It's been one week since Coop Recs 2.0 went live and we're seeing some really positive signals.

For anyone that's been following our journey - you'll know that our collectibles have long been the backbone of our business. They get artists paid up front and typically generate far more revenue than streaming from a fraction of the amount of people. You'll also know that the vast majority of this activity comes from users completing our quests on platforms like Layer3 and Boost - typically resulting in them collecting one edition to complete the campaign and collect the reward.

But with Coop Recs 2.0 - we're starting to see that behavior change. There are far more people buying 25, 50 or even 100 editions of our presales thanks to our new migration format.

For those who aren't familiar, the top 100 fans of a presale share 25% of the new coin vested over 30 days. This essentially means presale buys are buying into new coins below a $15k market cap and buyers are really starting to take that to heart. This influx of bigger buys is really promising as it creates a new funnel for selling out records and is creating additional revenue for Coop Recs to continue to reinvest into our coins.

We've been using 100% of our revenue to buyback our songcoins and redistribute them through our campaigns. We believe this is the best way to align our incentives with the buyers and see this being the foundation for a wider system as Coop Recs grows and evolves.