FANDORA.APP – which is being built as the world’s first content licensing platform for Web3 – today announced that it has secured undisclosed pre-seed funding from the founders of AAONXT – Odisha based 1st independent OTT Channel; and REWARDPORT – a leading brand loyalty management platform. These respective founders are Kaushik Das & Ram Patnaik from AAONXT and Javed Akhtar from REWARDPORT.
While NFTs and related Web3 applications is today a multi-billion dollar industry – till date, not even 10% of content creators have been able to explore its synergies, owing to multiple underlying challenges. FANDORA.APP will be endeavoring to bridge the two related but currently disjointed ecosystems of Content Creators and Web3 makers (NFT minters, collectors, Metaverse studios, brands etc) through creating world’s first marketplace of Web3 Rights for Content Creators. This will thus, empower creators to simply auction & transact the Web3 rights to their content and monetise this domain, without worrying about the technicalities and proliferation of so many diverse NFT markets. And, for the rights buyers, it will open up newer earning opportunities by the ability to explore the underlying high-quality content across evolving Web3 ecosystem and also benefit themselves as well as their fellow buyers through associated financial and non-financial NFT utilities.
Talking about his vision behind FANDORA.APP, its founder Satish Kataria, said, “Just as OTT changed the content consumption and distribution few years back – the next wave of change in content will be through Web3. Surprisingly, most of the existing content in Web3 are just graphic illustartions, which are done by essentially be involved engineers in the Web3 building. But now, even they have realized that if they need to continuously build value-yielding web3 assets – they need access to high potent content – and here’s where FANDORA would play a significant global role. While on one hand, we would offer relevant IP protection and complete control to the Creators for their Web3 rights – we would also offer multiple monetization models to the buyers of these rights through empowering them with evolving NFT Utilities. We are expecting that in first two years, we would be able to facilitate content rights worth over USD 100 Million. We would be operational in beta phase starting March 2023 onwards.”
Expressing the potential behind backing FANDORA, Kaushik Das, Founder & CEO of AAONXT said, “At AAONXT, we have always believed in pushing the envelope of bringing next generational changes in the overall content ecosystem. While on one hand, we are developing progressive content on our channels – we believe that Web3 will be the next big frontier for Content innovation and distribution – and it is here that we found synergy with the vision behind FANDORA and decided to back them. While we have invested a strategic amount so far to help the team build its product and initial traction – we won’t shy away from further supporting it as it gets built and progresses to next levels of growth.”
AAO NXT is Odisha based Ist Independent OTT Platform and with its new setup from West Bengal, it's cementing its presence as a strong Eastern Region OTT player.
Further collaborating on the possibilities, Javed Akhtar, Founder of RewardPort and a serial entrepreneur, said, “We have been working with over 600+ leading Indian and international brands today – and each one of them are today looking at exploring Web3 to build customer engagement strategies for the future. It is here we believe that FANDORA can play a key enabler role through its proposed enterprise NFT solutions and can become a gateway for leading brands to both monetise their existing content library for Web3 as well as empower their consumers with NFT and Web3 brand experiences. We wish all the best to FANDORA and the team.”
FANDORA would be operating through its Indian and Canadian based offices and will be deploying the current funds to strengthen its product as well as build partnerships.
It endeavors to be genre agnostic content monetization platform and would be initially targeting artists, musicians and new age content (films and web series) makers. It is also organizing ART 3.0 – India’s first ever auction for Web3 rights of leading artworks, which would be organized at Mumbai on February 21 and is expecting participation from 15 leading artists from Kolkata and Mumbai.
About Fandora
FANDORA.APP is world’s first Pre-NFT Content and Rights Marketplace – endeavoring to bridge Content Creators and Web3 Pros. The Problem Areas that we are trying to resolve
FANDORA.APP is striving to impact two large industries, which are at cusp of next big revolution. One – the content industry – which continues its unabated growth. And two – the evolving world of NFTs and Metaverse – which would become the future medium for consumption and interaction with the content. However, there is a yawning gap between these two worlds as of now.
While most of the creators are aware of NFTs & Web3 – the adoption amongst creators is still at marginal levels – and reasons include limited awareness of the technology required for conversion into Web3 formats; proliferation of so-called NFT Marketplaces and hence the difficulty in deriving and understanding optimal value for their content in Web3 domains and last, but not the least, fear on the protection of various copyrights. Similarly, the Web3 world so far is populated by technology geeks, who have created their own content and have tasted some early success in various NFT marketplaces. But as the NFT world evolves from just being fancy graphics and JPEGs to the increasing case of utilities and better collection value, they would also require access to good quality content.
It is here that FANDORA.APP endeavours to establish a bridge and marketplace – connecting content to Web3 and building first of its kind Pre NFT rights for content makers to benefit from. FANDORA.APP would offer Creators to offer multiple Pre NFT Rights to Web3 Pros – in a way where they can best monetise their content, without worrying about underlying technologies, and while allowing them complete control over the key IP and Rights over their content.
Who will benefit from FANDORA.APP?
FANDORA.APP can benefit entities across various industries and ecosystems. Some of them include:
1. Creators. These could include various verticals such as:
a. Music
b. Books
c. Films
d. Art
e. Influencers
2. Web3 Pros, such as
a. NFT Minters and Collectors
b. Metaverse Studios
c. Gaming Studios
d. Brands seeking foray into Metaverse & Web3
3. Fans – who may benefit from emerging NFT Utilities such as exclusive token gated access to their favorite creators.
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