FTX CEO leads Trustless Media’s seed round to help build community-owned Web3 shows – Meczyki.Net

A new Web3-focused production hub, reliable mediahas launched in stealth mode as it aims to become a media company owned by the NFT community.

The company raised $3.25 million in a seed round and plans to launch an “NFTV Show,” which would allow the content of the show to be owned by members of the community holding NFTs.

The round was led by FTX CEO Sam Bankman-Fried and included investments from AvaLaunch’s Ava Labs and Red DAO founding member Megan Kasper.

“NFTV is a portmanteau of NFT and TV. This was something that kept coming up when we explained what the coin would be,” Jack Guzman, the co-founder of Trustless Media told Meczyki.Net. “The whole concept is trying to figure out a way to break down a wall between the content creators and the audience of the show they’re creating.”

The startup doesn’t aim to “make a lot of money selling NFTs,” Guzman said, but instead, it hopes to attract really good partners and a community to create Web3 shows.

The production company will present its first NFTV show, typing, in the fall, and plans to focus on exploring crypto’s biggest stories with a skeptical lens. Guzman – formerly a journalist at Yahoo Finance and CNBC – will lead the major show.

“It all boils down to trust, especially in crypto. I think what we are trying to do with Coinage is one of the reasons why a show like this is needed, proven by the collapse that we have seen. happened,” Guzman said.

“High-quality educational and news resources developed by Web3 natives who have a fundamental understanding of technology, where it is going, and the value it can bring,” Bankman-Fried said in a statement. will be important.” , “There are big questions we as an industry have to answer.”

“It’s like, could people have been warned about vulnerabilities in some projects earlier? Perhaps, if there was a more honest dialogue,” Guzman said. “Can people talk about some of the pitfalls of centralized crypto lenders? Are? Perhaps, if crypto influencers weren’t being paid to promote them. And could the traditional media have also done a better job of exposing them? Perhaps, if they had a newsroom focused more on crypto.”

Trustless Media’s initial “Network NFT” launch will center around a game theory and trust experiment to build its governing community. Guzmán chose the first four people to invite to the mint to mint one of the 1,000 NFTs available: Banksman-Fried; Kaspar; John Woo, president of Ava Labs; and Terry Burns are partners in GV (formerly known as Google Ventures). Those four people can then invite others and essentially create a ripple effect of invited “Network NFT” community members.

“we raised [capital] Some of the smartest people in crypto and we’re going to lean on them,” Guzman said. “They clearly supported the vision and we think they’ll know who to invite and help build it Inviting trusted persons to help.”

Historically speaking, some of the most successful mainstream TV shows for entertainment and news have been followed by large numbers of people and have a sense of community. “Any show in the world is only as strong as the audience it attracts,” Guzman said. “Why do people love ‘Friends’ or ‘Seinfeld’? The writing is good, but it also has a crazy fan base.”

Trustless Media plans to grow its community beyond the initial 1,000 NFT community members by expanding the network. At the end of Coinage’s first season, it will launch its “caucus NFT” to the public, which holds 9,000 NFTs, so that a community can build their second season together. There is also a “Subscriber NFT”, which has no maximum supply and is free to mint (aside from transaction fees).

“With a lot of NFT drops, it seems to me that they are focused on mining so the price goes up or recently, there have been some drops where a producer chooses who can mint or who can mint NFTs first. passes,” Guzman said. “There’s not a lot of transparency and there’s not a lot of leaning into decentralization. So with the trust experiment, we’re trying to build how a community trusts each other.”

There’s a lot NFTs can do for media that hasn’t been explored yet, Guzman said. “The proof of concept here is how you create a community-driven show in any given place.”

In the future, Trustless Media plans to expand its Web3 shows beyond just the crypto sector and into other popular digital media areas such as food or travel.

“You can weigh people and make something like Web3 ‘Diners, Drive-ins and Dives,'” Guzman said. “Where it’s not just Guy Fieri where he goes, but the community chooses some of the restaurants they enjoy for the show.”

But alluding to the production hub’s name, Guzman said that Trustless Media’s main goal is to build trust among its community in an untrustworthy world. “We are trying to build a community of trust from scratch and a community that is being trusted not only by others in the space, but also by people outside of it.”