What is Shibuya?
Shibuya is a decentralized film distribution platform. They're creating a short film called White Rabbit which will be the first IP to debut on their platform.
What is White Rabbit?
White Rabbit is the first webseries to launch on Shibuya, created by pplpleasr and Maciej Kuciara. White Rabbit is Shibuya's proof of concept - if successful, it will be the first of many more similar pieces of content on the platform.
White Rabbit stands out from other projects by taking a gamified, community-driven approach to funding, creating, and owning content.
While the film is being created, community members are able to use Producer Pass NFTs to vote on the outcome of different segments of the movie. The GIF below shows the first choice the White Rabbit community is faced with.
Also seen in the GIF, contributors appear in the credits as shown by their wallet addresses. If you have an ENS Domain, this is an easy way to get recognized for the role you played in the episode's creation.
White Rabbit also plans to introduce dynamic credits which is essentially a real-time leaderboard of the show's top producers. Community members will be able to flex their influence and creative direction skills by collecting as many "points" as possible.
What is $WRAB?
To gamify the voting experience, the White Rabbit team introduced the $WRAB token. Users earn $WRAB when voting on the outcome of an episode. Users receive more $WRAB the earlier they vote, incentivizing them to participate as soon as a new episode drops. Users also receive a $WRAB reward bonus if they vote on the same side as the majority.
Once the film is complete it will be turned into a fractionalized NFT, giving ownership of the film back to $WRAB holders.
50% to Producer Pass voters
40% to Artists
5% to Shibuya
5% to Team
$WRAB voting rewards
70% base - Minimum amount everyone will receive
20% early staking bonus - Bonding curve rewarding early staking
10% winning bonus - Split between the majority voters
When I initially discovered this project it had me excited for many different reasons. First, decentralized media platforms are necessary and underrated. Second, White Rabbit has a compelling and fair incentive structure for it's community. Third, pplpleasr has a proven track record of innovative and successful crypto projects which means we probably don't have to worry about getting rugged.
The need for decentralized media platforms should speak for itself. I'm not sure why they aren't more popular yet but I think we are inching closer to their time in the spotlight. Once a media platform figures out the perfect incentives structure to foster a sustainable userbase, I think it becomes the next blue chip NFT project. Everything White Rabbit has implemented on this front is a step in the right direction.
Community engagement is necessary if a project wants it's users to stick around long-term. White Rabbit’s community rewards make complete sense and the way their team has gamified the voting/contribution process is genius. With dynamic credits, choosing outcomes, leaderboards, etc. they've created a fun and competitive way for community members to play a role in the film's production process.
The inclusion of fractional tokens are what really set this project apart from anything else I've seen. When you purchase a Producer Pass what you're actually doing is buying an NFT to fund the creation of another NFT. In the end, the entire community has shared ownership of this creation proportional to their contributions. Basically what I'm trying to say is, buying (and using) 1 NFT will result in the ownership of 2 NFTs once the film is complete. That's two chances to get your initial investment back.
I imagine most of $WRAB's price speculation will be related to the film's IP being purchased by a larger company. In this scenario, all the funds from the purchase would be distributed to $WRAB holders. Admittedly I have no idea how the process of purchasing film IP works but I imagine it's expensive for the party who wants to buy.
The only real shortcoming I see with this project is having to purchase a new NFT for each Chapter that gets created. I understand that creating a film is extremely expensive but it seems like frequent NFT releases could deter some users who don't want to pay gas fees every time they want to support the film. I'm glad the WR team is at least changing up the design of the NFT for each segment. This might give the used Producer Passes some collector value depending on the impact of individual scenes within the film.
Overall I'm really excited to see how much of an impact White Rabbit & Shibuya have on the NFT space. This is the first decentralized media platform I actually feel has developed a sustainable model to fulfill it's goals while fairly benefitting everyone involved.