A Comprehensive Explanation of the Updated “Listen To Earn”
The highly anticipated classical music NFT platform KOLO.Market has garnered the praise of classical music lovers and cryptocurrency players from all over the world after its launch and the twice NFT release since October has been completely sold out! This also makes users have great expectations for further gameplay and subsequent revenue distribution of KOLO.Market. On December 1st, KOLO.Market has upgraded and updated its “Listen To Earn” mode, combining the attributes of listening, collection, and multiple profit values to provide users with a more interesting and professional diversified music experience. This article will provide a comprehensive overview of “Listen To Earn” and reveal the latest rules for you!
Rules Interpretation:
“Listen To Earn”, using the mode of pledge mining, users can listen to music, create new compilations, make personalized playlists, participate in interactive activities, and a series of other ways to obtain computing power and its earnings.
The pledge will yield double earnings, including the base pledge revenue and the pledge reward revenue.
- The base pledge revenue will be based on the base computing power after pledging and will receive a fixed amount of earnings.
- The pledge reward revenue is based on the ratio of the total computing power of the platform to the total computing power of the user’s participation in various activities and outputs the other additional bonuses.
“Listen To Earn” Chapter 1 — Multi-channel to Get Computing Power
Users who join the “Listen To Earn” program can gain more computing power through the following ways：
Create New Compilations: Users with KOLO Music NFTs can create multiple compilations (each compilation contains up to 6 NFTs) by pledging their Music NFTs, and after pledging, they will receive the corresponding computing power to their pieces or works.
Each compilation will receive additional bonuses besides the computing power of single pieces or work.
1. Base Computing Power: Any user with KOLO Music NFT can synthesize a complete work by collecting all the NFTs of each work. And they will get 1.5 times of bonuses above the original single NFT.
The base computing power of each Music NFT is 30.
The total computing power of the music NFT will be based on the number of single NFTs required to synthesize *30, and get 1.5 times the bonuses of the base computing power.
2. Listening Second Bonuses: Users who listen to any music on KOLO.Market will get listening second bonuses.
3. Listening Times Bonuses: All holders of the Music NFT can get the listening times bonuses according to the number of times it has been played, and every music work will get the bonus of the total number of times of all pieces under it.
4. Staking Bonuses: After pledging the KOLO Token, users can get staking bonuses.
Above all, the user’s computing power is consisted of: Base Computing Power + Listening Seconds Bonuses + Listening Times Bonuses + Staking Bonuses.
“Listen To Earn” Chapter 2 — Earnings Distribution
The reward pool is distributed every 10 minutes, and the system distributes revenue according to the proportion of the user’s “My computing power” in the “Total computing power”.
It is worth noting that 60% of the total KOLO Token issuance will be generated through “Listen To Earn”, and the platform is also updating the distribution for user earnings and the ranking of user listening in real-time, which will greatly arouse enthusiasm of users to participate in this program, receive a variety of rights and interests, enrich their music experience.
Furthermore, KOLO.Market will continue to build an innovative and vibrant music ecosystem to create a high-end sustainable digital music collection value and marvelous experience environment for NFT holders, develop more diversified application scenarios, and bring strong fresh vitality into the development of music NFT. KOLO.Market’s NFT holders can participate in a wide variety of activities in the meta-universe world, gain access to the platform’s diverse rights and benefits, and enjoy the unlimited fun brought by music!
