On 4 Feb 2022 20:00 UTC+7 , Ignite Crypto and MeMusic got together to host an Ask me Anything (AMA) chat with the community. The following is a summary of the content of the entire AMA:
I am very happy that Mr.KyongSok accepted IgniteCrypto’s invitation to attend the AMA with us. Thank you for taking the time to chat with the Ignite community today.
Hopefully during today’s AMA, KyongSok Chong will provide more in-depth information about MeMusic as well as help the Ignite community better understand more about the upcoming plans of the project.
Admin: Question 1. Can you introduce yourself to the Ignite Crypto community and how you started MeMusic?
KyongSok Chong : I am Kyongsok Chong, CEO of MeMusic. I have been working in the K-pop music industry for many years as a practicing attorney to represent many famous K-pop labels and celebrity artists. The disputes between the management company and artists in regards to royalty distribution motivated me to start MeMusic business for transparent payout system and more revenue generation channels for artists.
Admin: Question 2: On the market today, there are also quite a few Blockchain platforms that exploit the digital content of the music industry, so compared to those platforms, how is MeMusic different in technology and its development strategy?
KyongSok Chong : Yes, there are several music related projects based on blockchain. However, most of them struggled on user acquisition because they were tokenizing aspects that cannot be tokenized.
Just imagine if Spotify had NFTs, or Apple Music had artist tokens! That is exactly what MeMusic intends to be.
Admin: Question 3: Question 3: How can you compete with traditional music platforms like Apple Music, Spotify, Amazon Music, Google Play Music which already have hundreds of millions of loyal users every month? Is the strategy you use to compete with blockchain music platforms different from traditional existing music platforms?
KyongSok Chong : In a nutshell, MeMusic is a kind of Spotify on blockchain. MeMusic is a music streaming service platform revolutionized by blockchain technology, and also a music NFT marketplace. Users can be rewarded by their listening to music, i.e. “listen and earn” like P2E concept in gaming. Artists can be rewarded by pro-artist payout system. These are major features that MeMusic has competitive edge over the existing music service platforms.
Admin: Question 4: Currently, what stage of development is MeMusic in? What is your long-term vision for your ecosystem?
Can you share with us the current Roadmap of MeMusic?
KyongSok Chong :
- NFT Marketplace V1 Release
- Global Release Preparation: Spanish, English, Korean, Japanese, and Chinese
- Artist Token Marketplace Function Release
- Develop blockchain architecture for streaming app
- Complete Streaming App MVP
- U.S. Corporate Establishment
- Begin legal work for royalty distribution in U.S.
- M&A & Investments for IP
- Tokenized Referral System for NFT Marketplace
- Token TGE
- Develop iOS & Android Streaming App
- Private Beta of Streaming Application
- IPFS Integration & Token Reward Mechanism
- Music Licensing for U.S.A & South Korea
- Japan Corporate Establishment & IP Acquisition
- Expand Partnership to 30 management companies & artists
- Public Beta of Streaming App Freemium Model
- Align global marketing agencies in launch countries: U.S. Japan., and Korea to kickstart a marketing campaign for user acquisition
- Development of MeMusic Investment
- Prepare exclusive NFT drops from top 30 artists
- Launch of MeMusic Streaming App officially in S. Korea
Thank’s for answer
Ok, Now we will last question Part 1
Admin : Question 5: Can you tell us a little bit about your Tokenomic? Where will the revenue that MeMusic will receive to increase the value of the project’s token come from?
KyongSok Chong : Here is one pager for tokenomics of MeMusic, but, it will be slightly changing to reflect the current market situation and to make it better for IDO. MeMusic token will be used in NFT marketplace of MeMusic to purchase merchs, music, and other products. MeMusic token will power governance, rewards, commerce, nfts, and artist tokens. MeMusic will be monetized from the service fee and subscription fee, etc.
Part 2: Twitter on Questions.
Admin: Q1. What are the advantages of having your NTFs? and can these NTFs be traded like NFTs in general which can be sold on opensea?
KyongSok Chong : Yes, music NFTs can be traded on MeMusic NFT marketplace as OpenSea and other NFT marketplace does. However, the different thing is that, in MeMusic, music NFTs are fractionally owned by fans or users. It means that fans can co-own the copyright with their favorite artist, and copyright royalty will be rewarded to them as well.
Admin: Q2. You talk about new partnerships and cooperation agreements as key plans for the future, could you tell us about your current partnerships? What does @MeMusicNews look for in a partner? What projects or organizations do you already have a relationship with?
KyongSok Chong: MeMusic has an investment partnership with Outlier Ventures, ExNetwork and many other VCs, and also has a business partnership with YG Plus, a major K-pop label, and other music related companies, and producers. We believe that they will bring much value to MeMusic.
Admin: Q3. The problem with music platforms for musicians or song managers is the lack of transparency in paying royalties, when compared to off-chain music streaming platforms. So, how does MeMusic pay royalties to Musicians? Will all artist on the platform earn equally?
KyongSok Chong: Through blockchain technology and smart contract, artists will be transparently and fairly paid out based on pro-artist basis, not pro-rata basis. It will increase artist revenue. Also, on MeMusic, artists can have more channels to bring more incomes through NFTs and artist tokens.
Admin: Q4. Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about????
KyongSok Chong: On MeMusic, streaming will be a mining for listners. Therefore, listeners can be also rewarded by their listening to music. This concept was not applied before in music industry like play-to-earn model in gaming industry. Also, on MeMusic, copyright will be co-owned by artists and their fans through music NFTs, and they will get royalties as well from this co-ownership of copyright.
Admin: Q5. I saw MeMusic recently participated in Outlier Ventures’ Filecoin Basecamp, so could you maybe provide us an overview about what valuable information and competitive advantage of MeMusic gained throughout this system? What purpose did the Basecamp serve?
From Twitter: https://twitter.com/imwiiw27/status/1489429764406677505
KyongSok Chong: It was a great honor to be a member of cohort in File Coin Base Camp accelerated by Outlier Ventures. During almost 3 months period of the program, we learned a lot from good mentors, advisors and experts regarding web3, blockchain, token design, branding, etc. Here is the second application for the base camp.
I cordially encourage you to apply for it.
Part 3: Live Question.
Question 1 : Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
Answer: MeMusic team members are experts from law, design, blockchain, and music. MeMusic CSO is a very famous K-pop star. We will hire more experienced personnel soon.
Question 2: Can you tell me more details on the IDO? The schedule and contribution for each?
Answer: We are currently talking with major IDO platforms. Please stay tuned with MeMusic Announcement Channel. It will be a good news soon.
Question 3: Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners?
Answer : MeMusic is a global platform for music baesd on blockchain. Currently we started with K-pop based in Seoul. But, we established a US company, and we have a Japanese twitter account as well.
Question 4: COVID 19 has slowed down many economies around the world but as a crypto business, does it affect you negatively or positively? Are you still on track to achieve your goals or are you planning a new development?
Answer : Covid 19 impacted the global economy, but, every people listens to music at home or elsewhere through mobile devices. So, MeMusic will not be affected negatively by Covid or other circumstances.
Question 5: What is the most ambitious goal of your project? Could share with us any Upcoming Updates?
Answer : Our goal is a Spotfy contender armored with blockchain techonology. It means MeMusic will be Spotify on blockchain and NFTs. Stay tuned with our upcoming events.
🔰Don’t forget to follow MeMusic’s Media platforms so you don’t miss any updates from the project. 😉😉😉
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