The latest CoinGeek Roundtable turns its focus on video streaming and the blockchain. Hosted by CoinGeek’s Rebecca Liggero, the discussion covered how video streaming will change, how NFTs will play a role in this, new ways creators and artists can be rewarded, and why all of this requires a scalable public blockchain. Check it out via the video link below.
Introducing the Roundtable guests
The host of the Roundtable needs no introduction—CoinGeek’s own Rebecca Liggero is a familiar face to all in the BSV ecosystem. She asks the questions and sets the pace of the conversation in this episode.
Vanessa Kincaid is the Chief Brand Officer at Rad NFTV. It’s a video streaming platform that uses next-generation technology to create better experiences for users. Blockchain and NFTs are a huge part of what the company does.
Ben Wung is the co-founder of Haura, a live-streaming platform on BSV blockchain. The company wants to completely change how streamers and viewers monetize. The goal is nothing short of disrupting live streaming and creating a better experience for both users and creators.
Mark Bamford is the founder and CEO of Viktrs.com. The firm is revolutionizing the video streaming space and wants to move away from the broken subscription and ad models. He says that blockchain is somewhat new to him, but he’s keen to dive in, learn, and share what his company is doing.
What does the move from Web2 to Web3 mean to you?
Bamford answers this question first. He recalls the transition from analog to digital in the telecom business. The user experience didn’t change much, but behind the scenes, it allowed providers to speed things up, save on costs, and add new features. He sees blockchain technology as a natural progression; it allows people to do new things more efficiently. Vktrs generates huge amounts of metadata, and blockchain can take that, validate it, and allow it to be commercialized.
Kincaid says RAD is a consumer-facing platform, and blockchain allows both users and creators to truly own content. NFTs play a huge role in how this works, and she’ll dive into this in more detail later. Blockchain and associated tech will allow for a far better user experience. Right now, big tech companies have a monopoly on data, and this changes that, restoring power and control to users.
For Wung, it’s all about the internet of value. He gives an analogy; when he pays $1 for parking, up to $0.50 of that could be fees—a crazy thought! Web3 opens huge monetization possibilities. He thinks it’s still super early, and his firm is trying to focus on a few select things first.
How does your company utilize NFTs?
Kincaid tells us that Rad NFTV has Stream Pass—the world’s first subscription NFT. Users can enter the platform, mint an NFT, and access premium features and content. Previously, NFTs were hype-driven and lacked utility. Her company is showing that doesn’t have to be the case.
Bamford says his company could potentially utilize NFTs; its foundation is in music and videos, so it could be a good fit. He highlights how Vktrs knows there are 14 unique interactions per video, and NFTs could allow these interactions to be rewarded. The company’s secret sauce is in-video engagement and the data it generates. That data can be packed in NFTs and sold to brands.
Wung says his business model is to tokenize moments in live streams as NFTs; specifically, they’re minted as Ordinals. Right now, live streaming is one-sided, and they have discovered viewers stop donating after three or four sessions as creators have to focus their attention on new ones. Moments reward people who donate micropayments by minting blocks of the live stream as NFTs and giving them to those who donated.
There’s much talk about revolutionizing monetization. What are some new ways to incentivize users?
Bamford repeats that his company can measure 14 interactions per video. These can be rewarded with NFTs, creating an “engage to earn” economy. Users can even be rewarded for helping identify items in videos, such as what brand a certain dress is, crowdsourcing the identification of brands, and rewarding users for helping out. This is the first step in the gamification content.
Kincaid says the creator side is also interesting; micropayments allow everyone involved in the creation of a piece of content to be rewarded each time it is purchased. Right now, there are lots of middlemen, and there’s a serious lack of transparency in Hollywood and the wider entertainment industry. Blockchain-based micropayments change that.
How can users transact on your platforms right now?
Kincaid says subscription NFTs like Stream Pass are the main means of accessing premium content and features right now. The company is also working on a new feature that allows people to purchase content that lives on the BSV blockchain.
Wung says they use HandCash. It’s a simple, easy way to make payments on BSV that requires only an email address to sign up. He reminds us that Haura is launching in three weeks, and HandCash is the best way to transact on the platform.
Any thoughts and advice for making people more comfortable with blockchain?
Kincaid says we should focus on solving problems for each party we interact with. Blockchain is a tool, and people working in various industries aren’t necessarily familiar with it the way we are. Rather than schooling them on tech, why not just explain how we can help solve their problems and handle the rest for them?
Bamford says the messaging needs to go “up, up, up” until people get it. Furthermore, utility and usefulness is a common language. Everyone is curious, and if we explain things simply, people will understand.
Watch: Powering a new world of streaming with NFTs
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
