TokenSociety.io, a non-counterfeitable token minting platform and marketplace for the entertainment industry, has completed its first NFT Drop for the pilot episode of “Men of the House,” a sitcom TV series, the company announced today.
The pilot episode of “Men of the House” was funded entirely through the sale of its NFTs on TokenSociety.io. The pilot episode features 60 consecutive 30-second clips of the show, dubbed “Snippetz” NFTs, which were purchased by a private collector group. Snippetz for future episodes will be created and randomly assigned to a pool of NFT collectors placed by NFTs who subscribe to that particular episode starting in November 2021.
Each Snippetz NFT created for a future episode will be tied to a real-world experience or physical object. This means NFT holders can have the opportunity to appear in future episodes as a cast member, visit the production set, meet the cast, or win prizes such as an all-expense paid trip to Belize to witness the season one finale. Collectors who purchase at least 30% of the NFT for a given episode will receive executive producer credit for that episode.
According to TokenSociety.io, the “geek” NFTs follow a new extended ERC standard launched by the company that enables NFT creators to receive a fixed fee, rather than a percentage of the sale, any time they sell or transfer their tokens in the future, Gregory Magarshak, platform architect and lead developer at TokenSociety.io said.” Commissions are typically charged at the marketplace level, such as on OpenSea or Rarible. to make commissions work on all marketplaces, we incorporate them into the NFT smart contract itself. Before a token can be transferred, the purchaser must pay a commission of a flat fee to the token creator. Since people can make any kind of payment arrangement outside the blockchain or transfer NFTs between wallets without any compensation, the commission is designed to be a flat fee whenever tokens are transferred between wallets.”
The TokenSociety.io platform allows multiple people to collect a share of NFT sales revenue. This allows individuals to keep collecting their share of royalties or commissions each time NFTs are transferred between wallets. tokenSociety.io claims to be the first NFT platform to offer this feature, and the first to allow NFT owners to collect a flat fee commission.
Says Levelle G. Benson, creator, writer, and producer of “Geeks.” The process of using TokenSociety to fund the pilot of ‘Men of the House’ was surprisingly stress-free and allowed me to focus entirely on the creative side of my project. I had full financial support and complete creative freedom, which is unheard of, especially as a first-time director.”
“Geeks” isn’t the first show to be funded by NFTs.Stoner Cats is a **show** featuring Ether creator Vitalik Buterin and Hollywood stars like Mila Cunis, Ashton Kutcher and Chris Rock, which sells NFTs that give streaming rights to collectors. The show’s 10,000+ NFTs sold out in less than 35 minutes, creating congestion on the ethereum network and raising over $8 million.NFTs have been gathering popularity in the entertainment world with the launch of the Godzilla & King Kong NFT series earlier this year.” Space Jam: a sequel to the 1996 film, launched in July with NFTs featuring LeBron James and cartoon characters from the film. nFTs for films such as The Hunger Games, John Wick, Dirty Dancing and the TV series Adbusters are also in the works.