TokenSociety, which manufactures NFTs for the entertainment industry, completes removal of NFT for “Men of the House” TV series
TokenSociety.io, a non-fungible token (NFT) minting platform for the entertainment industry, reveals they have completed their first NFT fall for the pilot episode of “The men of the House, ”a sitcom television series“ written and directed by Levelle G. Benson starring Kareem Grimes, Erica Peeples, Skyler Gray, Addae Nassir and Chase Fisher, Jr., ”according to an update shared with CI.
As stated in a statement, “Men of House” is the first television show pilot funded “exclusively by the sale of TokenSociety’s NFTs called ‘Snippetz’.”
The first NFT Drop, “Men of the House SZN 1 – Pilot Episode” – is “made up of 60 30-second sequential clips from the show (Snippetz) which were purchased by a private group of NFT collectors,” the ‘announcement.
The clips of future episodes will be “created and distributed at random to the group of NFT buyers who subscribe to that specific episode (NFT Drop) on the TokenSociety.io platform from November 2021,” the update confirmed. day.
Levelle G. Benson, creator, writer, producer of “Men of the House” says the process of funding the pilot project for “Men of the House” using TokenSociety was “stress free” and allowed her to focus on the “Creative side” of his project.
“I have full financial support with complete creative freedom, which is unheard of, especially as a first-time director. As a creative person, there is no better situation to bring your project to life. TokenSociety is a blessing.
In addition to owning the Snippetz, each of the Snippets created for each episode will have “a secret real-world experience or physical element associated with the NFT relating to that specific episode,” the statement noted.
These include the “opportunity” for a Snippetz owner to participate as a cast member in a future episode and three other Snippetz owners will have the opportunity to “visit the set for a meet and greet with the cast during production of the movie. spectacle. “
The ad also mentioned that those who buy at least 30% of the Snippets from each drop can also “earn executive producer credit for that specific episode.” Additionally, those who purchase Snippetz in one of the episodes will qualify or be able to win various other prizes such as an “all expense paid trip to Belize to watch the filming of the final episode of Season 1”.
As stated in the press release:
“Each future episode will feature a celebrity cameo and music from emerging independent music artists. Those who wish to purchase “Men of the House Snippetz” will have a choice of which episode they wish to purchase, knowing exactly which celebrity will appear.
Recently, NFTs in film have “gained popularity,” the announcement notes while adding that the first major film to introduce NFTs was Godzilla vs. Kong with “great success”. New Space jam The film was “accompanied by 91,000 NFT in the form of free and inexpensive digital collectible cards. John Wick, The Hunger Games, and Mad Men also plan to release NFTs to supplement their franchises.
As mentioned in the press release, the raison d’être of the studios is “to increase fan engagement and open up new sources of revenue”.
As stated in the announcement:
In addition to being the first successful Snippetz Drop on the TokenSociety platform, the NFTs created for ‘Men of the House’ are also the first of a new extended ERC standard token introduced by TokenSociety that pays NFT creators flat-rate commissions rather than a percentage of the sale, where and when their tokens can be sold or transferred in the future.
Gregory Magarshak, platform architect and lead developer of TokenSociety, added:
“All NFTs support the basic interface, known as ERC 721, which allows basic functions such as token transfer. Commissions are usually billed at market level, like on OpenSea or Rarible. To make the commissions work in all markets, we’ve included them in the NFT smart contract itself. “
He further noted that a “flat rate” commission must be paid to the token creator by the buyer, before the token transfer is made. Since consumers can enter into any type of payment arrangement outside of the blockchain or transfer the NFT between wallets for “no compensation”, the commissions are “designed to be a fixed fee every time the token is transferred between portfolios ”.
Grégory also mentioned:
“After the release of TokenSociety, we plan to release it as an open ERC standard, hoping that it will be adopted by other NFT platforms, just as ERC1155 has been. Although we have developed our own formula for commissions, we have made the interface general enough that others can come up with their own formulas.
Another feature of the new TokenSociety ERC Token is the ability to assign multiple different recipients of the NFT sale proceeds and / or multiple future commission or royalty owners who “each get their percentage back each time the commission or royalty is paid. in the future “. noted the ad.
In addition to project funding, TokenSociety.io will showcase its NFT Marketplace “featuring high-end digital and physical art as well as one-of-a-kind collectibles.”
As stated in the announcement, TokenSociety.io is an ‘organized’ NFT strike platform and marketplace that allows consumers to strike NFTs for different purposes, such as funding entertainment projects and ‘documenting ownership and where the real world assets come from ”.
TokenSociety is said to be one of the first NFT platforms that allows creators to “charge a flat fee for all future sales of their NFTs, which can be paid to creators on all other NFT platforms.”
TokenSociety.io also claims to be the “first” NFT platform to allow its users to issue NFTs with “multiple owners and / or recipients of future royalties.”
It’s worth noting that the NFT and DeFi spaces are in a massive, highly speculative bubble, and most of these projects aren’t designed to actually deliver on the promises they make. More than likely, most of these initiatives will fail due to poorly planned business strategies. There are also many DeFi / NFT-related scams that take place on a regular basis and regulators are expected to step up their scrutiny of many of these questionable projects soon.