Davido has teamed up with Bitsika, an African payment app that lets you send money instantly across borders, to launch Echoke Social Token.
On Tuesday, the Nigerian music star announced the launch of the social token on his verified Twitter account.
His post indicated that with social tokens, the value created by fans to benefit a few executives in the boardroom would trickle down to the general population.
“Happy to finally announce this thing we’ve been working on for a while. It’s the ‘Echoke Social Token’. Use the hashtag #EchokeForHere. Every day, millions of fans create value that is captured by a few execs in a boardroom. Not any more. We’re giving the power back to the fans.
Happy to finally announce this thing we’ve been working on for a while. It’s the ‘Echoke Social Token’. Use the hashtag #EchokeForHere. Everyday, millions of fans create value that is captured by a few execs in a boardroom. Not any more. We’re giving the power back to the fans. https://t.co/xJCWP3g2VW
In addition to detailing the social token, Davido said that it will not be sold to fans but will be released periodically over the next year.
“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…
Echoke social token
According to Bitsika, Echoke will be the first crypto-native offering from its sister company Omegoat.
Nestcoin and Davido’s team worked together to create the token, Bitsika wrote.
Echoke is a community token designed to provide entertainment and hospitality consumers with value.
In accordance with the announcement, holders of Echoke Social Tokens will be able to get giveaways, concert tickets, hotel discounts, and NFTs.
They will receive rewards twice a month that can only be accessed by paying with their tokens.
Davido and Bitsika have already created a spirit and brand of generosity online. This token will ensure that actual supporters get the rewards from now onwards.
Also, the social token would not be listed on any exchange or DEXs in the next one year. The tokens will be freely distributed in a series of monthly giveaways to the public.