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POAP Announces Official Shutdown After Over Five Years of Operation Due to Unsustainable Business Model
POAP co-founder isabel (@izonline) posted on the X platform, announcing the official closure of the on-chain souvenir protocol POAP. POAP has operated since 2021, cumulatively minting millions of on-chain collectibles for hundreds of communities. It partnered with world-class institutions such as Coinbase, American Express (Amex), Warner Music Group (WMG), and Bayer, and completed the minting of over 8,000 collectibles during Devcon. The founder stated that the funding cycles and traffic distribution mechanisms in the crypto industry made it difficult for POAP to achieve commercial sustainability without compromising the project's original vision. Coupled with the dual pressure of rapid tech stack iteration and market hype cycles, this ultimately led to the project's shutdown. The founder also summarized three core lessons: customer communities are a company's most underestimated asset; "sense of connection" is the essential value of a product; and long-term brand trust is the only moat in the current market.
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ElevenLabs and Stability AI Release New AI Music Models
Odaily Odaily News: Voice AI company ElevenLabs, founded in Poland, has released Music v2. This model can switch genres within the same track, generate songs by sections such as intro, verse, and chorus, and supports local redrawing of specified segments. Music v2 is now available on ElevenMusic and ElevenCreative, with early access to the ElevenAPI currently provided through the sales team. Stability AI has launched Stable Audio 3.0, which includes four models: Small SFX, Small, Medium, and Large. Three of these variants have open weights on Hugging Face. The series is trained on licensed data. The Medium model supports generating tracks up to 6 minutes and 20 seconds long, while the Large model is only available via the Stability AI API. ElevenLabs has signed licensing agreements with Believe, Kobalt, and Merlin. Stability AI has established partnerships with Warner Music Group and Universal Music Group. In November 2025, Suno was valued at $2.45 billion, with an annual recurring revenue exceeding $300 million, approximately 100 million users, and generating an average of about 7 million songs daily.
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