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Crypto dating show leverages Crowdfund to raise $6 million (including from Paris Hilton) to build ‘Netflix of Web3’

Fortune | Taylor Locke  | Apr 25, 2022

madrealities team - Crypto dating show leverages Crowdfund to raise $6 million (including from Paris Hilton) to build ‘Netflix of Web3’Mad Realities hopes to create a “totally new business model for media” where fans have more power.

Mad Realities, a company that wants to become the “Web3 version of Netflix,” just raised $6 million after launching what might be the first-ever crypto dating show.

The seed round was led by Paradigm, the venture capital firm founded by Coinbase cofounder Fred Ehrsam and former Sequoia Capital partner Matt Huang. It includes investors like Paris Hilton’s media company 11:11 Media, OK Play cofounder Chris Ovitz, and many others.

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Before this round, Ma and Lewtan raised over $500,000 to create their first show, Proof of Love, by selling NFTs that represent membership to the Mad Realities platform. With the funds, Ma, Lewtan, and their team started posting episodes of Proof of Love—a YouTube show that feels similar to The Bachelorette but even sillier—in March.

But Ma and Lewtan have big plans beyond their first show. They plan to create more content, with the ultimate goal of building a decentralized media company to compete with streaming services and television networks.

‘Like a crypto Netflix’

Proof of Love was named as a nod to blockchain mechanisms like “proof of work” or “proof of stake,” which dictate how transactions are validated for Bitcoin, Ethereum, and others.

By raising funds with NFTs, Ma and Lewtan were able to retain creative control of the project and decided to work with fans to build out the series.

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While crowdfunding, they sold six types of “Rose Ticket” NFTs at different price points. Each NFT promised holders different perks.

The Sangria Rose Ticket NFT allows holders to have a say in what happens on the show. The Sequin Rose Ticket NFT enables holders to earn a producer credit and get “a video of everyone at in person events bowing down to you,” as Mad’s crowdfunding website states. Other Rose Ticket NFTs have different allowances, like the ability to put your friend in the show, play host or another role of choice in the show, and so on.

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NCFA Jan 2018 resize - Crypto dating show leverages Crowdfund to raise $6 million (including from Paris Hilton) to build ‘Netflix of Web3’The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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