AMA with Euterpe
On the 16th of March, 2022 at 17:00 UTC, Decentralized Club had the honor of hosting Jerry and Charles from Euterpe for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by DC Admin, May.
The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2 and live questions from the community members in attendance were answered in Segment 3.
If you missed this event and would like to know what Euterpe is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.
Segment 1 - Introduction
Hello, สวัสดี, 大家好, नमस्ते, Selamat!
My name is May and I'll be hosting the AMA with Euterpe.
Today, we have with us two guests from the Euterpe Team.
You're welcome to the Decentralized Club and it's an honor to have you both here.
Hi May, thank you for hosting the event.
Hi everyone, I am Jerry, CEO of Euterpe. Thank you May for having us.
Hi everyone, Charles here, CFO of Euterpe.
Welcome Jerry and Charles
How's your day going?
It starts to be getting great!
excited to chat with the community!
It's good to have you over in our community!
Can you tell us the inspiration that birthed Euterpe and what the project is about?
The copyright market for creative works such as music and movies traditionally involves a complex web of licensing transactions and exorbitant transaction costs.
Out of every dollar that consumers pay, an artist who writes, performs, and produces her own work may receive less than 15 cents while the rest are diverted to cover the costs of financing new production, marketing new works, and distributing royalties.
Although artists are typically scheduled to receive royalties quarterly, a payment may lag behind as far as two years after users made payment. Furthermore, if a collecting society is unable to identify the rightful owner for a royalty payment, it routinely allocates the royalty among its existing members.
Euterpe creates an IP-powered NFT as a Service that dramatically improves efficiency and accuracy in copyright transactions by hardcoding thousands of copyright rules and license terms in blockchain-based smart contracts. First, Euterpe allows artists to launch crowdfunding campaigns inviting fans to securely finance creative works in return for a share in copyright ownership in the form of NFTs. It significantly diversifies the investment risks for artists and labels alike.
Second, Euterpe allows artists to earn a royalty per stream potentially sixteen times larger than Spotify offers and eighty times larger than YouTube offers.
Third, Euterpe cultivates a healthy ecosystem among artists and users through SociaFi in which users may mine tokens through distribution and promotion of creative works.
This is new!
Can you tell us what innovative solution Euterpe is bringing to socialFi in cryptocurrency?
I‘ll take this one
In the current market, users pay for playing music or videos and that’s the only thing they can do. In Euterpe, they will be able to earn rewards in various ways. Firstly, they can earn rewards by playing. The creators/copyright holders can decide to share a portion of their royalties with the fans and Euterpe will reward users with tokens when they play the content on Euterpe’s platform.
Secondly, users will be able to earn token rewards by sharing the link to the content on Euterpe. The more you share, the more your links generate royalties, the more tokens you will receive as mining rewards.
Thirdly, users will be able to earn token rewards by voting for the content they like.
In the past, the only way to share the success of the rising stars was investing in their copyrighted works or becoming their bosses. However, on Euterpe, everyone who contributed their time, social capital, or their capacity of discovering trending content, will be able to receive rewards and gain financial returns based on their contributions to the contents and the ecosystem.
I like this one
This is a great initiative!
Can you briefly talk about the major features of your platform?
Euterpe creates various ways for creators, investors, and fans to participate and benefit from the consumption and transaction of copyright.
Upload copyright works and mint NFTs.
Smart contract for automatic and accurate copyright assignment and continuous royalty splits.
Decide any portion of the copyright of a work to put up for auction and receive instant income.
Manage any uploaded works, including auctioning off unassigned/unsold portions of the copyright and/or selling at a fixed price on the secondary market.
Participate in auctions to purchase copyright NFTs on the primary market.
Buy and sell NFTs on the secondary market.
Earn continuous royalties by owning NFTs.
Enjoy original works for free or pay to participate in the socialFi mechanism.
Play works and takes part in mining by playing.
Promote works and receive promotional rewards through mining by linking.
Vote for their favorite works and receive bonuses through mining by voting.
How do we acquire your native token and why is it important to be held from an investment perspective?
The token EUT is scheduled to be launched in Q2 through IEOs simultaneously in several leading exchanges. The utility value of our token is based on the following:
EUT will be the payment method for the platform;
EUT will be the gas fee for socialFi-based mining;
EUT may be staked for yield farming; and
EUT will be the governance token for stakeholders to vote with.
What are the major plans on track for completion this year by Euterpe?
The Euterpe platform is currently at the stage of internal testing of the Alpha version.
The platform is scheduled to be launched in Q2 with a focus on Southeast Asian markets, including but not limited to Hong Kong, Malaysia, and Singapore. Both web and APP versions should be available.
In Q3, we plan to expand from music IP to other forms of IP such as videos and concerts.
In Q4, we will be ready to enter U.S. and European markets, supported by our strong legal compliance team.
Looking forward to the expansion, especially!
Are you ready to answer questions from our Twitter community?
Segment 2 - Twitter Questions
So How Does @eut_io NFT Marketplace DifferRents From The Other Nft MarketPlace? How will the @eut_io be creating a highly user-friendly experience?
Twitter Username: @DM7122
Compared with currently leading NFT platforms like Opensea, our project has several competitive edges.
First, while most NFT projects provide COPY NFTs, we offer uniquely-designed COPYRIGHT NFTs. The key difference is that having a copy NFT is just like having a piece of paper (digital or physical), which has only collectible value in resale and generates no long-term stable revenue stream. The Copyright NFTs at the Euterpe platform allows an NFT holder to own the IP rights behind a work. In addition to any resale value that an NFT may have, NFT holders can also obtain stable copyright royalties in the long run. Copyright NFT can demonstrate the true value of artworks, current, and future.
Second, we are a B2C marketplace featuring high-quality IP NFT, while Opensea is simply a C2C flea market in which 90% of NFTs are valueless. Just think of Amazon vs. eBay, a B2C marketplace can be 10 plus times larger than a C2C flea market and would eventually bring NFT to the mainstream.
The reason we can attract professional artists on board is that we have formed a core team of top executives who have worked for SMG, TikTok, Tencent Music, Disney, Warner, and Microsoft. In addition, our R&D team is comprised of senior software engineers and product managers from Stanford, Google, Facebook (Libra), Uber, and DoorDash. Our unparalleled expertise in IP management and blockchain engineering can offer strong protection, effective solutions, and ultimately best opportunities for artists who explore the Metaverse.
Opensea, Rarible, and other NFT marketplaces are plagued with widespread scams and infringements. By contrast, we have a sophisticated legal compliance team that can effectively prevent fraud and provide legal security to users and investors.
Besides, we offer a cutting-edge SocialFi solution to mobilize fanbases to proactively contribute to the creative community, which is also lacking in other NFT platforms.
A minute for the community to read 🥳
Fans can participate in several SocialFi activities, mainly what are the advantages of these activities? What do we need to be able to access them and start earning money? What does SocialFi request to approve and accept the application of its users?
Twitter Username: @VickJ09
On Euterpe’s platform, all users, whether investors or fans, can participate in SocialFi in three ways: playing, promoting, and voting.
socialFi participants will pay a certain gas fee to participate in mining by playing and mining by linking (promoting), and they will be able to use their staked tokens to vote for the contents and join mining by voting.
Through these SocialFi mechanisms, users will obtain token rewards in proportion to their community contributions. Just as Euterpe's mission says: Those who sow shall harvest. By building in the SocialFi ecosystem, we hope our community users share the benefits of the platform's growth.
What is the primary function of your coin in your ecosystem? What are its features and real-world applications? Why should I make a long-term investment in your coin?
Twitter Username: @iikingsolomon2
As mentioned above, EUT will be the token of the Euterpe platform. It will also become the main token for minting, purchasing, and participating in the whole SocialFi ecosystem. Euterpe provides unique and real copyright NFTs. As you can see, Euterpe has multiple functions. It combines streaming with transactions and provides a bridge among creators, investors, and fans. It brings innovation to traditional copyright industries and people can get financial benefits from copyright rather than a jpg file only.
How, or through which big partnerships do you plan on utilizing to pass your product onto the normal - especially non-crypto people?
Twitter Username: @Boss7090
Currently, Euterpe has onboarded over 30 music labels. More than 30 musical IPs will be released in the first batch for our beta launch.
Euterpe has also formed a strong partnership with other strategic partners in the mainstream industries.
Stanford Codex: The Stanford Center for Legal Informatics.
HKFAEx: A Hong Kong-based financial assets exchange, one of the three major exchanges in Hong Kong. The group includes a NASDAQ-listed company with an extensive business footprint in Southeast Asia. As a strategic partner, it provides support regarding licenses, IP, and user acquisition in Hong Kong and Southeast Asia.
Awesome! Most of the Euterpe Team members are indeed Stanford alumni?
Yes, the core team is comprised of five Stanford alumni as well as senior engineers from Google and Facebook/Libra.
How would Euterpe be planning to compete against giant music streaming platforms such as Spotify and Youtube? Can you please drop some of your project's competitive advantages?
Twitter Username: @0JeanWayne
Streaming platforms are not Euterpe’s competitors, instead, they are part of Euterpe’s ecosystem. Euterpe will provide streaming platforms with original copyrighted works, and receive royalties from streaming platforms. Streaming platforms such as Spotify and Youtube will be Euterpe and its NFT holders’ distribution channels.
In the meantime, we do believe that Euterpe provides a great value proposition for the streaming industry, which makes it much more attractive to both creators and fans.
Traditional streaming platforms greatly inhibit the per-stream value of works. On Euterpe, artists earn a royalty per stream of 16X Spotify offers and 80X youtube offers.
The traditional copyright industry has billing periods that can be as long as a few months up to a few years. Payments on Euterpe allow instant payments with zero delays.
Up to 20-50% of royalties collected are not paid to their respective rights holders and often end up in a “black box.” Through smart contracts, Euterpe allows accurate payments while promoting transparency.
With conventional copyright payment models, up to 85% of the collected amount is paid to intermediaries due to the artists’ high necessary reliance on middlemen such as record labels and publishers. Euterpe’s NFTs enable tokenized funding for creators and provide a direct channel for publishing and promotion, allowing for total control over the value and ownership management of one’s works.
There are traditionally many layers of middlemen between the end-users and the creators, so much so that for every $1 spent by the fans, only around $0.15 ultimately ends up in the pockets of the creators. Euterpe greatly disintermediates the process so that fans can more effectively and directly support their favorite creators.
In conventional copyright consumption, fans are often merely consumers who cannot receive tangible benefits from the copyright value chain other than having access to the works themselves. Euterpe sees fans as contributors to the creative community with actions such as playing, promoting, and voting for/against the works. According to the amount of contribution, the platform issues them with tokenized rewards so that fans can reap rewards through the value that they contribute to the community.
A minute for the community to catch up 😊
Any other questions for us, May?
It's now time to take questions from our live audience
Before we do, can you please share links to your community so we can follow them?
In the meantime, everyone please prepare your questions for the live round.
In this 3rd segment, I will open the group for some seconds for the live community to shoot you some pressing questions.
Please pick five original questions to answer.
Try to ignore generic, vague, and copy-paste questions 😊
Everyone, please prepare your questions
Giving two minutes for this. Please type very relevant questions
Dear guests, what are your favorite sports?
fencing for me
My favorite sports are football and basketball. dream to have Man Utd on board for our NFT platform.
Dream come true soon 😎
Dear community, as a measure to deter bots and reward hunters, please include the keywords below in your questions so the guest can tell original questions apart!
Fencing, Football, and Basketball!
The group will be unmuted shortly
---Chat was then opened for the live community to send in their questions---
Segment 3 - Live Questions
Dear guest, as a measure to deter bots and reward hunters, the keywords below have been included in questions so you can tell original questions apart!
Fencing, Football, and Basketball!
Please prioritize such questions 🙂
We currently have 20 team members, including 10 engineers and 6 operation/marketing staff. Our co-founders are from Facebook's Libra blockchain, Google Pay, and top crypto exchanges.
My quick question!
Do you need special technical skills and training to use your platform/project software?
Does your project support the use of spreadsheets or project management tools?
My favorite sports are football and basketball.
Euterpe‘s platform is super user-friendly. No tech or training is needed.
Keep them coming 🥳
About your NFTs, Can you explain further about the utilities of these NFTs within your platform? Are they meant to be held as simple collectibles or will they have additional benefits? Also, will you have your own marketplace to sell and buy the #Euterpe NFTs?
My favorite sports are football and basketball.
By holding Euterpe's NFT, users will become copyright owners. They will receive future royalties. Euterpe has a secondary market for NFT transactions. Users can sell the NFTs on Etuerpe's platform.
The common problem that often occurs with DeFi projects is that smart contract vulnerability can lead to loss of funds. What steps have your projects taken for solutions to fix this major problem and prevent such occurrences in the future?
Euterpe's smart contract has passed the code audit. Euterpe has formed a tech team from Facebook Libra, Google, GS, and Citadel. Euterpe has the best talents to build the best solution.
How many team members is Euterpe having currently? I want to know if they are experienced in Crypto or not. Are you planning to increase your team to develop your project faster?
My favorite sports are football and basketball.
We currently have 20 team members, including 10 engineers and 6 operation/marketing staff. Our co-founders are from Facebook's Libra blockchain, Google Pay and top crypto exchanges.Our platform is based on ETH ecosystem. TGE is scheduled for Q2. welcome to join our community.
We have formed partnerships with 30 top music labels and have a collection of over a thousand works so far. Again, we have entered into partnership with HKFAEX, one of the top three financial exchanges in Hong Kong, which may share its 500K userbase with us. We have a number of community partnerships throughout the world.
Upon request, I herein reattach our contract information:
Can you take more questions? 🥳
We know there are many questions from our community, but it is midnight for many community members. We'll keep the community updated. Let’s keep in touch!
Thank you so much for your time with us today!
We appreciate your presence in our community!
It's been a very enlightening session.
Thank you, May for a wonderful time with the Club!
Our warm regards to the rest of the Euterpe team at the HQ working to make this project a success! 🥳
Thank you May, thank you everyone!
For other questions, you know how and where to find us! Cheers!
We wish you all the best with Euterpe! More good news for the future!
Everyone, please follow!
Thank you, Jerry, thank you, Charles!
Until next time, do enjoy your morning.
The AMA with Euterpe is now over.