Dallas-based streaming innovator Rad has successfully secured additional funding in a follow-on funding round, signaling continued investor confidence in the NFT-powered platform. The company also announced a strategic integration with HandCash, a prominent mobile and web wallet, enhancing payment facilitation for its users.
The integration with HandCash aims to streamline payments, enabling users to seamlessly create and purchase content on Rad without the need for a browser plugin. Rad CEO Tony Mugavero emphasized the significance of integrating blockchain technologies with real use cases, ensuring transparency for creators and viewers without added complexity.
Mugavero stated, “Who published the content, who purchased it, and who gets paid, should all be transparent and instant as well as verifiable by all parties involved. It reduces legal and accounting overhead and provides an extra layer of trust that hasn’t existed in the black boxes of streaming companies.”
Key Features of the Product Release:
Rad’s latest product release, coupled with the fresh investment, opens unprecedented opportunities for creators and studios to release content on major streaming devices. Content creators can now upload videos, set metadata, determine pricing, and establish multiple revenue shares and royalties for various payees.
This platform launch aims to revolutionize payment structures for actors, musicians, agents, and other stakeholders in content creation. The utilization of the native blockchain’s currency initially allows for immediate and transparent payments, with future plans to support various payment types, including traditional fiat currencies.
Blockchain-Powered Transparency and Immediate Payments:
Calvin Ayre, founder of Ayre Ventures, expressed support for Rad’s endeavor, highlighting the importance of updating rights agreements in tandem with technological changes. The use of the BSV Blockchain ensures transparency and immediacy of payments without exorbitant costs, addressing the lack of fair payouts in the streaming business.
Mugavero emphasized blockchain’s role in solving industry challenges, stating, “Blockchain solves this problem and enables instant payouts to the right recipients while giving ownership back to the people.”
Expanding the Frontier of Digital Content:
Accessible on multiple devices, including PlayStation 5, PSVR, Oculus Quest, iOS, and Google TV, Rad collaborates with industry giants such as Google, Sony, Disney, Viacom, and NBCUniversal. The company’s business arm focuses on leveraging blockchain, VR/AR, and streaming technologies to redefine content distribution.
Rad’s previous notable work includes the auction of an AI-generated video NFT for DKNY, contributing to the reshaping of digital content distribution in collaboration with recognized brands.
Ayre Ventures and Blockchain Ecosystem:
Ayre Ventures, the venture capital division of the Ayre Group, focuses on funding scalable, high-growth businesses within the BSV blockchain ecosystem. The firm supports innovative ideas and projects that positively disrupt industries, providing funding and leveraging its extensive network and industry partnerships.
In 2022, Ayre Ventures made a substantial investment in Rad, recognizing its potential within the blockchain-related business landscape. Rad, originally known as Littlstar, has been a pioneer in streaming with a focus on virtual reality (VR) video content since the mid-2010s. The platform has established partnerships with major VR devices and headsets, as well as content deals with prominent film and TV studios.
