FTX CEO Sam Bankman-Fried supports Trustless Media. Company that issues NFTs for the programs it develops and produces. Describing the concept as “NFTV,” the company raised $3.25 million to fund Web3 programming.
With the continued skepticism and mistrust of crypto and NFTs, many still view the underlying technology as something that can be disruptive. In Trustless Media’s system, buyers can buy tokens to get a stake in the shows they develop. Ultimately, opening up the creative development process to the public.
Producers have long lamented that commissioners don’t know what they want, or worse, what the audience wants. The process opens up the ability to hear what the public wants, which in turn could help commissioners make decisions about where funds go.
Fans of the idea will also own part of the show if it airs.
The Web 3 concept draws comparisons to Indiegogo and Web 2’s Kickstarter, but for the next generation. The startup is led by former CNBC and Yahoo Finance reporter Zack Guzman.
The first show Truthless Media plans to release is Coinage, a Web3 news program hosted by Guzman slated for release this fall.
Following the end of the first season, Trustless Media will launch a 9,000 coin NFT collection called Caucus, which aims to help fund the future of the show while defining its narrative direction. There will also be “Subscriber NFTs” available, however, these will be free to hit. The company plans to avoid artificially inflating the value of its tokens to stop massive price swings.
“With a lot of NFT drops I feel like they are focused on hitting for the price to go up or more recently there have been a few drops where a creator chooses who can hit or who first NFTs are going,” Guzman told TechCrunch. “There’s not a lot of transparency there and not a lot of leaning towards decentralization. So with the trust experience, we’re trying to build how a community trusts each other.
Along with Bankman-Fried, other members who participated in the Trustless Media round include Ava Labs and Megan Kaspar, who is a founding member of fashion entity Red DAO.
Another company looking to streamline and fix some of the processes that have been negatively associated with Web 3 is cryptocurrency exchange Billium.
Similar to Trustless adding another level of value to NFTs, Billium markets itself as different from other exchanges through their policies by promoting the fact that a person can start trading cryptocurrencies without understanding them or the tools for their analysis.
In the highly competitive ecosystem of crypto exchanges, they are also beginning to break into a constantly disrupted world.
Ilya Angelov said of the market as it currently stands: “The hardest part was getting the first customers. New crypto exchanges have to deal with the fact that this is a highly competitive industry. And to stand out somehow, you have to offer something unique, we offered copy-trading and people liked it.
“With this ‘NFTV’ concept, there is also a level of disruption and relevance to the TV industry that could prove fruitful. We see disruption everywhere, but sometimes people decide to just focus on crypto pricing when there are so many other areas of interest.
Billium is fully regulated in Dubai, UAE
United Arab Emirates
Billium aims to reach 100,000 active users in Turkey and Russia, while acquiring a license in Europe, and continuing work on $BIL
Both Truthless and Billium have identified that digital security needs must be paramount to ensuring any kind of success through user trust. As the world recognizes that Web 3 scams have been successful in some jurisdictions, companies are stepping up their game and doing far more due diligence than ever to combat harmful actions.
Disruption of television development is certainly needed because so many strong ideas fall by the wayside. Harm not only to producers but also to broadcasters. Getting early insight into audiences is something that can help support audiences and keep production companies afloat.