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{"id":15901,"date":"2023-01-20T22:25:04","date_gmt":"2023-01-20T22:25:04","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows\/"},"modified":"2023-01-20T22:25:05","modified_gmt":"2023-01-20T22:25:05","slug":"ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows\/","title":{"rendered":"FTX CEO leads Trustless Media\u2019s seed round to help build community-owned web3 shows"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/07\/27\/ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows\/<\/a><\/br>
\nFTX CEO leads Trustless Media\u2019s seed round to help build community-owned web3 shows<\/br>
\n2023-01-20 22:25:04<\/br><\/p>\n

\n

A new web3-focused production hub, Trustless Media<\/a>, has launched out of stealth mode as it aims to build an NFT community-owned media company.<\/p>\n

The company raised $3.25 million in a seed round and plans to launch \u201cNFTV shows,\u201d which will allow the content of the shows to be owned by community members who have the NFT.<\/p>\n

The round was led by FTX<\/a> CEO Sam Bankman-Fried and included investments from Avalanche\u2019s<\/a> Ava Labs and Red DAO founding member Megan Kaspar, among others.<\/p>\n

\u201cNFTV is a portmanteau of NFT and TV. It was something that kept coming up when we described what Coinage would be,\u201d Zack Guzman<\/a>, co-founder of Trustless Media, said to TechCrunch. \u201cThe whole concept is trying to figure out a way to break down a wall between content creators and the audience of the show they\u2019re creating.\u201d<\/p>\n

The startup\u2019s goal isn\u2019t to \u201cmake a lot of money through selling NFTs,\u201d Guzman said, but instead, it hopes to attract really good partners and a community to build out the web3 shows.<\/p>\n

The production company will roll out its first NFTV show, Coinage<\/a>, in the fall, and plans to focus on exploring crypto\u2019s biggest stories with a skeptical lens. Guzman \u2013 who was previously a journalist at Yahoo Finance and CNBC \u2013 will lead the flagship show.<\/p>\n

\u201cIt all boils down to trust, particularly in crypto. I think what we\u2019re trying to do with Coinage, a reason why a show like this is needed, has been proven out by the collapse we\u2019ve seen,\u201d Guzman said.<\/p>\n

\u201cHigh-quality educational and news resources developed by web3 natives that have a fundamental understanding of the technology, where it\u2019s heading, and the value it can bring will be important for the continued growth of the space,\u201d Bankman-Fried said in a statement. \u201cThere are big questions that we have to answer as an industry.\u201d<\/p>\n

\u201cIt\u2019s like, could people have been warned about weaknesses in some of the projects earlier? Probably, if there was more honest dialogue,\u201d Guzman said. \u201cCould people have talked about some of the pitfalls of centralized crypto lenders? Probably, if crypto influencers weren\u2019t 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.\u201d<\/p>\n

Trustless Media\u2019s initial \u201cNetwork NFT\u201d launch will be centered around a game theory and trust experiment to build its governing community. Guzman picked the first four people invited to mint one of the 1,000 NFTs available: Bankman-Fried; Kaspar; Ava Labs president John Wu; and Terri Burns, a partner at GV (formerly known as Google Ventures). Those four people can then invite others and create essentially a ripple effect of invited \u201cNetwork NFT\u201d community members.<\/p>\n

\u201cWe raised [capital] from some of the smartest people in crypto and we are going to be leaning in on them,\u201d Guzman said. \u201cThey obviously supported the vision and we think they\u2019ll know who to present the invites to and invite trusted individuals to help build this out.\u201d<\/p>\n

Historically speaking, some of the most successful mainstream TV shows, for entertainment and news, are ones with large followings and a sense of community. \u201cAny show in the world is only as strong as the audience it attracts,\u201d Guzman said. \u201cWhy do people like \u2018Friends\u2019 or \u2018Seinfeld\u2019? The writing is good, but it also has a rabid fan base.\u201d<\/p>\n

Trustless Media plans to grow its community beyond the initial 1,000 NFT community members by expanding the network. At the end of Coinage\u2019s first season, it will launch its \u201cCaucus NFT,\u201d which has 9,000 NFTs, to the public so a community can build its second season together. There is also a \u201cSubscriber NFT,\u201d which has no maximum supply and is free to mint (aside from the transaction fee).<\/p>\n

\u201cWith a lot of NFT drops, I feel like they\u2019re focused on minting out so the price goes up or, more recently, there\u2019s been a few drops where a creator chooses who can mint or who the first NFTs go to,\u201d Guzman said. \u201cThere\u2019s not a lot of transparency there and not a lot of leaning into decentralization. So with the trust experiment, we\u2019re trying to build how a community trusts each other.\u201d<\/p>\n

There\u2019s a lot that NFTs can do for media that hasn\u2019t been explored yet, Guzman said. \u201cThe proof of concept here is how do you create a community-run show in any niche.\u201d<\/p>\n

In the future, Trustless Media plans to expand its web3 shows beyond just the crypto niche and into other popular digital media sectors like food or travel.<\/p>\n

\u201cYou can have people weigh in and create something like a web3 \u2018Diners, Drive-Ins and Dives,\u2019\u201d Guzman said. \u201cWhere it\u2019s not just Guy Fieri choosing where he goes, but the community picks certain restaurants they enjoy for the show to visit.\u201d<\/p>\n

But in a nod to the production hub\u2019s name, Guzman said Trustless Media\u2019s main goal is to build trust among its community in a distrusting world. \u201cWe\u2019re trying to create a community of trust from scratch and a community that is going to be trusted not just by others in the space, but those outside of it, too.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2022\/07\/27\/ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/07\/27\/ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows\/ FTX CEO leads Trustless Media\u2019s seed round to help build community-owned web3 shows 2023-01-20 22:25:04 A new web3-focused production hub, Trustless Media, has launched out of stealth mode as it aims to build an NFT community-owned media company. The company raised $3.25 million in a seed round and plans to launch \u201cNFTV shows,\u201d which […]<\/p>\n","protected":false},"author":1,"featured_media":15902,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-15901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nFTX CEO leads Trustless Media\u2019s seed round to help build community-owned web3 shows - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/01\/20\/ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX CEO leads Trustless Media\u2019s seed round to help build community-owned web3 shows - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2022\/07\/27\/ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows\/ FTX CEO leads Trustless Media\u2019s seed round to help build community-owned web3 shows 2023-01-20 22:25:04 A new web3-focused production hub, Trustless Media, has launched out of stealth mode as it aims to build an NFT community-owned media company. 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