everyday people with a passion for what we’re building. We want to prevent scenarios where a few rich people buy up all the tokens.”
The Metaverse is the ultimate goal
The echoke social token is one of Bitsaka’s many attempts to enter the metaverse. However, it claims it won’t end there as the startup has also declared that it will be diving into NfTs.
It recalls that NFT is a mechanism for digital artists to authenticate their work and eventually get compensated for their genius, something it plans to build upon.
“We’re going deep into NFTs too. NFTs started out as a way for digital artists to authenticate their work and finally get paid their just due for their brilliance. It has since grown into a way for online communities to create a shared identity towards a common goal; a tribal mark for online communities if you will.”
Collaborations with Davido.
The Echoke token is a collaboration between Davido and the Bitsika development team, under the name Omegoat. The token takes its name from the musician’s popular slang “e choke,” which literally translates as “It chokes.”
Davido had previously agreed, in late 2020, to collaborate with BitSika, the Ghanaian-based payment service. The relationship was aimed at helping the company emulate the success that Cashapp, its US counterpart, has achieved with hip-hop over the years.
On the launch of the Token, the musician took to his verified Twitter handle to announce this development.
In the post, he stated that the value created by fans for the benefit of only a few executives in the boardroom would be brought down to the people with this social token.
Previous technology collaboration
The Echoke token is not the first digital technology collaborative effort between Davido and Bitsika.
The company disclosed that it had in the past pulled money from the musician to acquire 2 Mutant Ape NFTs from the MAYC Collection.
The purchase signifies its efforts at understanding how the digital space works and a desire to learn more. It also plans to invest in other NFT projects like CryptoPunks, BAYC, and EtherRocks, with plans to keep these NFTs for a long time.
Planned and built in collaboration with Nestcoin
The Echoke Social Tokens are BEP-20 tokens on the Binance Smart Chain and can be stored in any crypto wallet that supports the BEP-20 standard.
This token was planned and built hand-in-hand with Nestcoin, a Nigerian company founded by Taiwo Orilogbon and Yele Bademosi.
Beyond trading and investing, the company intends to develop crypto-native products with a focus on promoting crypto acceptance in Africa, a goal it hopes to achieve with the Echoke token.
In a previous interview, Yale Bademosi, Nestcoin CEO and a former director at Binance’s venture capital programme has said “The products we build are tools of individual freedom and creative expression,”
Nestcoin wants to enable Nigerians, then other Africans, “leave the status quo” by providing them with wealth through crypto technology or web 3.0 aspects such as NFT, DAOs, and DeFi.
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