1/ Exploring the future of music: what might a decentralized record label look like? It starts with transparent financing.
2/ If you're creating a DAO where fans finance you, they should know what they're investing in. This means showing your balance sheet.
3/ While not all DAOs follow this practice, transparency is paramount, especially if fans are expected to invest with the intention of a return.
4/ This isn't just about financial transparency. Fans should have insights into your plans, operations, and what their investment is fueling.
5/ CEOs being open about their company's finances is a rising trend. A DAO should be no different. Your community deserves to know what's happening.
6/ However, total transparency may not always be suitable. Certain decisions are best left to the CEO or leader who understands the bigger picture.
7/ Early in a project, it's vital to trust the leadership to make sound decisions. After all, they see the organization from a perspective others don't.
8/ DAOs bring a host of complexities. But as the novelty wears off, we'll likely navigate these challenges and harness the power of this model.
9/ Enjoyed this thread? 1) Follow me for more Web3 Music insights. 2) Get my new Web3 Music Book (it's free). Link in bio.