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In the context of external monitoring using CR PLAY, Masterlink stands out because it is specifically designed for multi-room audio distribution and monitoring. Its capabilities allow users to manage and regulate audio across different spaces, which is fundamental for an external monitoring setup. Masterlink functions effectively in providing detailed feedback on audio performance, which is crucial when assessing sound quality and ensuring that all elements of a sound system are synchronized and functioning correctly.

On the other hand, while the other options like the Speaker System, Wireless Mic, and Subwoofer play significant roles in audio management, they do not specifically pertain to the function of external monitoring. For instance, a Wireless Mic primarily serves the function of capturing sound but does not facilitate the monitoring aspect on its own. Similarly, a Speaker System and Subwoofer are instrumental in audio playback but do not encompass the broader monitoring capabilities that Masterlink provides in a multi-room setup.