FTX manager supports firm which aims to issue NFTs for the programs it develops

FTX CEO Sam Bankman-Fried supports Trustless Media. A company that issues NFTs for the programs it develops and produces. The company describes the concept as “NFTV,” and has raised $3.25 million to crowdfund Web3 programming.

With the ongoing crypto and NFT skepticism and caution, many still see the underlying technology as potentially disruptive. In Trustless Media’s system, buyers can buy tokens to get a stake in the shows they develop. Ultimately, the creative development process opens up to the public.

Producers have long lamented that commissioners don’t know what they want, or worse, what audiences want. The process opens up the capacity to hear what the public wants, which in turn can help commissioners make decisions about what to transfer money to.

Fans of the idea will also then own a part of the show if it airs.

The Web 3 concept draws comparisons to Web 2’s Indiegogo and 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 to be released this fall.

After the first season finishes, Trustless Media will create a 9,000-piece NFT collection called Caucus, which aims to help fund the show’s future while determining its narrative direction. There will also be “Subscriber NFTs” available, but they will be free to create. 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’re focused on minting so the price goes up, or recently there’s been a few drops where a creator chooses who can mint or who the first NFTs go to,” Guzman told TechCrunch. “There’s not a lot of transparency there and not a lot of leaning towards decentralization. So with the trust experiment we’re trying to build how a community trusts each other.”

With Bankman-Fried, other members who participated in Trustless Media’s seed round include Ava Labs and Megan Kaspar, who is a founding member of fashion entity Red DAO.

Key insight

Another company looking to streamline and correct some of the processes that have been negatively associated with web 3 is cryptocurrency exchange Billium.

Just as Trustless adds a new level of value to NFTs, Billium markets itself as different from other exchanges through its 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 starting to cut through in a world that is constantly being disrupted.

Ilya Angelov said about the market as it looks now, “The most difficult thing was to get the first customers. New crypto exchanges have to deal with the fact that this is a very competitive business area. And to somehow stand out, you have to offer something unique, we offered copy trade and people liked it.”

“With this ‘NFTV’ concept, there is also a level of disruption and relevance to the TV sector that could prove fruitful. We see disruption everywhere, but sometimes people decide to focus on just crypto-prices when it’s so many other focus areas.”

Billium is fully regulated in Dubai, UAEUAE
and similar Truthless has plans to grow beyond the country into many new regions. Billium effectively uses copy trading which means that the platform’s users will be able to copy the trading positions of other investors. Related to Truthless which will reveal which show concepts have been most popular through NFT pickups.

Billium aims to reach 100,000 active users in Turkey and Russia, while obtaining a license in Europe, continuing work on $BILCAR
T native token.

Both Truthless and Billium identified that digital security needs must be critical to ensure any kind of success through user trust. As the world recognizes that web 3 scams have been full of success in certain territories, firms are extra cautious and producing much more due diligence than ever to combat malicious actions.

A disruption of TV development is absolutely necessary as so many strong ideas fall by the wayside. Harms not only producers but also broadcasters. Having early audience insight is something that can help help audiences and keep production companies afloat.