Elova Litepaper
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Utility of $ELO
$ELO is the main currency which power all the transactions on the Elova app. Before we get to exact utility of $ELO, let's define actors in the ecosystem and their respective actions.
Actors: Fans - Partners - Platform

Actions:

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Fans
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Partners (Production Houses & Artists)
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Platform
While the above ones are the broad actions which could undertaken by each of the actors in the ecosystem, let's now discuss the specific applications of $ELO. This list is by no means an exhaustive one, but merely an indicative list.
  • Passport NFTs: Fans will purchase these passport NFTs through the $ELO tokens. Users will have to own $ELO tokens along with the partner specific NFTs to avail following offerings
    • Voting rights - both binding & non-binding polls
    • Offline events: Owners of the passport NFTs could purchase VIP passes using the $ELO tokens
      • Different types of promotional events across geographies
      • Premier shows
    • Online events: Owners of the passport NFTs could book spots for the AMA like sessions using the $ELO tokens
  • Collectible NFTs: Purchase of the collectible NFTs happens via $ELO tokens. Here are the different types of collectible NFTs
    • Behind the scenes collection
    • Art work - Posters, memorabilia
    • Digital Avatars
    • Audio scores
  • Games on the app: Entry fee and the rewards from these games in the form of $ELO
  • Ad revenue - where partners pay in Token
  • Physical Merchandise on the platform
  • Digital merchandise on the platform
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