MeMusic AMA Summary Recap with Shin Chan Community
We held a live AMA with Marketing Team from Memusic on 7th December 9:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Serene | ShinChan: Good evening everyone, I am pleased to have MeMusic Marketing Team joining our Public AMA today.
Before AMA starts, can you give us some background on the MeMusic team?
MeMusic Marketing Team: Ours is a diversed team with a strong experience in Music, Fintech and Consultation background. Our CEO K. Chong has an experience of 20+ years as lawyer in entertainment industry and has represented multiple K-Pop lables and companies. Andrew our CDO has led design for National Bank of Ukraine.
Our COO Y Chong has worked as a consultant to 10+ Blockchain companies
Our CSO is one of the top influencer and K-POP artist with a following of 1.1M across socials
Serene | ShinChan: Any latest/ update news about MeMusic you would like to share with our community?
MeMusic Marketing Team: OV has a diffusion day tomorrow and our CEO is one of the panelist for “Music as an asset class” topic
https://twitter.com/OVioHQ/status/1465561705707151362?s=20
Would like to invite all your community members to be a part of it:
Twitter Section Begins:
Q1. MemusicNews is clearly stated in the text on your website as an entertainment platform, blockchain game and among other things.Does your form of entertainment, aside from gaming, provide any current or future opportunities in other areas of entertainment, such as music?
MeMusic Marketing Team: It’s a music ecosystem, we have a lot of things that’s involved in and around music such as, exclusive concert access, engaging events, community rewards, artist tokens, ability to own a copy right of a music through our marketplace and more in pipeline. So, everything revolves around Music and Music Industry.
Q2. When doing some research, I learned that MeMusic recently partook in Outlier Ventures’ Filecoin Basecamp, so, can you please give me an overview of what significant insights and knowledges were acquired by MeMusic during this program? What was the usefulness of the Basecamp?
MeMusic Marketing Team: We are part of a 3 month program of the latest cohort of Outlier Ventures. We as a team, as a project, and as a product have definitely refined with all the mentorship we’ve received from the OV team. It has helped us to get things going better and we are on track. Plus, we’ve received the required resources for our company which includes but not limited to funding, marketing, partnerships, hires and more.
Q3. MeMusic seeks to personalize the music experience using Blockchain, so what problems do they solve, what are the functions of their products and how do they enhance our music experience and even better, how do they benefit us monetarily through these?
MeMusic Marketing Team: MeMusic is unique as it is the first conventional platform that is tokenized. Imagine if Spotify and Apple MeMusic had blockchain integration. That is what MeMusic is providing. In terms of the tokenomics, our native token powers nft purchases, artist token purchases, and subscriptions. Further details will be provided soon.
Q4. Music streaming services such as Spotify and AppleMusic are really popular among today’s society. How do you plan to compete with these titans of the industry and gain mass adoption, specially from those users that don’t know anything about crypto? What will be better on MeMusic?
MeMusic Marketing Team: We are working on blockchain based royalty distribution. Our payouts are transparent and most of the revenue will directly go to artists, the middleman elimination is the reason for most of the payout. Also, the payouts will be mostly instant which isn’t the case for other mentioned services. We are creating fan edition
Q5. We are planning an incentivised streaming platform which will engage our users as well as get reward for streaming music on our platform. As a reward mechanism and to increase the engagement of each user on our platform, we will be offering incentives for both users and investors.
MeMusic Marketing Team: We are planning an incentivised streaming platform which will engage our users as well as get reward for streaming music on our platform. As a reward mechanism and to increase the engagement of each user on our platform, we will be offering incentives for both users and investors.
Telegram Live AMA Begins:
Q6. Where can I get/buy $MEMUSIC tokens, is it already on the exchange market?
MeMusic Marketing Team: We plan to conduct TGE sometime in Jan 2022, at the moment we are in fundraising stage. Once we do TGE we list the day next to it, we are in talks with several exchanges and IDO platforms atm
Q7. Can you explain the importance of copyright law? Is any content protected by copyright? and what features does MeMusic have? what is the difference from competing applications such as Resso,JOOX,and etc?
MeMusic Marketing Team: We will be working on the copyright strike strategy for Music plagiarism. Our marketplace will have an option to own fractional ownership of copyright itself. Our team has researched about it and integrating things that will be help us to prevent this issue.
Q8. may you give example or explanation about Diversification of Revenue Stream on MeMusic? what is benefit for users?
MeMusic Marketing Team: we will be offering incentives for both users and investors. Users can mine tokens by streaming music on our platform. We also will have exclusive opportunity for our platform users to engage in different activities with which they can be engaged with musicans and artists.
Q9. Do the token holders have RIGHT to participate in the governance of the Project.? On What kind of decisions Can they vote on ABOUT the project,??
MeMusic Marketing Team: Governance is one of the thing that we are definitely working on and user rights at the moment are basically to own copyright and vote for music to stream on the platform and the royalty for it.
Q10. Can you kindly share the your project tokenomics information, and distribution phases?
MeMusic Marketing Team: You can find the details here: https://memusic.io/assets/pdf/deck_v2.1.2.pdf
Q11. What are the key features of MeMusic that sets it apart from other projects and what competitive advantage do you have? How has the team’s experience and background contributed to the project’s success to date?
MeMusic Marketing Team: Leveraging Blockchain & NFT Technology
Diversification of Revenue Stream
Building Exclusivity and Opportunities
Stream music to earn tokens
Blockchain-based Pro-Artist Payout
NFT Implementation
Q12. Could you tell us a little about the application layer that MeMusic has? I read that they will have social functions, but will these only be limited to an interactive chat?
MeMusic Marketing Team: MeMusic leverages on the latest technological innovations to provide the best user experience for artists, users, and companies.
Application Layer
Music Streaming +
Social Functions
Service Layer
User Indexing +
Off-chain Functions
Core Layer
IPFS +
Decentralized Streaming
Q13. Is there any premium membership in your platform for ads free or there is only free membership? Do you have any plans to brings monetization in your platform?
MeMusic Marketing Team: With respect to monetization, we will have monthly subscription charges but will be highly competitive with respect to other platforms because of low transaction cost at MeMusic.
Q14. What is MeMusic doing to reach wider audiences and increase awareness of the project, what are your marketing strategies? Do you have a partnership or advertising plan with a famous artist or content creator?
MeMusic Marketing Team: We are working out with our partners, VCs, KOLs. Along with that we’ve hired an marketing agency to work with us for agressive marketing. We plan to cover all sorts of marketing and have started it a while back. Our plan to to have a solid launch and also make sure to acquire as much as users during the launch
Q15. "COPYRIGHTS” has become one of the most important problems for those who use platforms with works of art in the crypto industry.
How will you regulate copyrights for works on the MeMusic platform and how will you prevent malicious users?
MeMusic Marketing Team: We will work on the local legal team to comply with different jurisdiction.
- End-
