LA-based reality TV pioneer Bunim/Murray Productions is onboarding the NFT bandwagon. The production company has partnered with tech startup Virtual Arts to launch Wonderfuel, a joint venture that will leverage non-fungible tokens to “explore audience-driven, audience-funded programming”. Moreover, Wonderfuel plans to release a series of unscripted TV shows with NFTs integrated into both audience experience and funding.
Show fans will be given a chance to become NFT owners and access rewards as Wonderfuel will mint and release NFTs alongside the show. The rewards include being able to contribute to the show’s creative decisions. In addition, the NFT holders will also have a chance to win unique fan experiences. On the other hand, the NFT sales will enable both “partial and full funding of future shows”.
According to Burnim/Murray President, ”The world of NFTs is a thrilling way to put power into the hands of the consumer.” They plan on leveraging NFTs for “taking some of the financial burden off the platforms.” It has presented the company with an exciting way to deliver unscripted content with the power of tech.
Of course, Wonderfuel has been thinking of partnerships with traditional TV. The goal is to make the most out of their Web3 content production. Currently, the company plans to air its NFT-funded shows on both online streaming services and traditional networks. Bringing the show to Web3 platforms would be a trending transition in the entertainment industry.
Visual Arts co-founder Ryan Jordan added, “This is a moment like never before where the fans and audience can get involved and be a part of the action. We are excited to be enabling the shift that distributes more participation and more opportunity to the viewing audience.”
Bunim/Murray Production (BMP) is a subsidiary of Banijay and an Emmy Award-winning company that creates innovative entertainment content. Not to mention, it is behind groundbreaking unscripted TV series The Real World, Road Rules, and Keeping Up with the Kardashians. One of its newest projects, Lizzo’s Watch Out For The Big Grrrls, is premiering March 25 on Amazon’s Prime Video.
Meanwhile, Virtual Arts is backed by Animoca Brands, a Hong Kong-based game software company and venture capital firm. It is the creator of DanceFight, the first mobile competition platform for skill-based video competitions. At present, Virtual Arts is expanding towards all forms of reality entertainment, including singing, comedy, and skateboarding shows.
With the announcement, Burnim/Murray became the latest production company to implement NFTs in TV shows. Others include Time Studios, Time’s Emmy-winning film production division, which launched an animated series based on an existing NFT collection. Also, The Fringe sci-fi movie franchise is entirely funded by an NFT collection. Interestingly, Fox launched the Blockchain Creative Labs last year, supported by $100 million of creator funds to identify growth opportunities in the NFT space.