Recap — Bitcoin&Altcoin Türkiye AMA Session with MeMusic
On 5th of February 2022, in our community Bitcoin&Altcoin Türkiye TG Group we held a live AMA session with KyongSok Chong He from MeMusic (https://memusic.io/) Team. KyongSok Chong is CEO of the project and answered all of our questions and helped us to get our answers.
AMA session started with greetings and introducing our guest to the community. On the second part, Bitcoin&Altcoin Türkiye asked their questions to KyongSok Chong and got perfect answers. On the last part, we gave 3 mins to our community to ask their questions and opened live chat for a 3 mins. During this period KyongSok Chong get more than 120 questions from community answerd 5 questions from community.
Q&A Session 1 — Questions From Bitcoin&Altcoin Türkiye
Q1: First of all welcome our community, can you please introduce yourself and your project?
A1: 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. MeMusic is the next generation Spotify contender to utilize blockchain to power streaming pay outs, nft trading, and artist tokens. I started MeMusic with an ambition to reshape the music industry.
Q2: What’s the most outstanding feature you think MeMusic has?
A2: MeMusic is an end-to-end platform for every participant in the vertical supply chain of music distribution, such as artists, publishers, labels, distributors, and listeners as well. We are building an inclusive ecosystem through multiple services, such as streaming, defi, NFTs, and merchandise to reward all the contributing users with various benefits.
Q3: What does MeMusic offer the music and crypto world?
A3: MeMusic intends to offer a blockchain based streaming service to the music industry, and also to offer a very familiar and popular music based ecosystem to crypto world. MeMusic is capturing the aspects that can be tokenized from the music industry, such as, artist token, NFTs with fractional copyright ownership, etc.
Q4: For how long have you been working on MeMusic? How many people are on the team?
A4: We began our work about two years ago by researching the user experience and pros and cons of the major streaming services. MeMusic team has been consistently working on the motive of reshaping the industry. Our core team has the experts in legal, blockchain, design & development, and music as well. Our CSO of MeMusic is a K-pop artist with 1 million + followers on Instagram.
Q5: What is Project Road Map? What will we see in the near and mid term?
A5: An updated MeMusic roadmap for 2022 is as follows:
- 2022 Q1:
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
- 2022 Q2:
- 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
- 2022 Q3:
- 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
- 2022 Q4
- Prepare exclusive NFT drops from top 30 artists
- Launch of MeMusic Streaming App officially in S. Korea
Q6: Is it safe to invest in? Has your smart contract been audited?
A6: MeMusic smart contract will be audited by a global standard organization before TGE. It is very safe to purchase MeMusic token at IDO platforms or exchanges. Famous VCs already participated in the fundraising of MeMusic.
Q7: How can I buy MeMusic token?
A7: We are currently talking with major IDO platforms and exchanges. Users or music fans can buy MeMusic tokens soon at IDO platforms or exchanges. Also, be careful about some scam websites for private sales of MeMusic tokens. MeMusic tokens are not yet minted.
Q8: Do you have a special earning program for MeMusic Holders?
A8: In terms of utility of MeMusic token, MeMusic token will be used in NFT marketplace or streaming platform of MeMusic to purchase merchs, music, and other products. MeMusic token will also power governance, rewards, commerce, nfts, and artist tokens. Also, MeMusic tokens have DeFi program as well.
Q&A Session 2 — Questions From Community
Q1: Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
A1: Of course. NFT marketplace of MeMusic, copyright can be shared between artist and fans and later they will be rewarded by royalty according to their shares.
Q2: Why MeMusic when there are giants like Spotify, Apple Music?
A2: MeMusic has blockchains, artist tokens, NFTs and copyright co-ownership unlike conventional music streaming service platforms. Also, listners can be rewarded by listen-to-earn algorithm.
Q3: Many crypto apps/platforms have not received enough attention from users due to poor UI Design. Did you pay special attention to the UI design of the MeMusic application? Will you make updates taking into account the feedback and opinions of the users of your application?
A3: We have a great design team at MeMusic. We have done in-depth researches on the UI of other music platforms. Stay tuned with our announcement. You can see the fancy UI of MeMusic soon.
Q4: PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?
A4: We have a great value-added partners from investment and music industry, Outlier Ventures, ExNetwork and YG. You can see more partners at MeMusic website and announcement channels. We value our partners contribution to MeMusic.
Q5: While reading your Medium article, I read that you mentioned that Artists can enjoy “passive income”. Could you please tell us about the PASSIVE YIELD opportunities that MeMusic will provide to artists and other users?
A5: MeMusic enables music as an investment class.
We propose a completely different type of user participation in this music ecosystem.
Leveraging NFTs and blockchain technology, you can have the chance to invest into the next Justin Bieber or future BTS. Or you can build a new passive income by investing into the next potential billboard killer.
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