TL;DR Breakdown
- Davido floats own social token Echoke.
- Token to be distributed to fans starting from Saturday.
Popular Nigerian music star, David Adeleke aka Davido, alongside Bitsika, a payment app in Africa that helps people send money instantly across countries, have collaborated to enter the metaverse with Echoke Social Token.
The Nigerian music star announced the social token in a post on his verified Twitter page on Tuesday. Davido in the post said with the token, they are returning power back to the fans.
In a statement by Bitsika, Echoke is the first crypto-native product of its sister outfit Omegoat.
The token was planned and built hand-in-hand with Nestcoin and Davido’s team, Bitsika wrote. Echoke is a community token built with incentives to provide value to entertainment and hospitality consumers.
Per the statement, holders of Echoke Social Token will have access to giveaways, concert passes, hotel discounts, NFTs, etc. Twice a month, these token holders will be given rewards that can only be accessed by paying with the token. 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.
This will ensure that most people who get the token are everyday people passionate about the Nigerian music star. They noted that the move to give away the coin is to prevent scenarios where a few rich people buy up all the tokens.
Nigerian music star, Davido and crypto industry
Back in February, the Nigerian music star, Davido revealed his intention to float his crypto exchange firm. However, he was still thinking about launching his exchange firm but halted it after the Nigerian government banned cryptocurrencies.
Davido had affiliated himself to the crypto world since 2020 when he partnered with Bitsika, whom he worked with to float Echoke social coin.
It is worth noting that Echoke is a popular slang in Nigeria started by Davido. “E Choke” literarily means “It Chokes”. However, in the street language, it is an exclamatory remark for something overwhelming or extremely impressive.
