By Nathan Ferguson
A unique media firm, Mad Realities, collected up to $6M in a seed round to turn into a decentralized entertainment venue that permits the viewers to co-create and possess TV shows that are based on NFTs (non-fungible tokens) held by them.
Paradigm led the seed round, with 11:11 Media of Paris Hilton, Long Journey, and Maveron as the participants providing funds. Individual investors took account of Selby Drummond (the chief brand officer of Bumble), co-founders of Friends (a crypto-based social club), along with Will Papper (co-founder of Syndicate), Alex Zhang, and some others. The initial proof-of-concept-based dating show was initiated on the behalf of Mad Realities on YouTube in March, in which the NFT holders’ community used to vote on contenders for the show.
Alice Ma – Mad Realities’ co-founder – with an experience in the field of software engineering, additionally traded a non-fungible token in March in return for 4ETH to permit the eventual owner to name contenders of their choice for the show (taking themselves into account as well). Up till now, a supporters’ community, having pitched in $500,0000 (172 ETH) was funding the firm. With the latest investment, the strategy of the firm is to appoint engineers to construct the venue as well as develop a core group.
Devin Lewtan – the co-founder operated the Clubhouse show called NYU Girls Roasting Tech Guys (which was an interactive show for dating to permit a participant to be a part of an ongoing conversation with another person while the rest of them listening and watching if the duo could make it through or undergo an eventual roasting on the behalf of the moderators. The participants of the show included people like Diplo (a musical artist) and Justin Kan (the co-founder of Twitch).
The firm stated that Mad Realities counts to be the exclusive media network’s MTV that has no existence presently. It added that their shows contain social experiences including conception and consumption. As per them, they are initiating a dating show, nonetheless, they witness the entirety of reality TV to be a community that is led by content and a social experience to be shared.
The prospective vision of the firm is to contemplate the consumption as well as the interaction of people in terms of content watched by them, having an eventual target of turning into a decentralized autonomous organization (DAO) where the decisions would be taken on the behalf of the NFT holders rather than the firm executives.