TokenSociety.io, a non-fungible 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 situation comedy TV series, the company announced today.
Fast facts
- The pilot episode of “Men of the House” is completely financed through the sale of its NFTs on TokenSociety.io. The pilot episode had 60 sequential 30-second clips of the show called ‘Snippetz’ as NFTs that were purchased by a private group of collectors. Snippetz for future episodes will be created and distributed randomly to the pool of NFT collectors who subscribe to the NFT drop for that specific episode beginning in November 2021.
- Each Snippetz NFT created for future episodes will be linked to a real-world experience or physical item. This means NFT holders can get the chance to appear as a cast member on a future episode, visit the production set for a meet-and-greet with the actors, or win prizes like an all-expenses paid trip to Belize to witness the filming of the Season 1 finale. NFT collectors who purchase at least 30% of the NFTs for one episode will get an Executive Producer credit for that episode.
- According to TokenSociety.io, the “Men of the House” NFTs follow a new extended ERC standard introduced by the company that enables NFT creators to earn a flat fee instead of a percentage of a sale whenever their tokens are sold or transferred in the future. Gregory Magarshak, Platform Architect and Lead Developer of TokenSociety.io, said: “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. A flat fee commission must be paid to the token creator by the purchaser, prior to the token transfer. Since people can make any sort 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.”
- The TokenSociety.io platform allows multiple people to collect shares in the sales proceeds from the NFT sales. This allows individuals to keep collecting their share of royalties or commission each time the NFTs are transferred between wallets. TokenSociety.io claims to be the first NFT platform to offer this feature as well as the first one to enable NFT owners to collect a flat fee commission.
- Levelle G. Benson, creator, writer, producer of “Men of the House,” said: “The process of funding the pilot for ‘Men of the House’ using TokenSociety was amazingly stress-free and allowed me to entirely focus on the creative side of my project. I have full financial backing with complete creative freedom, which is unheard of, especially as a first-time director.”
- “Men of the House” is not the first show to be financed by NFTs. Stoner Cats, an adult cartoon show featuring Ethereum creator Vitalik Buterin alongside Hollywood stars like Mila Kunis, Ashton Kutcher and Chris Rock, sold NFTs that gave streaming rights to collectors. The show’s over 10,000 NFTs sold out in less than 35 minutes, creating congestion on the Ethereum network and raising over US$8 million. NFTs have been gathering steam in the world of entertainment with Godzilla vs. Kong NFT collection launched earlier this year. “Space Jam: A New Legacy,” a sequel to the 1996 movie, launched NFTs featuring LeBron James and cartoon characters from the movie in July. NFTs are also in the works for movies like The Hunger Games, John Wick, Dirty Dancing and TV show Mad Men.
