Bankman-Fried’s Alameda Funds Web3 Production Company

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.

Growing the Web3 community

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.

The post Bankman-Fried’s Alameda Funds Web3 Production Company appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

20000% in One Minute on Play to Earn Game Tothesmart

PRESS RELEASE. The crypto enthusiast has got 10,032 BUSD into their wallet by buying virtual miners in the Play To Earn game Tothesmart for only 50 BUSD….

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days

The Merge has successfully been implemented into Ethereum’s third and final testnet, Goerli, after previously adding Merge support to the testnets Sepolia and Ropsten. The Merge was…

Arsenal Loses Appeal Over Misleading Crypto Advertising

Premier League giants Arsenal F.C. have lost an appeal and been given a second warning by the U.K.’s Advertising Standards Authority (ASA) over the “misleading” marketing of…

Medieval Empires: Ertugrul To Ease Entry Into Web3 Gaming

In light of blockchain gaming’s advancement into the mainstream gaming industry, Medieval Empires: Ertugrul’s founding team attended the Blockchain Economy Istanbul Summit, the biggest blockchain event in…

Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10%

Cosmos rose to its highest point since May earlier in today’s session, as crypto markets surged on Thursday. The global market cap is trading over 6.27% higher…

Task Force to Expedite Review of South Korean Virtual Asset Bills

South Korea’s top financial regulator has assigned a task force to “expedite the review process of bills on virtual assets,” said its chairman Kim Joo-hyun. The task…