FTX CEO leads $3.25 million seed round for media company Web3 Trustless
Trustless Media, a Web3-based media company that uses NFT sales to fund content, raised $3.25 million in a seed funding round led by FTX CEO Sam Bankman-Fried.
Why is this important: Trustless Media, co-founded by former Yahoo Finance anchor Zack Guzman, is one of many companies trying to use Web3 concepts as a way to access highly competitive content alongside deep-pocketed stalwarts.
- For his part, Bankman-Fried has struck a series of deals as he attempts to capitalize on the broader crypto market crash.
- Bankman-Fried invests in Trustless through his company Alameda Research. Other investors include Avalanche’s Ava Labs and Red DAO founding member Megan Kaspar.
How it works: Content on Trustless will be funded by its audience through a qualifying entry with NFTs.
- His first show, “Coinage”, is launched on Wednesday. As the name suggests, “Coinage” will focus on the crypto space and will be hosted by Guzman.
- At first, “Coinage” will rely on Trustless investors to decide who will buy the first round of NFTs, and thus have a say in the direction of the show. Trustless says they will create more NFTs at a later date.
What they say : “By embracing decentralization, Coinage and Trustless Media are embarking on a new way of bringing stories to life by tearing down the wall between content creators and their audiences,” Guzman said.