On the 17th of May 2023, iconic electronic music label Ed Banger Records announced a partnership with Web3 fan experience & games platform, P00ls.
As part of a wider analysis of, how music fans perceive Web3 strategie, we look back at this collaboration between Ed Banger and P00ls & the launch of the $EDBANGER token ⭐️
This article is intended for educational purposes only, and also serves as a personal reference for news and items that have recently caught my attention.
My work is conducted without bias and with a clear concern for objectivity.
My aim is in no way to criticize project leaders seeking to innovate in the complex music industry.
Once that's been clarified, let's get on with the analysis! 👇
This ERC20 token, based on the Ethereum blockchain, aims to bring fans of music and its artists closer together, by offering them exclusive benefits.
More specifically, EDBANGER Token holders will be able to access :
Products (e.g. limited-edition merchandising, rare vinyl, or even unique collectibles)
Services (e.g. album previews, artist chats)
Exclusive events (e.g. private concerts, meetings with artists)
These benefits are not limited to the online environment, but also extend to the real world, offering fans an enriched experience within the dynamic Ed Banger Records ecosystem 🙌
You'll find the whitepaper here
The $EDBANGER token was strategically launched on EdBanger's official Instagram account, followed by over 200,000 people. This approach effectively targeted EdBanger's loyal fan base, capitalizing on the label's notoriety.
Despite P00ls' communication efforts and presence on Twitter and in crypto spheres, Instagram generated the most engagement, garnering around 3,000 likes on the publication.
Although the ERC20 contract for the $EDBANGER token has not been published by P00ls, we do have some interesting data. Currently, there are 3,500 holders of the token, which is remarkable, especially in the current bear market.
However, in the absence of a public contract, the tracking of holder growth remains opaque. The operation began 5 months ago, acquiring around 700 holders per month.
In comparison, FC Barcelona's fan token, takes the lead on CoinGecko, with a Fully Diluted Market Cap of $90 million and 6,300 holders.
In this context, EdBanger Records almost rivals Chilliz's fan token for Paris Saint-Germain.
The announcement of the $EDBANGER token generated mixed reactions among Ed Banger fansThis transition to Web3 technology, although targeted at the existing community, was perceived as abrupt.
Some criticized the approach as not the ideal way to engage the community, while others expressed concerns about the technical aspects of Web3.
In short, the lack of prior acculturation and detailed communication fueled uncertainty and discontent among fans.
This initial targeting strategy on Instagram was a double-edged sword. On one hand, it directly reached the heart of the Ed Banger community, but on the other, it also exposed this community to a Web3 technology that was unfamiliar to them.
The mixed, even hostile reactions of some fans highlighted the importance of acculturation prior to such announcements, as well as the need to prepare fans for these new technological initiatives.
That's it for today, thanks for following this analysis all the way through !
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