Key points covered in this episode:
The Stoner Cats animated series is one of the first fully funded by NFTs. The collection was a total of 10,420 stoner cats minted that sold out in 35 minutes.
NFTs will change the whole definition of the “casting couch”. We’ve been relying on studios and networks to fund creative projects for the longest time. Business leader Erik LaPaglia shares that this $8M project launch shows what awaits us. “If you look at the adoption, it could take away the casting couch, and it could become the minting couch because all of a sudden it’s about what you can get from the community to support your idea and all of those outlandish ideas that didn’t get greenlit in the past.”
NFTs are the future of the way that we do business, the future of entertainment, the future of everything. This TV show is just the tipping point, adds Erik. “I could see collectibles, movies. And we’re only this far away from real-world adoption. Rides at amusement parks and other real-world tie-ins, you’re going to see this more and more.”
Stoner Cats created the ultimate FOMO because only the owners of the NFTs can actually see the episodes. Lee shares how the project was a success due to exclusivity and the power of communities.
The promising royalty stream and revenue are transformative for traditional artists or creators. Often so many artists toil and can only get so lucky to sell their art, get recognized, and start to achieve a higher level of success. “If you’re minting all of your art, going forward as NFTs, you get that second, third, fourth bite at the apple. That, to me, is the real, real game-changer of this whole ecosystem that’s developing around the creators and NFTs.”
Not every launch is going to be flawless, and every launch is going to have issues. In this case, (Stoner Cats) knew how to overcome the issues and still move forward. Erik shares, “there are ones with problems, and there are ones that have not had problems yet. And so it’s just such a burgeoning industry. I think there’s a lot of grace with these communities. The biggest thing is just being transparent.”
