TokenSociety.io Announces the NFT Entertainment Financing Platform and the Launch of the First Project
“Men of the House” is the first television show pilot to be entirely funded by an NFT sale. TokenSociety.io launches a new ERC standard token that supports multiple owners and pays creator commissions on all NFT platforms.
NFTs have recently gained favor in the film industry. Godzilla vs. Kong was the first major picture to use NFTs, and it was a huge hit. The new Space Jam film was accompanied by 91,000 NFTs, which were given away as free or low-cost collector digital cards. NFTs are also being planned for John Wick, The Hunger Games, and Mad Men to augment their respective franchises. The studios’ goal is to boost fan interaction and provide new income sources.
“Men of House” is the first television show pilot entirely funded by the sale of TokenSociety’s “Snippetz” NFTs. The first NFT Drop is of the new show “Men of the House, which is the season 1 pilot episode. It is made up of 60, 30-second consecutive clips from the show (Snippetz) that were acquired by a small number of NFT fans. Beginning in November 2021, Snippetz for future episodes will be generated and given at random to a pool of NFT purchasers who subscribe to that specific episode (NFT Drop) on the TokenSociety.io platform.
“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.”
Each Snippetz generated for each episode will have a secret real-world experience or tangible object linked with the NFT related to that specific episode, in addition to owning the Snippetz. One Snippetz Holder will get the opportunity to appear as a cast member in a future episode, and three more Snippetz holders will have the opportunity to visit the set for a meet & greet with the actors while the program is being produced. If a user buys a minimum of 30% of the Snippetz from the drop of an episode, they will be eligible to receive an Executive Producers Credit for that episode. Additionally, individuals who buy Snippetz in any of the episodes will be entered to win additional prizes, including an all-expenses-paid trip to Belize to witness the season 1 finale being filmed.
Each subsequent episode will have a celebrity guest appearance as well as music from up-and-coming independent musicians. Those who want to buy “Men of the House Snippetz” will be able to choose whatever episode they want to buy, knowing which celebrity would appear.
Apart from being TokenSociety’s first successful Snippetz Drop, the NFTs created for “Men of the House” are also the first of a new extended ERC standard token introduced by TokenSociety that pays NFT creators flat commissions rather than a percentage of the sale, wherever and whenever their tokens may be sold or transferred in the future.
“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 also said, “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.”
The ability to assign numerous receivers of the NFT Sale proceeds and/or many owners of future commissions or royalties who each earn their portion each time the commission or royalty is paid in the future is another unique feature of the new TokenSociety ERC Token.
TokenSociety.io will shortly open its NFT marketplace, which will feature high-end digital and physical art as well as one-of-a-kind collectibles, in addition to project finance.
TokenSociety.io is a curated NFT Minting Platform and Marketplace which allows its users to create NFTs for various purposes including entertainment project financing as well as documenting the ownership and provenance of real-world assets. TokenSociety is the first NFT Platform that allows creators to charge a flat-fee royalty for all future sales of their NFTs which can be paid to the creators across all other NFT platforms. TokenSociety.io is also the first NFT platform to allow its creators to mint NFTs with multiple owners and/or recipients of future royalties.
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