ritestream & RACA Twitter Space Key Takeaways

Who is Riaz Mehta?

• CEO of Allrites & ritestream.
• With a career both in technology and media.
• He started as a software developer in Australia, and then, following his passion, he became a television producer (that broadcast on Netflix, Hulu and other major ones)
• 2012 Nominee Emmy.

***Non-Scripted Entertainment: The Challenger Muaythai 2011

https://www.imdb.com/title/tt2062931/?ref_=nmawd_awd_1

What is Allrites?

• Established B2B business to monetise our content with a solid foundation.
• Web2 marketplace for film and TV content that is already generating revenue.
• Help and bring all those from web2 into web3.
• Not dependent on hypes or token price drops.

What is ritestream?

• Web3 decentralised platform.
• Watch to Earn films in the Metaverse cinema and interact with other users.
• Streaming the APP, watching content using RITE tokens and getting a reward for feedback.
• Launchpad for film and TV content with NFTs.
• The first TV Show, “Crypto Knights”, maybe in Q2, is like a Shark Tank for crypto to own a piece of a very innovative TV show in web2 but also benefit from all the projects that participate within that TV show. It will reward you through staking from the projects featured within the TV show (you become a stakeholder in all those projects).
• If the show succeeds, it becomes a global franchise.
• Utility NFTs with lot more ongoing benefits.

What is a Shark Tank?

• Have entrepreneurs pitching to a navel of VC investors.
• They will be able to see web3 projects pitch through the OG´s of crypto. These projects will receive funding from these OG´s, but also mentoring in that journey.
• From OG´s as the founder of an exchange or founders of projects, VC´s, there will be incubator programs. Support infrastructure for these projects.

***Shark Tank: an American business reality TV series (from the international format Dragon´s Den, which originated in Japan as Money Tigers). It shows entrepreneurs making business presentations to a panel of 5 investors or “sharks” who decide whether to invest in their companies.

https://en.wikipedia.org/wiki/Shark_Tank

How did you decide to dive more into Web 3 and crypto, and how ritestream came into it?

Why ritestream got into web3 and crypto?

• It is an excruciating process to bring a concept to life.
• Secure the funding, and it´s costly as films can cost millions of dollars.
• Less than 1% of the ideas do get funded.
• Investorsrs or sponsors control your idea and the revenues when you go to a Hollywood Studio.
• Want to solve the creation of content with web3 with ritestream?
• Launchpad for film and TV content where creators can get their ideas funded through the community via an NFT (as fractional ownership).
• Watch content and earn RITE tokens if you write a review.
• Create cinemas in the Metaverse to make content accessible to web3 people and increase revenue opportunities for the creators.
• We want to educate non-web3 audiences about crypto and bring them into our space.
• A bridge between web2 and web3.
• We look at it holistically, not only at an elephant’s ear or the tail but at the entire ecosystem. How do we create content from scratch (launchpad, monetise content, streaming app, metaverse cinema, transparent ecosystem where people can participate with blockchain)?
• If creators succeed, all users get a fair share as well.
• Decentralise the funding process for content.

Which is the biggest challenge right now?

• Building in a bear market. There is no liquidity as when tokens are pumping, you have access to capital, and all venture capital investors go back into the little shelves. But as a web2 business, it doesn´t matter what happens with the market, so we will survive and thrive.

What is ritestream most proud of?

• Have an actual product.
• A platform that´s a game changer for the industry that nobody else does today.
• Have solid relationships within the entertainment industry and work with incredible partners (RACA, BNB Chain, Galaxy Arena, and some top anime intellectual properties in Japan…).

Partnerships RACA

• We were looking for deep partnerships where we have a shared, more excellent vision and shared communities that will benefit from this.
• Raca´s USM has been one of the largest Metaverse on BNB Chain since 2014.
• Few people who were not related to crypto started watching movies and concerts… in the Metaverse.
• In the next year or two, people will be watching movies in the Metaverse. Like walking into a real theatre, where you have several films playing or even TV series or TV shows, and there it´s a kind of QR code, and literally, we can select the cinema that we want to watch content.
• Enjoy that experience with our friends from across the globe, which is impossible today.
• In the immediate future, to have the ability to interact with content and watch a film in ritestream cinema.
• Buy an NFT of that film so it can become a very immersive experience, like in Twitch, Youtube, or Fornitely concerts where users interact with each other.
• Creators will be able to engage with other creators.
• Create a safe space for forming communities.
• Have premier parties, like in Film Festival.

This was gathered via the ritestream x RACA Twitter Spaces AMA

Source:

December 3rd 1 am UTC. https://twitter.com/RACA_3/status/1598843904581054469