rio: extract from 2026-03-03-futardio-launch-open-music.md

- Source: inbox/archive/2026-03-03-futardio-launch-open-music.md
- Domain: internet-finance
- Extracted by: headless extraction cron (worker 4)

Pentagon-Agent: Rio <HEADLESS>

entities/internet-finance/futardio.md

@@ -46,7 +46,7 @@ MetaDAO's token launch platform. Implements "unruggable ICOs" — permissionless
 
 - **2026-03-07** — Areal DAO launch: $50K target, raised $11,654 (23.3%), REFUNDING status by 2026-03-08 — first documented failed futarchy-governed fundraise on platform
 - **2026-03-04** — [[seekervault]] fundraise launched targeting $75,000, closed next day with only $1,186 (1.6% of target) in refunding status
-- **2026-03-03** — Open Music fundraise launched ($250K target); closed REFUNDING at $27,533 (11% of target) after one day
+- **2026-03-03** — [[open-music]] launched $250K raise, closed next day at 11% of target ($27,533)
 ## Competitive Position
 - **Unique mechanism**: Only launch platform with futarchy-governed accountability and treasury return guarantees
 - **vs pump.fun**: pump.fun is memecoin launch (zero accountability, pure speculation). Futardio is ownership coin launch (futarchy governance, treasury enforcement). Different categories despite both being "launch platforms."

entities/internet-finance/open-music-futardio-fundraise.md

@@ -1,43 +0,0 @@
----
-type: entity
-entity_type: decision_market
-name: "Open Music: Futardio Fundraise"
-domain: internet-finance
-status: failed
-parent_entity: "[[open-music]]"
-platform: futardio
-proposal_url: "https://www.futard.io/launch/4R1peXdUehAS1aWCdnrBfLRevGktsKH2euvBLdsYXbWu"
-proposal_date: 2026-03-03
-resolution_date: 2026-03-04
-category: fundraise
-summary: "Artist-first streaming platform fundraise on Futardio targeting $250K; failed at $27,533 (11% of target)"
-key_metrics:
-  raise_target: "$250,000"
-  total_committed: "$27,533"
-  outcome: "REFUNDING"
-  duration_days: 1
-tracked_by: rio
-created: 2026-03-11
----
-
-# Open Music: Futardio Fundraise
-
-## Summary
-Open Music launched a futarchy-governed fundraise on Futardio targeting $250,000 to build artist-first music streaming on Solana. The project proposed replacing Spotify's pro-rata pool model with direct listener-to-artist payments, had a live MVP at openmusic.art, and detailed financial planning ($25K monthly burn, 10-month runway with two full-stack developers). Despite substantive fundamentals, the raise attracted only $27,533 (11% of target) and entered REFUNDING status after one day.
-
-## Market Data
-- **Outcome:** Failed (REFUNDING)
-- **Raise Target:** $250,000
-- **Total Committed:** $27,533 (11% of target)
-- **Duration:** 2026-03-03 to 2026-03-04 (1 day)
-- **Token:** 4Hj
-- **Token Mint:** 4HjXkVLJhURqVcJEjnHoWBSVv1AnCzQnZ9cW7LxTmeta
-
-## Significance
-This failed raise demonstrates that futarchy-governed launches can fail to attract capital even when projects have substantive fundamentals: live product, technical team, clear market thesis, and detailed financial planning. The rapid failure (one day) suggests the market mechanism efficiently rejected the project, but raises questions about whether futarchy selects for speculation over substance or whether the project's fundamentals were weaker than they appeared.
-
-## Relationship to KB
-- [[open-music]] — parent entity
-- [[futardio]] — launch platform
-- [[futarchy-variance-creates-portfolio-problem-because-mechanism-selects-both-top-performers-and-worst-performers-simultaneously]] — case study in mechanism variance
-- [[futarchy-governed-meme-coins-attract-speculative-capital-at-scale]] — counterexample to meme coin dominance thesis

entities/internet-finance/open-music.md

@@ -1,32 +1,30 @@
 ---
 type: entity
 entity_type: company
-name: Open Music
+name: "Open Music"
 domain: internet-finance
 status: failed
 founded: 2025
-website: https://openmusic.art
-twitter: https://x.com/openmusic_art
+platform: solana
+tracked_by: rio
+created: 2026-03-11
 key_metrics:
   raise_target: "$250,000"
   total_committed: "$27,533"
-  raise_outcome: "REFUNDING"
-  monthly_burn: "$25,000"
-  team_size: 2
-tracked_by: rio
-created: 2026-03-11
+  raise_outcome: "refunded"
+  launch_date: "2026-03-03"
+  close_date: "2026-03-04"
+  oversubscription_ratio: 0.11
 ---
 
 # Open Music
 
-Artist-first music streaming platform on Solana that attempted to replace Spotify's pro-rata pool model with direct listener-to-artist payments. Raised $27,533 of $250,000 target through Futardio before entering REFUNDING status (2026-03-03 to 2026-03-04). Had live MVP at openmusic.art with two full-stack developers and detailed financial planning, but failed to attract sufficient capital through futarchy-governed launch.
+Artist-first streaming platform on Solana proposing direct fan-to-artist payment model to replace Spotify's pro-rata pool. Raised through Futardio futarchy-governed launch. Failed to reach $250K target, refunded backers.
 
 ## Timeline
-- **2025** — Founded; MVP launched at openmusic.art
-- **2026-03-03** — Futardio fundraise launched targeting $250,000
-- **2026-03-04** — Fundraise closed in REFUNDING status with $27,533 committed (11% of target)
+- **2026-03-03** — Launched $250K raise on Futardio for artist-first streaming platform
+- **2026-03-04** — Raise closed at $27,533 (11% of target), entered refunding status
 
 ## Relationship to KB
-- [[futardio]] — launch platform
-- [[futarchy-variance-creates-portfolio-problem-because-mechanism-selects-both-top-performers-and-worst-performers-simultaneously]] — case study in futarchy launch failure despite substantive fundamentals
-- [[futarchy-governed-meme-coins-attract-speculative-capital-at-scale]] — counterexample showing futarchy launches can fail even with real products
+- [[futardio]] — launched on this platform
+- Part of early futarchy-governed fundraise experiments on Solana

inbox/archive/2026-03-03-futardio-launch-open-music.md

@@ -11,9 +11,8 @@ tags: [futardio, metadao, futarchy, solana]
 event_type: launch
 processed_by: rio
 processed_date: 2026-03-11
-enrichments_applied: ["futarchy-governed-meme-coins-attract-speculative-capital-at-scale.md", "futarchy-variance-creates-portfolio-problem-because-mechanism-selects-both-top-performers-and-worst-performers-simultaneously.md"]
 extraction_model: "anthropic/claude-sonnet-4.5"
-extraction_notes: "Failed Futardio fundraise for music streaming platform. No novel claims extracted — this is primarily entity/timeline data enriching existing futarchy launch variance claims. The project had substantive fundamentals (live MVP, technical team, detailed financials) but failed to attract capital, providing counterexample to meme coin dominance thesis and confirming futarchy variance patterns."
+extraction_notes: "Failed Futardio raise for music streaming platform. Below significance threshold for claims (single failed raise, no traction data, refunded). Entity created to track Futardio ecosystem activity. No novel mechanism insights — standard pitch deck for direct-to-artist payments model. Key facts preserved for reference on artist economics and futarchy launch outcomes."
 ---
 
 ## Launch Details
@@ -189,9 +188,9 @@ AI discovery, and audience ownership in a single platform.
 
 
 ## Key Facts
-- Open Music raised $27,533 of $250,000 target on Futardio (2026-03-03 to 2026-03-04)
-- Open Music proposed direct listener-to-artist payment model vs Spotify's pro-rata pool
-- Open Music had live MVP at openmusic.art with 2 full-stack developers
-- Open Music planned $25K monthly burn for 10-month runway
-- Spotify made $20B in revenue with average artist payout of $0.003 per stream (per Open Music pitch)
-- Open Music claimed 100 fans would pay artist ~$128/month vs ~$9/month on Spotify
+- Open Music raised $27,533 of $250K target (11% fill rate) on Futardio (2026-03-03 to 2026-03-04)
+- Open Music proposed direct fan-to-artist payment model vs Spotify pro-rata pool
+- Open Music claimed $128/month payout for 100 fans vs $9/month on Spotify
+- Open Music MVP live at openmusic.art at time of raise
+- Open Music team: 2 full-stack developers, planned to hire third with raise funds
+- Open Music monthly burn target: $25K (72% engineering, 16% infrastructure, 8% growth, 4% ops)