Now Pass by NFT Now, a glimpse at the future of tokenized media
Image credit: NFT Now
The Why
Tokenized media brand NFT Now believes the future of media is community-centric business models. The recent launch of their Now Pass and Now Network is the company's most significant web3-native move to date.
NFT Now: “We believe that media companies shouldn’t serve you ads. They should serve you opportunities.”
“The Now Pass is that first step for us in pioneering this community-centric media model, and starting to really redefine what the role is for a media brand in a Web3 environment,” said NFT Now Cofounder Matt Medved.
'Now Pass' utility
The 'Now Pass' grants holders access to:
- A Discord channel and “Alpha Chat” to share news and insights between members.
- Attend events, such as the NFT100 gala and an inaugural community meet-up held in New York during NFT.NYC.
- A membership portal where holders can earn rewards for their participation in the ecosystem.
- There are plans for an onchain voting system for content curation.
Results
NFT Now offered their Now Pass for $500 each, and sold out of their 2,750 total supply in less than 48 hours, raising $1.1 million. That price tag is the same as The Information's annual subscription, 50% more than the New York Times, and 10x more than the Wall Street Journal.
Extracts are sourced from NFT Now:
- ‘The Now Pass Sold Out. Here’s What’s Next’
- ‘The Now Pass Mint Is Officially Live’
- ‘Web2 Media Is Broken. The Future of Media Is Tokenized’
- @NFTNow tweets
Tokenized media brands we're tracking
137pm’s culture token promises access and collabs with cultural icons. Dirt aims to break down Web2 media regimes by publishing content from a network of freelancers, using blockchain infrastructure to keep media decentralized.
Our 0.02ETH 🍃
NFT Now has been deliberately building community since day one, and has strong support from builders and creators throughout the space (including us!). So it probably came as no surprise to the web3 community that NFT Now were able to sell 2,750 tokens, even at an elevated price point compared to traditional media. But how does this scale? How do the economic considerations of supply and demand come into play when it comes to making access to media brands liquid? Is the business model predicated on one-off sales of tokens, or will it mature to something more steady and reliable like subscriptions today? What forms of incentivized participation do communities actually want, and which will drive real ROI? Will royalties be a significant revenue stream, and if so, what's the right growth strategy there? If NFTs really could behave like cookies one day, and power a new-era of digital advertising, what specific steps should tokenized media brands being taking today to be poised for that future later? It's clear to us we are in the earliest innings here with many emergent possibilities ahead. What is clear is that media brands are motivated to experiment, and as we all know, necessity is the mother invention.
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