YelodyPrice

(YELO)

Yelody is an innovative blockchain-based karaoke platform leveraging Web3 technologies. Its core purpose is to transform the traditional karaoke experience by integrating features such as live broadcasts, fan interaction via donations, a unique mining system that rewards user activity, and NFTs. The platform aims to partner with a major Korean karaoke company to provide a vast global library of backing tracks, fostering a dynamic and interactive environment for users beyond just singing.

The YELO token is integral to the Yelody ecosystem, serving multiple crucial roles. Initially issued as an ERC-20 token, it facilitates the development and trading of applications, user participation, and transparent record-keeping within the platform. YELO will also be used with YeloPay for payments in offline and coin-operated karaoke establishments, and as part of a comprehensive points system. Its utility underpins the economic interactions and reward mechanisms of the entire Yelody experience.

Yelody utilizes blockchain technology to ensure an objective and transparent platform experience. It extensively incorporates NFTs by planning to create various digital collectibles derived from its services. This includes celebrity video shorts, NFTs of influencers performing during live broadcasts, and limited-edition record jacket NFTs. Furthermore, Yelody intends to develop a dedicated NFT trading function, empowering artists to generate income from their unique digital assets and fostering a new creative economy within the platform.

YeloPay is a forthcoming payment service designed to integrate with major karaoke companies, enabling users to pay for offline karaoke sessions using YELO tokens and platform-provided wallets. This service aims to streamline payments by replacing traditional cash methods. The Yelo Wallet, paired with YeloPay, will support token exchange, payments, and investments with Yelody ecosystem partners and DApps. It will also facilitate KYC procedures, act as a portal, and enable trading, transfers, and certifications within the ecosystem.

Yelody features a distinctive mining system that rewards users for their active participation within the ecosystem. Users can earn YELO tokens through various engagements, such as singing using devices linked with YeloPay, uploading their performance videos, and other interactive activities. A key innovation of this system encourages users to visit physical karaoke rooms to participate, thereby bridging offline economic activities with the online platform and creating a novel Play-to-Earn (P2E) model.

Yelody, currently an ERC-20 token, has significant future development plans, including launching its proprietary mainnet service. Upon the mainnet's launch, existing ERC-20 YELO tokens will be swapped for the new mainnet-converted YELOs via the Yelo Wallet. The project also intends to expand its intellectual property (IP) business by generating NFTs from Yelody service IPs. Furthermore, it plans to organize both online and offline performances featuring artists and fans, issuing exclusive NFTs related to these engaging events.