Bunim/Murray forms joint venture for NFT-funded TV shows
Bunim/Murray Productions, the studio behind series like "The Real World" and "The Challenge," is forming a joint venture, Wonderfuel, with tech startup Virtual Arts to produce NFT-funded TV shows.
Between the lines: It's the latest sign that Hollywood sees NFTs as a new revenue stream, and content companies are starting to view them as a potential funding model.
Details: The JV will combine Bunim/Murray's production capabilities with Virtual Arts' crypto-enabled fan engagement mobile app platform.
- Wonderfuel's shows will air on traditional TV networks, streaming services and web3 platforms.
- The new partners said each show will either be fully or partially funded by NFT sales.
- "The world of NFTs is a thrilling way to put power into the hands of the consumer, creating programming that the audience has a very real stake in, and taking some of the financial burden off the platforms," Bunim/Murray president Julie Pizzi in a statement.
- Variety first reported.
The bottom line: As Axios has previously reported, NFTs may be Hollywood's next gold rush.