Nearly every aspect of the physical world is affected by nonfungible tokens (NFTs), from musicians giving antiquated song rights distribution and major fashion labels like Gucci embracing the technology to digitise artefacts.
Even television, or other planned content in the age of streaming, is now utilising NFTs to fund shows. While offering viewers a voice in what is on the menu, NFTV is streaming material with a crypto theme and using NFTs as the foundation to crowdfund shows.
Each programme has a collection of connected NFTs that offer creators—rather than large media organisations—control over the undertaking and allow holders the opportunity to create content.
The co-creator of NFTV, Greg Cipes, talked about the delicate balance between content democratisation and an artist's vision coming to life authentically.
Kim Kardashian, Snoop Dogg, Eminem, and Matt Damon are just a few of the famous people that have embraced the NFT craze. Many artists, especially seasoned professionals with a distinct brand or style, have a clear vision for their content when it comes to their creative production.
According to Cipes, a fine line must be crossed when NFTs enter the scene and offer the community a voice because this might "absolutely" take away from creators.
He compared potential NFT-based streaming networks to a pirate ship, where decisions about featured characters are made democratically, with the captain having the last say.
"Everyone has a role, responsibility and accountability to own [and must] lead their respective team with creative freedom," said Cipes.
Cipes highlighted the utility of nonfungible tokens (NFTs) in a television network environment, with nonfungible tokens serving as keys to additional network privileges similar to a subscription membership but with concrete abilities and ownership characteristics. He further said, "Content is a great way to connect the concept of NFTs with a utility like entertainment."
Among other things, NFTV will feature material about the Bored Ape Yacht Club and an NFT-world cartoon, two popular subjects in the crypto community.
Even among individuals in the crypto sector, a correct grasp of how NFT democratisation functions is a barrier. According to Cipes, hands-on experience with projects like this helps people comprehend technology more thoroughly.
Due to their propensity to act as catalysts for adoption and education regarding real-world utility, the crypto community itself continues to support projects that are both entertaining and popular.
On October 18, blockchain technology provider Ripple revealed the second $250 million fundraising round for its creator programme, which aims to attract Web3 content with an emphasis on entertainment and media.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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