April 19, 2024
Blockchain Meets Entertainment: Rad Secures Funding for NFT-Infused Streaming
NFT

Blockchain Meets Entertainment: Rad Secures Funding for NFT-Infused Streaming

Dallas-based Rad, an innovative streaming service at the intersection of entertainment and Web 3 technology, has announced a significant funding boost in a follow-on round led by Ayre Ventures. Notably, Rad has incorporated the BSV Blockchain into its platform, introducing transactional video on demand and integrating non-fungible tokens (NFTs) into its ecosystem.

The platform’s move towards blockchain technology aims to bring transparency and efficiency to content creation, publishing, and payments. Rad CEO Tony Mugavero emphasized the importance of seamlessly integrating blockchain, stating, “Who published the content, who purchased it, and who gets paid, should all be transparent and instant as well as verifiable by all parties involved.”

Rad has partnered with HandCash, a leading mobile and web wallet, to facilitate payments, enabling users to create and purchase content without the need for a browser plugin. This strategic move not only streamlines the payment process but also opens avenues for potential expansion into other forms of payment.

The platform’s latest developments empower content creators and studios, allowing them to upload, price, and set revenue shares and royalties for their videos. This groundbreaking approach ensures that all stakeholders, including actors, musicians, and agents, receive direct and transparent payments for their contributions.

Calvin Ayre, founder of Ayre Ventures, praised Rad’s use of enterprise blockchain technology, emphasizing the role of transparency in ensuring fair compensation for creators. The incorporation of the BSV Blockchain is expected to revolutionize how rights agreements are managed, aligning with technological advancements.

Rad’s blockchain-based approach addresses issues of transparency and fair payouts prevalent in the streaming industry. The platform asserts that blockchain provides a solution to the complex financial transactions, middlemen involvement, and lack of transparency that have led to industry challenges, including strikes and creators leaving platforms.

The company boasts accessibility on various devices, including PlayStation 5, PSVR, Oculus Quest, iOS, and Google TV. With collaborations with industry giants like Google, Sony, Disney, Viacom, and NBCUniversal, Rad aims to reshape content distribution in the digital age.

Rad’s business arm focuses on leveraging blockchain, virtual reality (VR), augmented reality (AR), and streaming technologies to create unique and engaging experiences. The platform has made headlines for its work in the NFT space, such as the AI-generated video NFT auction in collaboration with DKNY, benefiting the American Nurses Foundation.

Ayre Ventures, the venture capital division of Ayre Group, has been actively investing in Rad, recognizing the platform’s potential in the blockchain ecosystem. The collaboration between Rad and Ayre Ventures marks a significant step in advancing the integration of blockchain technology in the streaming industry.

Image: Wallpapers.com

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