One of the world’s most successful producers, Ryan Kavanaugh, is entering the NFT space with his new company Triller. For those not in the know, “NFT” stands for Non-Fungible Token and these are blockchain-based tokens that can be used to represent anything from digital artwork to virtual reality spaces. The benefit of this type of token system is that it provides an easy way for people to exchange goods without worrying about fraud or security issues. This article will discuss how Triller plans on using their expertise in media production and distribution with their entry into the non-fungible token marketspace.
Ryan Kavanaugh, CEO of Relativity Media
The first token that will be created by Triller is going to be a piece of digital artwork. Called “Triller – The Bit Piece”, the image shown on the left depicts a famous bit from an episode of the popular TV show, Seinfeld, and it was produced in collaboration with crypto-artist Jason Bailey. Each token will be unique and is going to be brought into existence by an algorithm that creates random variations of the image, which means every token will have its own value.
Triller – The Bit Piece tokens can be traded for other NFTs on platforms like OpenSea or exchanged with friends through apps that are being developed by Triller. This also means that the value of the token will be determined by supply and demand, much like real-world currencies.
Triller – The Bit Piece
This project is a good example of how non-fungible tokens can be used in practice and what benefits this technology brings to the table according to Ryan Kavanaugh, CEO of Relativity Media and founder of Triller:
Triller was launched by Ryan Kavanaugh in early 2018 as “a community for creative people who want to collaborate, share stories and support one another”. The startup has already gathered over 2 million unique visitors per month and has an active community on social media.