You could be forgiven for thinking that, given the bloodbath of the 2022 crypto pullback, innovation in the space is over.
There do remain companies working in the space, however.
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The goal of increasing accessibility is often floated around in crypto circles as one potential benefit of cryptocurrency. While financial applications are typically the go-to, there are ambitions to push beyond this, too.
Entertainment is one such example. Consumers have traditionally never had input into the creative direction of a company's productions, or at least not directly. This week saw one metaverse company announce it will grant token holders the ability to vote on characters in three upcoming animated films.
The films are projected to have a budget of between $15 million and $16 million, and will be created by T&B Media Global. The metaverse company granting fans the right to vote on these characters is the CROWN Token Project.
The three upcoming films are titled Looking for Gods, Forestias, and Blue City. Through the sale of its tokens, CROWN is offering fans the chance to have a seat at the table and vote on features they want. This marks a contrast from the traditional media universe where consumers have zero say in the creative direction.
CROWN is betting on the fact that a change in fan interaction will improve the overall consumer experience. In addition, holders can stake their coins and earn rewards through the USDT stablecoin.
Commenting in a press release, Pannathorn (Pan) Lorattawut, CEO of VUCA Digital, from the CROWN Token Project, commented:
"We are dedicated to elevating the audience experience by giving them a voice in the creative direction of their favorite productions. We are unique in that we are backed by multi-million dollar production companies, a backlog with years of intellectual property rights, and deep partnerships with the very best in the industry. We are opening opportunities everywhere for all creatives and fans to have a seat at the table and be rewarded for it."
Of course, the competition here is fierce, and the space has been ravaged over the last year. Where metaverse used to be a fashionable phrase promising an unknown future, now it is almost symbolic of bull-market hysteria at the height of the zero interest-rate, money printing bonanza of the pandemic years.
We have seen Facebook struggling post-rebranding as Meta, with thousands of employees laid off last month. Its share price fell 70% in a year following its rebrand to Meta and embrace of the metaverse. Even after the tech-wide rally of the last few weeks, it is still down over 50%.
If Meta is struggling, imagine how bad it is for the smaller companies. But CROWN has a vision for the future that is to be admired. Lorattawut also commented in the press release:
We are dedicated to elevating the audience experience by giving them a voice in the creative direction of their favorite productions. We are unique in that we are backed by multi-million dollar production companies, a backlog with years of intellectual property rights, and deep partnerships with the very best in the industry. We are opening opportunities everywhere for all creatives and fans to have a seat at the table and be rewarded for it.