Last Updated on Dec 9, 2021 at 10:39
The groundbreaking Crypto and NFT boom entertained and changed the world over the course of 2021, with NFT marketplace Opensea capturing over $1 billion in 30-day trade volume. Even with all the breakthroughs of the Internet and movie-making machinery being available everywhere, creators still struggle to fund their work, connect with their audience, and manifest their vision. Here is where ritestream comes into the picture, through leveraging the blockchain, it enables creators to fund their work and connect with their audience instantly!
What Is Ritestream
Funding film and entertainment productions and getting them to market is becoming increasingly difficult for filmmakers and creators. The infrastructure built for Broadcast TV, like many pre-Internet legacy systems, is outdated, complex, and largely serves a few major players.
ritestream’s vision is to empower creators from ideation to global distribution. Tapping into it’s existing library of over 7,000 titles ritestream has the launchpad to instantly create a decentralized NFT market for film and Television. ritestream. Not only will this drive efficiency and cost savings for broadcasters but also enable an enriched personalized content choices for viewers.
Ritestream is also launching a consumer app that will allow viewers to access its vast catalog of content which they can pay to view via the RITE Coin. There is also a view to earn mechanism which engages the community and enables them to earn RITE Coins through interactions with the content.
And to exponentially increase engagement and monetisation, ritestream will build cinemas in partner metaverses where film premiers and red carpet events can be held. The ritestream community will be able to enjoy their favorite movies in the metaverse with their friends from across the globe – truly transcending geographical borders.
How Ritestream NFT Works?
ritestream utilizes public blockchain ledgers which enable businesses worldwide to create open network economies. Instead of the inevitable consolidation and control of creativity, blockchain networks empower creators with open network marketplaces that allow for the free flow of creativity. The entire process happens peer-to-peer between the rights holder and the buyer in a transparent manner.
Any Creator with either a brand new idea or an established franchise can list their project on the ritestream platform seeking support from the community. Community members can then purchase fractional amounts of this creation and fund the creator’s new movie/show. The fractional owners then receive revenues from the film (NFT) in proportion to their ownership. . In order to maximize the monetization, once the film is produced, the creator will then break up the content into logical segments (scenes) that constitute an NFT in its own right. These NFT scenes can then be monetized on a secondary market like Opensea.
This eco-system dramatically increases the reward for the creator and exponentially increases the monetization potential for each content project. This is a revolutionary concept in the film and television industry and will completely transform the way content is produced, monetized and consumed.
Vision of Ritestream
ritestream is a medium for Creators to fund their creative ideas and bring them to life. They can smoothly list their NFT projects for funding and offer the community the opportunity to have fractional ownership of the NFT by contributing using Ritecoin.
ritestream’s vision is to empower creators from ideation to global distribution and into the metaverse. With a decentralized NFT market for film and Television, ritestream will enhance efficiency, increase monetisation oportunities for film and TV NFT’s while offering viewers a much wider variety of content than what they can access today via centralised platforms.
With global streaming revenue forecast to reach over $94 billion by 2025, this is a project to keep on your radar!
Check out more about ritestream on: https://ritestream.io
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