Mad Realities hopes to create a “totally new business model for media” where fans have more power.
Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Crypto dating show leverages Crowdfund to raise $6 million (including from Paris Hilton) to build ‘Netflix of Web3’
Fortune | Taylor Locke | Apr 25, 2022
Mad Realities hopes to create a “totally new business model for media” where fans have more power.
Mad Realities, a company that wants to become the “Web3 version of Netflix,” just raised $6 million after launching what might be the first-ever crypto dating show.
The seed round was led by Paradigm, the venture capital firm founded by Coinbase cofounder Fred Ehrsam and former Sequoia Capital partner Matt Huang. It includes investors like Paris Hilton’s media company 11:11 Media, OK Play cofounder Chris Ovitz, and many others.
See: FreeRossDAO: Another blueprint for peer to peer Crypto Crowdfunding
Before this round, Ma and Lewtan raised over $500,000 to create their first show, Proof of Love, by selling NFTs that represent membership to the Mad Realities platform. With the funds, Ma, Lewtan, and their team started posting episodes of Proof of Love—a YouTube show that feels similar to The Bachelorette but even sillier—in March.
But Ma and Lewtan have big plans beyond their first show. They plan to create more content, with the ultimate goal of building a decentralized media company to compete with streaming services and television networks.
‘Like a crypto Netflix’
Proof of Love was named as a nod to blockchain mechanisms like “proof of work” or “proof of stake,” which dictate how transactions are validated for Bitcoin, Ethereum, and others.
By raising funds with NFTs, Ma and Lewtan were able to retain creative control of the project and decided to work with fans to build out the series.
See: Decentralizing Venture Capital: DAO
While crowdfunding, they sold six types of “Rose Ticket” NFTs at different price points. Each NFT promised holders different perks.
The Sangria Rose Ticket NFT allows holders to have a say in what happens on the show. The Sequin Rose Ticket NFT enables holders to earn a producer credit and get “a video of everyone at in person events bowing down to you,” as Mad’s crowdfunding website states. Other Rose Ticket NFTs have different allowances, like the ability to put your friend in the show, play host or another role of choice in the show, and so on.
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