Can NFTs democratize planned TV programming in the Web3 era
Non-fungible tokens (NFTs) leave almost no part of the physical world untouched. From museums and major fashion brands such as Gucci embracing the technology of digital artifacts to musicians breaking archaic song rights distribution methods.
Now even television, or in a streaming era – scheduled programming, is taking on NFTs as a vehicle for crowdfunding programs. NFTV streams crypto-themed content, but uses NFTs as the backbone of crowdfunding programs, while giving viewers a say in what’s on deck.
Each program has a set of related NFTs, giving creators the reins of their projects, rather than giant media houses, while holders have the chance to contribute content.
Greg Cipes, co-creator of NFTV, spoke with Cointelegraph to discuss the fine line between content democratization and an artist’s vision that manifests itself true to itself.
Big names in the entertainment industry have joined the NFT craze, such as Kim Kardashian, Snoop Dogg, Eminem and Matt Damon. When it comes to creative production, many artists have a specific vision for their content, especially industry veterans with a specific style or band.
When NFTs come into the picture and give the community a meaning, Cipes said this can “absolutely” take away from the creators, and a fine line must be walked.
Related: The creator economy: How we got there, and why we need the Web3 upgrade
He related upcoming NFT-based streaming networks to act like a pirate ship with the captain having the final say and all other decisions being democratic, such as grades.
“Everyone has a role, responsibility and accountability to own. [And must] lead their respective teams with creative freedom.”
Cipes continued to highlight the added utility of NFTs in a television network as keys to additional network benefits, like a subscription membership, but with concrete capabilities and ownership aspects.
“Content is a great way to connect the concept of NFTs with a tool like entertainment.”
NFTV will have content related to popular topics in the crypto community such as Bored Ape Yacht Club and an NFT world cartoon among others.
A barrier remains an accurate understanding of how NFT democratization works, even from those within the crypto space. Cipes says with this project and others, hands-on involvement helps increase the overall understanding of technology.
“People get projects more when they’re involved in media they like to consume.”
The crypto community itself also continues to push entertainment and mainstream projects, as they tend to be catalysts for both adoption and education about practical utility.
On October 18, blockchain solutions provider Ripple announced the second wave of $250 million in funding for its creator program to bring in entertainment and media-focused Web3.
