Hunger on the hillside. Always the student.
Building Klezma.io - Web3 Music Launchpad that rewards fans and collectors for their engagement.
Strategies to Harness the Power of DAOs in the Music Industry, This is your guide to bootstrapping a DAO with NFTs and social tokens.
NFTs are the stepping stones for DAOs. By establishing a thriving NFT community, you create a foundation that can easily evolve into a DAO and eventually, incorporate social tokens.
Social tokens, while complex, bring an entirely new dimension to the DAO community. Stay tuned as we unravel the potential of social tokens in the next chapter.
Let's spark some ideas for your music-centric DAO: How about a DAO where art fans vote on your music? Such a model could encourage interaction and stronger ties within your community.
Imagine a DAO where fans can directly contribute to your music creation process. This innovative approach can take fan engagement to new heights.
Rewarding your community for promoting new music can work wonders. This concept, akin to Klezma but within a DAO, can incentivize your superfans to become active promoters if they have a stake.
Envision a decentralized, community-owned record label. Your community not only supports but also finances your work. They are no longer just fans - they are your investors.
DAOs, NFTs, and social tokens could rewrite the rules of the music industry, creating a more inclusive, interactive, and decentralized model. Are you ready to be a part of this revolution?
Enjoyed this thread?
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.
Who really runs the show in a DAO? Despite the buzz around decentralization, every ship needs a captain. Let's explore the role of specialized leadership in DAOs.
Experience and expertise matter, even in a DAO. Consider this: a manager with a proven track record in the music industry is a wealth of value.
In a DAO, having everyone equally involved in all decisions might not be the most efficient way. Expertise should guide who makes certain decisions.
Enter 'sub DAOs' - a concept where those with specializations, like marketing or business development, hold more weight in decisions within their domain.
This approach enables members of a DAO to utilize their strengths, making the collective body stronger and more effective.
Amidst all the buzz about decentralization, it's crucial to remember that someone must still guide the overall direction and operations of the DAO.
Those in these leadership roles must take their responsibilities seriously. Their actions can influence the success or failure of the entire DAO.
So, while DAOs democratize decision-making, a degree of structure and specialized roles are necessary for efficiency and success.
Enjoyed this thread?
Building a Decentralized Record Label - A potential evolution in the music industry where artists wield greater control over their worth and earnings.
Traditional record labels may determine your worth and take a substantial portion of your earnings. With a decentralized record label, the game changes.
You now have the power to dictate what you're willing to offer and have a community back you both financially and emotionally.
This supportive community is not just fans; they're stakeholders. If they believe in your work, they can back you, potentially leading to better deals than traditional models.
With the right community, you can have a powerful team on your side - marketers, business development professionals, and A&R specialists.
The extent of your engagement with the community could even earn you a paycheck based on your involvement. This interaction makes DAOs a fascinating option for artists.
To get started, it's straightforward: Build your community, identify who's actively engaged, and move forward from there.
The concept of a decentralized record label is not just a dream; it's a feasible reality, empowering artists to establish a deeper connection with their fans and gain more control over their careers.
Enjoyed this thread?
How to build the base of a community run record label : Empowering Artists With Decentralized Communities
When fans are emotionally and financially invested, artists gain new freedoms. This dynamic can free you from unfavorable record label deals.
DAOs offer an innovative solution. Your team can hold significant voting power and potentially be paid by the community.
This could evolve into a decentralized record label. Artists gain more control over their work, unlike traditional labels that often take a large cut from their earnings.
Artists can now have a supportive community both emotionally and financially. This community is not only fans, but also potential investors who believe in the artist's vision.
As an artist, you determine what you're willing to offer. If the community agrees, they'll support you. This agreement can foster stronger relationships and even better deals.
With a carefully curated community, you gain access to marketers, business development professionals, and A&R specialists.
The best way to start is simple: build your community, identify who's engaged, and progress from there.
Enjoyed this thread?
1/ Creating a DAO: Striking a Balance Between Fan Experience and Financial Rewards - A guide to getting it right.
2/ Imagine fans investing in a musician's DAO. They're investing in talent, expecting a portion of royalties in return. The musician's team must then work diligently to generate revenue.
3/ If they fail, it can harm their reputation and fan relationships. Careful planning is crucial when establishing a DAO or a decentralized record label.
4/ Governance and Potential Pitfalls in DAOs - Here's what you need to know.
5/ Distributing power fairly among DAO members can be challenging. Various models have tried to solve this by assigning power based on member engagement.
6/ However, problems still exist. If voting power is tied to the number of tokens held, wealthy members could dominate. Good ideas from others might be drowned out.
7/ Conversely, if voting is linked to wallets, individuals might create multiple wallets, manipulating the system.
8/ Building a Successful DAO in the Music Industry - The key lies in believing in people and building a robust community with user-friendly tools.
9/ While there may always be some corruption, creating a positive environment can help manage these issues. For artists, a DAO can be a fantastic way to garner quick feedback and achieve financial alignment with fans.
10/ Enjoyed this thread?
1/ There are Two Types of DAOs in Music . Here is what you need to know.
2/ DAOs can serve two primary purposes in the music industry. Let's discuss these two types.
3/ The first type is interactive DAOs. These DAOs foster a sense of community where members can vote and feel engaged.
4/ Members often pay a membership fee to join these curated communities. The goal here isn't to earn money but to enjoy exclusive experiences.
5/ A comparison can be made to Soho House, where the emphasis is on offering the best experience possible for the members.
6/ The second type of DAO is a fundraising DAO. These DAOs collect funds and operate akin to venture capital firms.
7/ Fundraising DAOs invest in various projects and startups. BitDAO is a prominent example of this kind of DAO.
8/ With fundraising DAOs, it's crucial to carefully construct revenue models and strategies for reinvesting earnings into the business.
9/ As a musician or music enthusiast, understanding these two types of DAOs can help you navigate the Web3 world better and engage more deeply with your community.
10/ Enjoyed this thread?
🕊️ Let's talk about balancing fan experience and financial rewards when creating a music-focused DAO (the new digital LLC).
🕊️ Imagine fans investing in a musician's DAO or a management group, expecting a percentage of royalties in return. This model turns fans into stakeholders.
🕊️ But here's the challenge: The musician or team must work hard to generate revenue. If they don't, it can damage their reputation and relationships with fans.
🕊️ It's not just about the financial rewards. The fan experience is crucial. A DAO that fails to deliver can lead to disillusioned fans.
🕊️ So tread carefully when creating a DAO. Consider the implications. Think of it as creating a "decentralized record label." More on that later.