Do you remember the days when you walked into a store and bought a DVD if you wanted to watch a movie at home or a record if you wanted to listen to your favorite music? It seems like an eternity in a world where streaming has changed music and movies. And while streaming solved many of the problems of the old system, it removed any form of ownership. Tony Mugavero wants to change that and give consumers ownership of the content they pay their money for.
Tony is the co-founder and CEO of Rad NFTV, a relatively new player in the BSV blockchain ecosystem. He joined Patrick Thompson for CoinGeek TV on the sidelines of the BSV Global Blockchain Convention to talk about how his company is using NFTs to change streaming culture.
“We are building a streaming platform for Web3,” Tony told CGTV. Its platform has worked with major film studios and broadcasters as well as smaller, independent creators. It also has a consumer-facing app that allows users to watch this content.
Tony focused on streaming platforms and the effect they have had on the content landscape. From Netflix and Prime Video to Spotify and Disney+, streaming platforms have become so ubiquitous that their content distribution model is no longer questioned.
Before the rise of streaming platforms, consumers bought DVDs and discs to consume content, giving them a sense of place. Today’s streaming model is built around rental, which Rad NFTV is about to change. Tony thinks that in the recent past, consumers have started to question this model where they pay so much money but don’t end up owning anything.
Streaming platforms have not only affected consumers. In the past, content producers could sell their content and make money upfront, like a music artist who sells their records and makes money. Today, they rely on getting a fraction of a penny once someone streams their music. The big winners are music streaming apps like Spotify, which end up pocketing most of the profits.
Using NFTs to Open a World of Possibilities
Rad NFTV allows content producers to package their content as NFTs and then sell it directly to consumers, allowing them to finally get fair compensation for their hard work.
“…you connect directly with the artist and buy more of a community as a fan. So the fandom can really grow around IP because the fans are actually buying the artists,” Tony explained.
With these NFTs, consumers can not only access content, but also have access to this whole other world of interaction with their favorite creators.
Rad NFTV started as a streaming platform in the virtual reality world. However, this market slowed around 2017, which led Tony and his team to search for the next innovation. They started building a content marketplace on Ethereum in 2018, relying on smart contracts to automate the whole process.
Before long, Tony realized that Ethereum couldn’t deliver over time, “it just got more expensive and slower and harder to use.” With gas fees of up to $100, Ethereum was not feasible for Rad’s NFTV model. The team started exploring alternatives, settling on Bitcoin SV as the best solution as it scales without limits and has very low fees.
As Tony revealed, Ayre Ventures played a big role in his migration to the BSV blockchain and even invested in the startup.
Currently, the Rad NFTV team is fine-tuning its migration to BSV. It is also working on integration with its client apps, ranging from PlayStation, iOS Market, Android TV, and more.
“We make it easy for video creators to use the blockchain and do it in a cost effective and efficient way,” Tony concluded.
Watch: The BSV Global Blockchain Convention panel, Entertainment, Sports and Blockchain
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