Davido, the Afropop singer, has launched a social token named ‘$Echoke’.
A social token is a cryptocurrency asset backed by the reputation of a brand, individual, or community.
In an announcement via his Twitter page on Tuesday, Davido said he partnered with the firm Bitsika Africa.
Information from the whitepaper of the Echoke token reveals that it is built on the Binance Smart Chain (BSC).
The token promises to “provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.”
“Happy to finally announce this thing we’ve been working on for a while. It’s the ‘Echoke Social Token’,” Davido wrote.
“Use the hashtag #EchokeForHere. Every day, millions of fans create value that is captured by a few execs in a boardroom. Not anymore. We’re giving the power back to the fans.
I built this with @BitsikaAfrica’s new crypto company @omegoat on the Binance Smart Chain (BEP-20). Make sure to follow them. The tokens will give you free access to giveaways, NFTs, backstage passes, jobs, festivals, exclusive merchandise, media, and hospitality benefits. pic.twitter.com/AJeF0PXm4n
“I built this with Bitsika Africa‘s new crypto company Omegoat on the Binance Smart Chain (BEP-20).
“Make sure to follow them. The tokens will give you free access to giveaways, NFTs, backstage passes, jobs, festivals, exclusive merchandise, media, and hospitality benefits.
“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.”
Davido derived the ticker name Echoke from an Afropop slang he had helped popularise to mean “pressure”.
Last week, the award-winning singer had announced a fundraiser, which he initially said was for the clearance of his Rolls Royce vehicle at the ports.
But after raking N200million from the initiative, he added N50 million and declared that the funds would be used to support orphans across Nigeria.