Catalog records are a tool to permanently archive music. With verifiably authentic origins by means of an artist's crypto signature, they represent the canonical version of an artist's work online, and are distinct from their digital copies. When an artist sells a Catalog record, 100% of the initial sale hits their wallet directly and instantly, making it the truest direct-to-fan format that exists today. Many of us remember when other streaming services publicly teetered on the edge of bankruptcy, when artists wondered if their music and followings they accrued would disappear overnight; thanks to the power of the blockchain and flexibility of Zora, Catalog records don't need Catalog to remain intact and capture value. Once pressed, a Catalog record becomes a blank canvas for whatever its creator, holder, or anyone else can dream up. Today, that might mean gating Discord access for collectors, fractionalizing ownership through PartyBid, or splitting revenue with collaborators via Mirror. Soon, it could look like a group of fans joining forces to buy the original piece and trigger a wider release, or crowdfunding an album with profits automatically distributed back to the day-one supporters. Longer term, the limit is simply the best we can collectively do to design a better value system. 107 independent artists have joined Catalog and pressed one-of-one digital records, releasing and earning from their music completely independent of distributors and DSPs. Artists on Catalog have collectively earned 100% of the $213,234 (ETH & DAI) spent on their music so far. Beyond simple record sales, Catalog has helped some of web3's strongest creators build their own ecosystems. Whether it's SONGCAMP exploding the edges of web3 x music, Leaving Records experimenting with new models for independent labels, or Devonwho pressing and selling five separate records at an average price of $1,400, Catalog is proving to be a valuable minting and curation layer for music on Ethereum. We're eager to continue supporting artists, DAOs, labels, and collectives as they use Catalog to explore this space. Catalog owes much of its existence to the artists, fans, and collectors who share a better view of the future. Web3 projects can uniquely empower those who bring value to the platforms they use, and to that end we'll be taking gradual, transparent steps towards putting financial and decision making power into the hands of our community. "Community ownership" means Real agency. While Catalog is currently being built by our small team, over time we'll turn over more and more decision making power to the community. Being open about everything we do at Catalog, from our backers to our treasury to our product decisions.