Blockchain
TokenSociety.io Announces NFT Platform for Entertainment Financing and Launch of First Project
TokenSociety.io, a new platform for creating Non-Fungible Tokens (NFTs) for the entertainment industry today announced the completion of 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.
“Men of House” is the first television 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. 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 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. As a creative person there isn’t a better situation to be in to bring your project to life. TokenSociety is a blessing.” – Levelle G. Benson, creator, writer, producer of “Men of the House.”
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. These include the opportunity for one Snippetz Holder to take part as a cast member on a future episode and three additional Snippetz holders will be given the chance to visit the set for a meet and greet with the actors during production of the show. Those who purchase at least 30% of the Snippetz from each drop can also earn an Executive Producers Credit for that specific episode. In addition, those who purchase Snippetz in any of the episodes will also be eligible to win additional prizes such as an all expense paid trip to Belize to watch the filming of the final episode of season 1.
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 film have been growing in popularity. 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. The rationale for the studios is to increase fan engagement and open up new revenue streams.
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 explained, “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. 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. He added, “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.”
An additional unique feature of the new TokenSociety ERC Token is the ability to assign multiple 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.
Aside from project financing, TokenSociety.io will soon launch its NFT marketplace featuring high-end digital and physical art as well as one-of-a-kind collectibles.
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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