Shibuya is a decentralized video platform proposed by Emily Yang of Pplpleasr. A new media-hosting web 3.0 service will be using NFTs as a way to govern the production of content on the platform.
Holders of NFTs will be able to vote on the direction of any shows that will be published on the service and have a say in other aspects of governance.
The idea looks interesting on paper and may have some interesting applications if enough people will be interested in directing shows on their own. NFT sales should also be used to fund content creation.
The project made noise in California
Some of the biggest endorses and contributors to the investment-seeking campaign are high-profile individuals like one of the biggest NBA stars Kevin Durant, media figure Paris Hilton, and Alibaba founder Joe Tsar.
With endorsements from such famous people, Shibuya managed to gather over $6.9 million in seed funding receiving money from a16z and Variant. More private funding will funnel into the development of Shibuya during its initial phases.
In essence, the service will mimic many features that are already widely utilized by companies like Netflix and Disney while adding some functionality from YouTube.
The biggest factor that will make Shibuya stand out is that the creators and purchasing of intellectual property will be done via funds collected from NFT sales.
The NFT market in general is far from being something lucrative as a whole, but separate projects are doing more than just fine.
Shibuya may become a success story in the NFT domain and bring more attention to the concept of non-fungible tokens that seem to be failing to find a good use case.
Quality entertainment should be the biggest priority
It seems that Shibuya has a plan for its future and plans to attract users by releasing interesting content like Black Mirror and White Rabbit. Since the development of these shows will be powered by NFT sales and voting, the first results will be very soon after the platform’s launch.
Creating a solid technological foundation is the easy part here. Attracting users and retaining their attention to drive up NFT trading volumes will be a completely different task with a lot resting on the shoulders of content creators.