TV is not dead. It is resurrected in Web3
The entertainment medium has changed immeasurable during the last decade. And for new generations (Gen Z and beyond), it’s still changing. There was a time when kids woke up to cartoons and spent their evenings watching regular family-friendly programming, but the youth of the 2020s now have their breakfast with a side of YouTube and late-night snacks while watching shows on Netflix.
That’s not a bad thing at all, unless of course you’re in the TV industry. Because over the past 10 years or so, subscriptions to video streaming services have skyrocketed, while pay-TV (cable) subscriptions have fallen by 10.2 million (about 12 percent since the end of 2016). It is becoming clear that traditional television programming is on the way out. But what could become of the industry that defined home entertainment?
Well, in Web3, TV may have a chance to make a comeback, but it won’t look or feel at all like its original form. Instead, TV can be reinvented on the blockchain using streaming technology and NFTs. Rather than ratings determining the viability of a program, shared ownership would allow consumers to dictate what kind of content a network puts out. Sound dystopian? Good.
TV, but make it Web3
With NFTs, all types of IP can make money. This may be common knowledge to those in Web3, but because of its implications, it is a fact worth repeating. Essentially, the blockchain has become a place where content creators of all types can make a living. And as you’ve guessed by now, this also includes those on TV.
But it’s not big networks or brands leading the way in this still-niche market sector, but rather creators who cut their teeth in the industry (or in media), perhaps even gained some influence, and are now trying their hands at bringing television to the metaverse. This is best exemplified by featured voice actor Greg Cipes.
Best known as the voice of Beast Boy in the popular animated show Teen Titans, Cipes has built up a near cult following for his involvement in the beloved DC Comics franchise. With his rich knowledge of the comics industry, he has created a Web3 project called NFTV Network, a live 24/7 streaming platform featuring original comics and other community-generated NFT, fashion, entertainment and news content.
With NFTV, Cipes hopes to promote a new mode of media production through the use of NFTs, which essentially operate the platform. Creators who wish to broadcast their content on the network can simply purchase an NFTV Airtime token to access membership benefits, including the ability to submit content on the network. And while creators can have their content broadcast on the platform 24/7, they still retain all rights to the content in a non-exclusive deal, meaning NFTV simply promotes their content alongside its own, giving creators the ability to accept a deal if, say, Netflix came knocking.
With upcoming programming for the network featuring roles and cameos from prominent names such as Jamie Foxx, Pete Wentz, Danny Trejo and more, NFTV seems poised to break new ground for entertainment ventures in Web3. But NFTV isn’t the only one exploring this intersection, as several other digitally native projects have also announced plans to create and launch blockchain-based shows and movies.
The expanding Web3 entertainment landscape
Similarly to NFTV, Shibuya, a decentralized storytelling project created by prominent Web3 artists Emily Yang and Maciej Kuciara, also aims to use shared ownership as a means of content creation. With the studio’s first production, White Rabbit, community members who purchase a Producer Pass NFT become the center of the Shibuya ecosystem, given the opportunity to watch every episode of the project, and ultimately vote on the direction of the next installment — akin to the interactive “choose your own adventure’ form of entertainment that has become very popular in recent years.
While digitally native creators remain at the forefront of photography, music, film, poetry, comedy and other new forms of art and entertainment becoming available in Web3, others from the legacy media industry have also taken an interest in blockchain-based content. One such creator is Rick and Morty Co-creator Dan Harmon. In a recent collaboration with Blockchain Creative Labs (BCL, Fox Entertainment’s Web3 studio), Harmon also aims to use shared ownership as a means of creating content.
With the release of a series of NFTs centered around a new animated series called Krapopolis, Harmon and BCL will give NFT owners access to token-gated content, private viewing rooms, access to Discord channels and more, including voting rights for series (ie influence over the direction of the series). Considering the high profile of this joint venture, the plan is laid out by NFTV, Shibuya and now Krapopolis, where fans use their NFT ownership to influence the output of a network, could be a model for the future of the Web3 entertainment industry.
Shared ownership: TV’s saving grace?
While it’s easy to consider NFT media projects led by TV veterans as a new use case for blockchain-based television, in reality Web3 TV doesn’t feel like “TV” at all. Although the term makes perfect sense when accompanied by shows like the Mila Kunis-backed one Stoner cats and The gimmicksWeb3 TV has almost nothing to do with television or broadcast media.
While several endeavors have taken up the cause of bringing television to NFTs. Web2 producers like Cipes and Kunis are ushering in a new form of blockchain entertainment, and one that is still largely dominated by Web3-native projects like Interleave and DeadHeads. So while it’s easy to look at NFTV and assume it’s simply setting the standard for a new form of television, perhaps it’s better to take a different stance and consider all Web3 media not just another iteration of entertainment, but as a gateway to a new paradigm of decentralized content creation, artistic empowerment and fandom.
