Award-winning Afropop singer, Davido has launched a social token called ‘$Echoke’.
In an announcement via his Twitter page on Tuesday, Davido said he partnered with Bitsika Africa, a remittance company, that reportedly launched a crypto platform called Omegoat.
Davido also stated:
In the spirit of democracy, we will not be selling the tokens to the public. We will release the tokens to the fans through periodic giveaways throughout the next 12 months. First giveaway on NOV 28th. Check @omegoat for more details.
The token hopes to solve the issue of limited direct fan engagement. It explains that the current entertainment industry offers, for the most part, a transactional relationship with fans where they pay to listen to music, attend concerts/shows and buy merchandise without any reciprocal benefits.
Information from the whitepaper of the token reveals that it is a cryptocurrency that is built on the Binance Smart Chain (BSC) and it is meant to, “provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.”
The whitepaper stated:
$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,
Recall, Davido put up his Wema Bank account details on his Twitter page and asked that his friends donate N1 million each. His friends responded overwhelmingly as Davido was able to raise about N201 million. He later announced that he was giving the money to orphanages across Nigeria after adding N50 million of his own money, putting the total funds at N251 million.
ECHOKE is a popular slang by Davido which has become an internet slang worldwide which means grand or splendid.
