Mad Realities wants to be the Web3 version of Netflix and they might just be on to something, raising $6 million led by Paradigm with investors like Paris Hilton, Chris Ovitz, and many others.
Before this round, the CEO, Devin Lewtan, and CTO, Alice Ma, raised over half a million dollars through NFT sales to create their first show, Proof of Love, which has been compared to The Bachelorette. I might add that this is a clever nod to blockchain consensus mechanisms like “proof of work” or “proof of stake”, which determine how transactions are validated on different blockchains like Bitcoin, Ethereum, Solana, and more. The NFTs sold represent membership to the Mad Realities platform, which might be a good play seeing as the team’s plans extend well past their first show. The company plans to create more content, with an ultimate goal of building a decentralized media company to compete with streaming services and television networks, where fans play a central role.
By fundraising through NFTs, the founders were able to keep creative control of the project and chose to work with fans to build out their shows. Each of the NFTs sold allow holders to have a say in what happens on the show, while some even allow holders to earn a producer credit! Others allow users to put their friends in the show, play host, or even get to choose their role on the show. The team hopes to foster this “fan-driven” interactive approach, staying focused on what content the fans want or choose.