NFT community-owned media business Trustless Media has emerged from stealth mode as a new web3-focused production centre.
An initial seed round of 3.25 million was secured, and the business intends to develop “NFTV programmes,” which would enable community members to control the series’ material.
In addition to Avalanche’s Ava Labs and Red DAO founding member Megan Kaspar, the round was headed by FTX CEO Sam Bankman-Fried.
It is a combination of NFT and television.” Zack Guzman, co-founder of Trustless Media, told TechCrunch that “it was something that kept coming up when we discussed what Coinage would be.” It’s all about bridging the gap between content producers and the people who watch the programme they’re making, according to the founders.
NFT sales are not a primary focus for the firm, Guzman said, but rather, the company intends to build up web3 shows with the help of partners and a community.
NFTV’s Coinage, the first programme from the production firm, will premiere in the autumn and explore the biggest stories in crypto with a sceptical eye. The main programme will be hosted by Guzman, a former journalist for Yahoo Finance and CNBC.
As far as crypto goes, trust is the most important factor.” I believe that what we’re attempting to do with Coinage has been proved out by the crash that we’ve witnessed,” Guzman said.
“High-quality educational and news resources developed by web3 natives that have a fundamental understanding of the technology, where it’s heading, and the value it can bring will be important for the continued growth of the space,” Bankman-Fried said in a statement. “There are big questions that we have to answer as an industry.”
“It’s like, could people have been warned about weaknesses in some of the projects earlier? Probably, if there was more honest dialogue,” Guzman said. “Could people have talked about some of the pitfalls of centralized crypto lenders? Probably, if crypto influencers weren’t getting paid to promote them. And could traditional media have done a better job of exposing them, too? Probably, if they had a newsroom more focused on crypto.”
A game theory and trust experiment will be the foundation of Trustless Media’s inaugural “Network NFT” launch. Ava Labs CEO John Wu, GV partner Terri Burns, and Bankman-Fried were the first four persons asked to mint one of the 1,000 NFTs Guzman had available (formerly known as Google Ventures). They may then invite other individuals, and the “Network NFT” community will grow exponentially.
“We got [money] from some of the sharpest individuals in crypto and we are going to be leaning in on them,” Guzman said. It’s safe to assume they’ll be able to identify the right people to give the invitations to and recruit the assistance of in order to make this project a reality.
Popular entertainment and news broadcasts have always attracted enormous audiences because of the strong feeling of belonging they foster among their viewers. Guzman observed, “Any concert is only as good as the crowd it draws.” “Why are ‘Friends’ and ‘Seinfeld’ so popular? “The writing is excellent, but there is a devoted following.”
By growing the network, Trustless Media aims to develop its community beyond the original 1,000 NFT members. Coinage will open its “Caucus NFT,” which has 9,000 NFTs, to the public at the conclusion of its first season so that a community may help develop its second season. Subscriber NFTs are also available, which have no supply limit and are free to mint (aside from the transaction fee).
A lot of NFT drops are centred on minting out so the price goes up or, more lately, there have been a few drops where a designer determines who may mint or who the first NFTs go to, Guzman added. There is a lack of openness and a lack of decentralisation in that area. The trust experiment is an attempt to discover how people in a community create trust with one another.
Guzman believes that there is still more that NFTs can accomplish for the media that has yet to be discovered. A community-run programme may be created in any niche, and this is the proof of concept..”
Future plans for Trustless Media’s web3 presentations include a wider range of popular digital media areas, like as gastronomy and tourism, outside the crypto industry itself.
As Guzman put it, “You can have people weigh in and build something like a web3 ‘Diners, Drive-Ins and Dives,'” he said. This is a place “where the community chooses particular places they prefer for the programme to visit” rather than simply Guy Fieri deciding where to go.
Trustless Media’s major purpose is to develop trust among its community in a world of mistrust, according to Guzman. From the ground up, we’re aiming to build a community of trust that can be trusted by everyone in the space, as well as those who aren’t in the space.