Web3 media company Trustless Media has launched following a $3.25 million seed round led by Sam Bankman-Fried, the CEO of FTX and founder of Alameda Research.
The community-owned non-fungible token (NFT) media company plans on producing “NFTV shows,” in which those in possession of NFTs dictate and own the show’s content, according to Zack Guzman, the company’s co-founder.
“NFTV is a portmanteau of NFT and TV,” he said. “The whole concept is trying to figure out a way to break down a wall between content creators and the audience of the show they’re creating.”
The company intends to broadcast its first show in the fall. Coinage will focus on exploring crypto stories through a skeptical lens. Guzman emphasized the need for trust as a reason for doing the show, particularly during the recent downturn.
In an effort to build its initial governing community, Trustless Media’s initial “Network NFT” launch will be centered around a game theory and trust experiment. Guzman picked the first four people invited to mint one of the first 1,000 NFTs available, who have then in turn invited others, creating essentially a ripple effect.
Besides Bankman-Fried, Red DAO founding member Megan Kaspar and Ava Labs president John Wu received these initial invitations, since their companies also contributed to the funding round.
Bankman-Fried recently said he had a “few billion” on hand to help support the development of the ailing crypto industry. In addition to Trustless Media, the Solana Foundation recently opening a retail location in Manhattan is another example of innovative crypto projects linked to Bankman-Fried.
By the end of Coinage’s first season, Trustless Media plans to grow its community beyond the initial 1,000 NFT community members by launching its “Caucus NFT.” The collection of 9,000 NFTs will be released to the public so another community can build a second season together.
Additionally, there is a “Subscriber NFT,” which has no maximum supply and is free to mint besides the transaction fee. In the future, Trustless Media plans on expanding its content to focus on more than just the crypto niche, delving into other popular digital media topics like food or travel.
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Source: https://beincrypto.com/bankman-frieds-alameda-funds-web3-production-company/