Dallas-based Rad, the first NFT-powered streaming service offering a unique blend of entertainment and technology for Web 3, announced that it has secured significant funding in a follow-on round led by Ayre Ventures and that it has incorporated the use of BSV Blockchain into its publishing and purchasing flow for transactional video on demand and open or limited edition NFT video.
Rad also said it has integrated with HandCash, a leading mobile and web wallet that users can connect to apps, games, and websites to stream money directly, to help facilitate payments.
That will allow users to create and purchase content on Rad without needing a browser plugin, and that Rad easily can expand for other forms of payment.
“Rad is excited to expand its integration of blockchain technologies with real use cases, and do so in a way that creators and viewers don’t have to think about,” Rad CEO Tony Mugavero said in a statement. “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. It reduces legal and accounting overhead and provides an extra layer of trust that hasn’t existed in the black boxes of streaming companies.”
What the new release does
Rad said this product release and new investment creates an unrivaled opportunity for creators and studios to release content to major streaming devices.
It said that content creators and studios now can upload video to Rad, set all metadata associated with the video, fix pricing, and enable an arbitrary number of revenue shares and royalties to multiple payees.
That means that anyone — such as actors, musicians, agents, and others receiving payment from the sales of content — can be paid directly.
Rad said this platform launch will help actors and writers receive payments immediately and transparently for their work and redefines how contracting, legal, and accounting will work for selling premium content online.
The publishing and payments use the native blockchain’s currency initially but will support any payment type in the future, as well as payouts to traditional fiat currencies, the company said.
‘Ensuring a fair shake for all’
Ayre Ventures founder Calvin Ayre hailed the development.
“The recent Hollywood actor and writer strikes showed the importance of updating rights agreements in tandem with technological change to ensure creators are properly compensated for their efforts,” Ayre said in a statement. “Ayre Ventures is pleased to support Rad’s ongoing work to demonstrate the pivotal role that enterprise blockchain technology can play in these endeavors. Sunlight is the best disinfectant, and BSV Blockchain-powered transparency is the best method of ensuring a fair shake for all.”
Rad said that for the gas price of a single transaction on Ethereum, it can create 500,000 videos on BSV Blockchain.
It said that leveraging blockchain for transparency and immediacy of payments can’t be prohibitively expensive.
“This is a solution to the lack of transparent and fair payouts in the streaming business, which has led to writers and actors striking, and creators leaving social platforms while struggling to pay bills,” Mugavero said. “Major studios have hundreds of lawyers and accountants shuffling money between departments, countless middlemen and agencies taking a piece of the pie, and there is no easy way to guarantee everyone is paid the right amounts. Blockchain solves this problem and enables instant payouts to the right recipients while giving ownership back to the people.”
Expanding the frontier of digital content
Rad said it is accessible on multiple devices, including PlayStation 5, PSVR, Oculus Quest, iOS, Google TV, and more. It said collaborating with industry giants such as Google, Sony, Disney, Viacom, and NBCUniversal, the company is reshaping the distribution of content for the modern age.
Rad’s business arm focuses on harnessing blockchain, VR/AR, and streaming technologies to create unique, engaging experiences for brands, creators, and filmmakers, pushing the boundaries of what’s possible in digital content and interactive experiences.
An example is the company’s work in 2021 in the auction conducted by DKNY, where they auctioned their first AI-generated video NFT featuring their new logo. That auction benefited the American Nurses Foundation and marked a first in the fashion industry, offering the chance to own unique digital iconography from a globally recognized brand.
Focusing on BSV blockchain-related businesses
Ayre Ventures provides funding to scalable, high-growth businesses within the BSV blockchain ecosystem, the only infinitely scaling enterprise public blockchain. It said it targets investment in innovative ideas and ambitious projects that are ‘positively disruptive’, supporting their expansion with the Group’s extensive network and industry partners.
In 2022, Ayre Ventures, the Ayre Group’s venture capital division, announced a significant investment in Rad, which was started midway through the last decade under the name Littlstar, a streaming network with a focus on virtual reality (VR) video content.
Littlstar was a launch partner on the major VR devices and headsets, including Google Daydream, PlayStation VR, and Oculus. Littlstar also had content deals with such major film and TV studios as Fox, NBCUniversal, Disney, and Viacom.
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