Innovative project ritestream plans to launch RITE token
ritestream is a film and television ecosystem. It will enable users to create, monetize, and stream content on the blockchain. The platform’s native utility token, RITE, is very trending. According to ritestream’s team, creators have faced a wide-open future during every technological revolution, along with the promise of creative freedom. From the printing press to early Television and all the way through to streaming movies on various apps, it’s been the creators who embrace new technologies, growing a new market with their art.
However, each technology that advances creativity eventually falls under the thumb of a consolidated set of non-creative players. Take, for example, how a few major newspapers were controlling print media in the 1990s or how a handful of Studios are controlling today’s streaming industry. And in this process, somehow, the creator gets lost.
Even with all the breakthroughs of the Internet and movie-making machinery available everywhere, creators nowadays struggle to fund their work, connect with their audience, and manifest their vision. Ritestream aims to change that. It offers a cinematic monetization model where an open blockchain is a theatre, and non-fungible tokens are the tickets.
The company plans to launch RITE tokens on March 6, 2022. The sale will end on March 7, 2022. Moreover, 5,000,000 RITEs will be available for purchase for the price of $0.040000 during the initial coin offering. The team aims to raise $200,000 with the sale.
ritestream’s goal is to empower creators from ideation to global distribution. With a decentralized NFT market for Television and film, this company will drive efficiency and cost savings for broadcasters. It will also enable access to personalized content choices for viewers.
Why did the team choose blockchain to achieve its goals?
Public blockchain ledgers enable businesses around the world to create open network economies. The latter are opposites of centralized platform economies. The team distributes the network economy globally, providing open access to anyone with an Internet device. Furthermore, it issued the crypto token ritecoin (RITE) on a blockchain. This token is the heart and soul of ritestream’s digital creator economy. Besides, blockchain-based NFTs provide digital rights, along with provable authenticity.
The team has several reasons for building a Film and Television network using blockchain technology, including proof of authenticity in an immutable digital record; secure, peer-to-peer transactions; fast global payments in real-time; micro licensing; transparency in digital rights and ownership; creating the global crowdfunding mechanisms.
This company disrupts the legacy production system by using blockchain technology and NFTs to empower the content creator. Users will be able to mint each production as an NFT off the blockchain, fractionalize them to entice community investors, and program to issue real-time creator commissions and audience rewards. According to the team, the production NFT will become an investable digital asset with various features once minted. Besides, these tokens will provide a secure, authentic digital representation of any creator’s work. Moreover, the team will program these NFTs to automatically issue commissions in ritecoin for artists when users buy, sell, or trade the NFT. Meanwhile, viewers, crew members, and stakeholders will be able to have a share in their favorite shows and films fractionalization.
What other benefits does this platform offer?
The team noted that transparent monetization and distribution processes would allow Creators to connect to millions of NFT collectors through metamask instantly. Digitized encrypted ownership will also spare them from the complexities and multi-layers of intermediaries when verifying rights or getting paid. The company offers long-term earnings potential for all the stakeholders of NFTs. It will provide that opportunity through cinematic network effects and the tradability of NFT cinematic assets.
Ritestream has its own NFT marketplace, which puts the power back into the hands of content producers, paving the way for a brighter future for fans who are demanding more and better content.
Moreover, the company will even provide a better licensing system. It plans to introduce a new data-driven paradigm for content licensing. This paradigm will allow insights into real-time market trends; enable standard pricing and a transparent, fair process vs. the traditional limited micro licensing system; drive a creator industry that can produce a large volume of content with full knowledge about what works and what audiences want; and transform ownership rights into transparent, cryptographically secure NFTs.
ritestream promises transparency in distribution and monetization. Its creators will no longer have to navigate the complex web of distributors and all the accompanying costs. Instead, they’ll be able to access global discovery channels. The ones that use real-time data to connect to the right set of buyers.
With ritestream, users will also be able to crowdfund to a global market while offering fractional NFTs as a way for their audience to become stakeholders in the production.
Will ritestream be successful?
Considering current proceedings, the answer to this question is positive. This company is aptly positioned to meet the population’s diverse demographics and content needs. It has a technology roadmap in place to scale such an ecosystem. Most importantly, the team plans to give creators a new way to tell their story, as well as a creator economy that allows them to fund projects and take ownership of their creations.
Furthermore, cinematic NFTs are publicly verifiable records of ownership issued off a blockchain. Users can program them to issue commissions and audience or team rewards automatically. As a result, they can empower filmmakers, their crews, the fans, and all the stakeholders in a project, enabling them to share in the funding and the longevity ownership of their creation.
Ritestream employs this technology for its advantage. Beisdes, NFT focus offers a new lens for creators. Through it, customers will clearly see and actualize the destiny of their creation.
A Creator with either a brand-new idea or even an established franchise will be able to list their project on this platform and seek support from the community. Thus, each Creator will go through a stringent KYC process on the ritestream platform. That will ensure that their project is legitimate.
The Creator will be able to determine how much their NFT is valued on creation. Then they will offer a portion of that NFT for sale to the community. On the other hand, community members will be able to purchase fractional amounts of this NFT for the stated amount.