No area of the physical world is left untouched or unaffected by non-fungible tokens (NFTs), from museums to major businesses like Gucci (1) digitizing merchandise to musicians dismantling antiquated song rights distribution systems.
Even scheduled material from the television industry, the streaming business, or other sources is integrated into NFTs as crowdsourcing. By utilizing NFTs as the foundation for crowdfunded shows, NFTV (2) is streaming entertainment with a crypto-themed theme, giving viewers some control over what's on tap.
Each program is a collection of connected NFTs that allows content producers to contribute rather than give ownership of initiatives and programs to huge media conglomerates. The co-creator of NFTV, Grep Cipes (3), said there must be a balance between democratization and content for an artist's vision to come to pass.
Several well-known figures from the entertainment sector, including Matt Damon, Kim Kardashian, Snoop Dogg, and Eminem, have joined the NFT craze (4). When it comes to creative output, many artists have a specific vision for their content, especially seasoned professionals with a specific brand or style.
According to Cipes, a fine line must be crossed when NFTs cover the image and give the community a voice because not doing so can take work away from creators. He compared the operation of prospective NFT-based streaming networks to that of a pirate ship, where the captain has the last say and all other decisions, like which characters will be featured, are democratic.
Everyone is accountable for their part in the team's success and is responsible for leading it creatively. Cipes then highlighted the additional utility of NFTs in television network settings. Nonfungible tokens serve as keys to additional network perks like subscription membership but with concrete capacities and ownership features.
The best way to link the idea of NFTs with a practical application, like entertainment, is through content. NFTV will feature content about hot topics in the crypto communities, like the BAYC (5) and a cartoon about the NFT industry, among others. Even among individuals who operate in the crypto field, a hurdle is a precise understanding of how NFT democratization functions.
Hands-on experience will also contribute to a greater grasp of the technology, a problem further addressed by this and other projects. People enjoy consuming when they are more likely to receive projects when participating in the media. As they frequently serve as the drivers of both acceptance and awareness of real-world utility, the cryptocurrency community still supports entertainment and mainstream initiatives.
On October 18, blockchain technology company Ripple (6) revealed the second $250 million fundraising round for its creator program, which aims to connect web3 with the entertainment and media industries.