African music superstar, Davido, says he has teamed up with a crypto company, OmeGoat, a subsidiary of fintech provider, Bitsika, to dash out free tokens dubbed ‘Echoke Social Token’ to his fans.
Echoke is described as a community token built with incentives to provide value to entertainment and hospitality consumers.
According to Davido and team, entertainment consumers create so much value for corporations but the value is captured and enjoyed by a select few executives in a boardroom. The Echoke token will help to democratize access to the created value, trickling it down to them.
Accordingly, holders of the token will have access to giveaways, concert passes, hotel discounts, and NFTs.
Furthermore, twice a month, the token holders will be given rewards that can only be accessed only by paying with the token.
OmeGoat and Davido say that the tokens will be freely distributed in a series of monthly giveaways to the public and will not be listed for sale on an exchange. This will ensure that most people who get the token are everyday people who have a genuine passion for the project.
This approach is also said to prevent scenarios where a few rich people buy up all the tokens.
At the same time, Davido and Bitsika pooled money together to acquire 2 Mutant Ape NFTs from the MAYC Collection.
They also plan to purchase from CryptoPunks, BAYC and EtherRocks.
Davido and his team are looking into the foray of NFTs as a way to learn about NFTs as they try to discover applications as a way to reward and incentivize supporters of the Echoke token.
They also say they are engaged with mainstream NFT platforms to release quarterly NFT drops to NFT lovers across the world, with the first drop scheduled in Q1 of 2022.