Can NFTs democratize scheduled TV programming in the Web3 era?
Nonfungible tokens (NFTs) leave almost no part of the physical world untouched, from museums and major fashion brands like Gucci adopting the technology to digitize artifacts to musicians breaking archaic song rights distribution methods.
Now, even television — or in a streaming era, other forms of 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, rather than giant media houses, the reins of the project, and holders 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, including 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 brand.
When NFTs come into the picture and give the community a say, this can “absolutely” take away from creators, Cipes said, 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 function like a pirate ship, with the captain having the final say and all other decisions, such as grades, being democratic.
“Everyone has a role, responsibility and accountability to own [and must] lead their respective teams with creative freedom.”
Cipes highlighted the added utility of NFTs in a TV network, with non-fungible tokens acting as keys to additional network benefits, like a subscription membership, but with tangible 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.
One barrier is 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 the entertainment and media-focused Web3.
