TokenSociety.io, a platform for minting non-fungible tokens (NFTs) for the entertainment industry, reveals that they’ve completed their first NFT Drop for the pilot episode of “Men of the House,” a situation comedy TV series “written and directed by Levelle G. Benson starring Kareem Grimes, Erica Peeples, Skyler Grey, Addae Nassir and Chase Fisher, Jr.,” according to an update shared with CI.
As noted in a release, “Men of House” is the first TV show pilot financed “exclusively through the sale of TokenSociety’s NFTs called ‘Snippetz’.”
The First NFT Drop, “Men of the House SZN 1 – Pilot Episode”- is “composed of 60, 30-second sequential clips of the show (Snippetz) which were purchased by a private group of NFT collectors” the announcement revealed.
Snippetz for future episodes will be “created and distributed randomly to the pool of NFT buyers who subscribe to that specific episode (NFT Drop) on the TokenSociety.io platform beginning in November 2021,” the update confirmed.
Levelle G. Benson, creator, writer, producer of “Men of the House,” claims that the process of funding the pilot for “Men of the House” using TokenSociety was “stress-free” and allowed him to focus on the “creative side” of his project.
“I have full financial backing with complete creative freedom, which is unheard of, especially as a first time director. As a creative person there isn’t a better situation to be in to bring your project to life. TokenSociety is a blessing.”
In addition to owning the Snippetz, each of the Snippetz created for each episode will have “a secret real-world experience or physical item associated with the NFT pertaining to that specific episode,” the release noted.
These include the “opportunity” for one Snippetz Holder to participate as a cast member on a future episode and three other Snippetz holders will be given the chance “to visit the set for a meet and greet with the actors during production of the show.”
The announcement also mentioned that those who buy at least 30% of the Snippetz from each drop can also “earn an Executive Producers Credit for that specific episode.” Additionally, those who buy Snippetz in any of the episodes will qualify or be eligible to win various other prizes like an “all expense paid trip to Belize to watch the filming of the final episode of season 1.”
As stated in the release:
“Each future episode will feature a celebrity guest cameo and music from up and coming independent music artists. Those who wish to purchase “Men of the House Snippetz” will be given the choice of which episode they would like to purchase knowing exactly which celebrity will make their appearance.”
Recently, NFTs in the film have been “growing in popularity,” the announcement noted while adding that the first major film to introduce NFTs was Godzilla vs. Kong with “great success.” The new Space Jam movie was “accompanied by 91,000 NFTs as free and cheap collectible digital cards. John Wick, The Hunger Games, and Mad Men are also planning on releasing NFTs to supplement their franchises.”
As mentioned in the release, the rationale for the studios is “to increase fan engagement and open up new revenue streams.”
As noted in the announcement:
“Aside from 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 pay NFT creators flat commissions rather than a percentage of the sale, wherever and whenever their tokens may 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, that enables basic functions such as transferring a token. Commissions are usually charged at the level of the marketplace, such as on OpenSea or Rarible. In order for commissions to work across all marketplaces, we included them in the NFT smart contract itself.”
He further noted that a “flat fee” commission has to be paid to the token creator by the purchaser, before the token transfer is performed. Since consumers are able to make 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 flat fee whenever the token is transferred between wallets.”
Gregory also mentioned:
“After publishing TokenSociety, we plan to publish this as an open ERC standard, hoping it will be adopted by other NFT platforms, just as ERC1155 has been. Although we have come up with 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 option to assign several different recipients of the NFT Sale proceeds and/or multiple owners of future commissions or royalties who “each collect their percentage each time the commission or royalty is paid in the future,” the announcement noted.
Aside from project financing, TokenSociety.io will reportedly introduce its NFT marketplace “featuring high-end digital and physical art as well as one-of-a-kind collectibles.”
As noted in the announcement, TokenSociety.io is a “curated” NFT Minting Platform and Marketplace which enables consumers to mint NFTs for different purposes such as entertainment project financing and “documenting the ownership and provenance of real-world assets.”
TokenSociety is reportedly one of the first NFT Platforms that enable creators to “charge a flat-fee royalty for all future sales of their NFTs which can be paid to the creators across all other NFT platforms.”
TokenSociety.io also claims to be the “first” NFT platform to enables its users to issue NFTs with “multiple owners and/or recipients of future royalties.”
It’s worth noting that the NFT and DeFi space are in a massive, highly speculative bubble, and most of these projects are not designed to actually fulfill the promises they are making. More than likely, most of these initiatives will fail due to poorly planned business strategies. There are also many DeFi-related / NFT scams taking place on a regular basis and regulatory authorities should soon increase their scrutiny of many of these questionable projects.