Mumbai : Time and again it has been established that digital is the present and the future. NFTs, metaverse, web3 – though these names seem familiar, India is still finding its way through these technologies. And while we learn to dabble with these, there is a platform like ReelStar. ReelStar is India’s first multi-blockchain social media platform, created with a revolutionary vision to globally democratise access to web3, metaverse and future technologies. The company’s goal is to bring the ‘everything app’ - a functional, easy-to-use, private and secure social media, video streaming, messaging and payments platform that is the bridge to web3, metaverse beginning with its NFT minting and open NFT market place/platform. Indian born and raised, serial entrepreneurs, Navdeep Sharma and Nick Bahl, now based in Australia are the co-founders of this app.
In a conversation with Indiantelevision.com, ReelStar founder Navdeep Sharma spoke about the reason for launching a platform such as ReelStar, the challenges that they faced, the kind of brands, influencers, and content creators they are working with and more.
Sharma is currently based in Australia (since 2008), and has been an entrepreneur, investor, and philanthropist with businesses across IT, media and entertainment sector. With his passion in technology and for the purpose of giving more opportunities to Bollywood artists in the crypto and NFT marketplace, ReelStar, his brainchild, came into place.
ReelStar provides a suite of extensible and innovative user-friendly tools for creation, tokenisation, engagement, connection and analytics for every level of the media & entertainment industry (M&E). Individual artists, film studios, record labels, event planners, festival organisers, cinema and live venue operators, to name just a few, will be able to leverage the platform and tools to add value, grow and increase connection and engagement with their market. The platform will enable a broad array of gamified experiences to both energise and maintain existing fans and cultivate new ones.
ReelStar’s mission is to forge a globally interconnected community of creators and fans, where no one is excluded. This platform will increase engagement and connection between artists, creators, consumers and fans in a safe immersive experience that respects individual privacy. The ReelStar ecosystem is a proprietary solution to the current drawbacks present in blockchain and fiat integration with respect to global regulatory requirements. In addition to the ReelStar app’s ease for NFT creation, ReelStar will also provide a bespoke NFT minting and smart contract service. This concierge service is customisable to suit the needs of all levels of creators. It provides curated entry into both primary and secondary NFT marketplaces.
The entire ReelStar ecosystem is powered and enabled by the blockchain utility token, ReelToken (REELT).
Talking about the three USPs of ReelStar, Sharma elaborates that firstly, ReelStar focuses on a combination of ease of use, engaging the community, and diverse features which makes it an ‘everything app’. Secondly, ReelStar combines features of web 2.0 and web 3.0 with social media, NFT Marketplace, cryptocurrency - in one app. Thirdly, it will help users to discover a new interest, expand their knowledge and connect with others who share similar passions.
Edited excerpts:
On the the story and reason behind launching ReelStar
Early around 2020, I and Nick Bahl, the founders of ReelStar Pty Ltd, became aware of what were frequently severe limits on the artistic freedom and content created by the artists and producers who had become our friends, not simply through business dealings. When Nick and me worked together to tackle this question, we also became aware of how numerous other industry problems had their roots here as well. So, I and Nick were inspired after noticing the web 3.0 trends and how it would rebalance the economics of content development, interaction, and value for both creators and those who appreciate their creativity on the ReelStar app.
On the kind of market gap you were looking to fill with the launch of ReelStar in India
The market gap that ReelStar intends to fill in India is the need for an app that would give creators back freedom over their content through decentralization. Through this web 3.0 integrated application, artists will have more freedom over their content by giving them the ability to directly control and monetize their work, and interact with users who appreciate their creativity, without the need for intermediaries. ReelStar will have the potential to empower creators by giving them greater control over their online data and interactions. ReelStar’s unique combination of functionalities including live streaming, video sharing, peer-to-peer chat, audio video calling, NFT minting, and marketplace with the digital wallet will make it an accessible and attractive platform for Indian users. ReelStar will prove to be a valuable tool for expression for creators and a game-changer in the country’s landscape of media and entertainment.
On the challenges, lessons and learnings
Setting up any application can be a complex and challenging process. There are many challenges that arise from time to time. There are many other social media apps that have video sharing, chat systems, photo sharing, or other countless features. So, to completely go out of - the - box and develop ReelStar was a challenging task. However, with the right combination of perseverance and vision, ReelStar will continue to find unique ways to stand out in the media and entertainment market globally.
On the kind of brands, influencers, and content creators you are working with
ReelStar has been working with a wide range of influencers and content creators in India to offer a diverse range of content to Indian consumers. ReelStar has also partnered with various local and international brands to offer exclusive content, products, and promotions to Indian consumers. This will help to create a rich and engaging user experience that appeals to a wide range of interests and preferences. In addition, ReelStar has also been working with artists, musicians, and other creatives to offer a platform for them to showcase their work and reach a wider audience. Leading blockchain expert, Evan Luthra is on the advisory board for Reelstar along with the renowned speaker and crypto investor, Nikita Sachdev. The notable crypto analyst, Bryan Ross and tech enthusiast, Cryptoguru as well covering all events, stories related are on the advisory board for the ReelStar panel. Overall, ReelStar is working with a diverse range of influencers and content creators to offer a rich and dynamic user experience to Indian consumers, and to help connect people with the content and experiences that matter most to them. Through web 3.0 integration in the app, creators can maintain ownership of their digital content even as it is shared and distributed online, and through decentralization, creators can build stronger relations with their fans through direct communication without any intermediaries.
On sponsoring and partnering with several events such as the GISF, Creators United 2023, etc.
Till today, ReelStar has sponsored a variety of events like the ReelStar Titans Cup in Dubai, the Great Indian Sneaker Festival in India, and the Creators United event to showcase its potential to creators and users who appreciate their content. ReelStar wants to connect with fans of diverse interests like cricket, fashion, and music, to name a few, to highlight the platform’s role as a hub for content and the upcoming culture. ReelStar wants to show the role of the application in its content and the endless potential creative features it presents to the users. These events have allowed ReelStar to engage with users, and showcase the experience the platform can provide to build lasting relationships with users in a meaningful way.
On ReelStar serving to be a platform for brands to take their advertising and marketing activities to the next level
ReelStar has the potential to revolutionize the way brands approach advertising and marketing entirely. Through decentralized marketing, ReelStar makes it possible to cut out middlemen, save costs, and boost customer and brand confidence.
Therefore, by utilizing web 3.0's capabilities, brands may produce more appealing, creative, and interesting advertising and marketing experiences that can aid in the development of better relationships with their target audiences and the accomplishment of their marketing objectives.
On the digital medium being utilized in an optimal manner by platforms such as ReelStar to connect with its audience
To engage with its audience and develop its brand, ReelStar, like many other platforms, has made use of a variety of digital channels. Here are some examples of how ReelStar has best-made use of the digital medium:
a. ReelStar has capitalized on its power as a visual platform by pushing users to produce and share visual content that engages their audience.
b. ReelStar has partnered with well-known users and influencers to produce and promote content on the site to expand its user base and strengthen its brand.
c. ReelStar has promoted user-generated content creation and sharing, which has boosted user engagement and a community spirit.
d. ReelStar has embraced video content as a way to engage with its audience, and the platform now offers a number of features, like Reels, to let users make and share videos and convert their content into NFTs and sell it.
These methods will support ReelStar in developing a large and active user base and solidifying its position as a top platform for content creation and monetization. Therefore, by leveraging web 3.0 technology, ReelStar will be able to engage with the audience and successfully develop its brand through the digital medium.
On the kind of audience that ReelStar attracts
ReelStar has the potential to appeal to a wide audience. The following are some examples of the audiences that ReelStar might draw:
a. People that are interested in discovering newer technologies are more likely to be early adopters of such new technology.
b. The emergence of new decentralized platforms and tokens that are linked to Web 3.0 may draw those searching for investment opportunities.
c. ReelStar has the potential to provide content producers with more control over their content and new opportunities to commercialize it.
d. Users who are worried about privacy and security may be drawn to Web 3.0 because of its decentralized technology, offering the opportunity for more privacy and security to users.
While it is challenging to foresee precisely which audiences would be drawn to ReelStar, it is likely that as this technological innovation continues to grow, a wide spectrum of people and communities will be drawn to it.
On ReelStar democratising access for content creators, content consumers, and enhancers
The demand for an app that will restore creators' control over their work through decentralization is what ReelStar hopes to address in the Indian market. The opportunity to directly manage and commercialize their work, as well as engage with consumers who value their talent, will provide artists more control over their content owing to this web 3.0 integrated application. ReelStar will give creators more control over their online interactions and data, which can empower them. ReelStar will be a usable and appealing platform for Indian consumers because of its distinctive combination of features, which includes live streaming, video sharing, peer-to-peer chat, audio video calling, NFT minting, and a marketplace with the digital wallet. Creators will find ReelStar to be a useful tool for expression, and it will fundamentally alter the media and entertainment environment of society.
On the Create, Connect & Convert model for the creators in the Indian ecosystem.
The framework of Create, Connect, and Convert model was created to assist Indian creators in interacting from their community.
a. Create: Create quality, captivating material that is pertinent to the intended audience as part of this stage. Creators would concentrate on delivering valuable material that distinguishes them from peers in their field.
b. Connect: Creators will grow their community and establish connections with their fans directly. Reels, NFT, online forums and various other forms of content creation tools can be used for this. Building a loyal audience that is engaged in the content is the aim.
c. Convert: Converting the viewers into paying clients is the last step. Direct monetization techniques like NFT selling, brand collaborations, Content Marketing can be used to achieve this. In addition, creators should think about indirect monetization strategies like creating their own identity, developing a personalized way to deliver content.
Creators in the Indian economy can develop a long-lasting and successful career in the media and entertainment sector by adhering to the Create, Connect, and Convert strategy.
On the ReelStar ecosystem rewarding the users watching the content
The ReelStar ecosystem offers several incentives to viewers for watching video, such as:
a. ReelStar points can be earned by users for participating with and watching content on the platform. These points can be exchanged for tokens and can be used to access premium content, buy virtual goods, and trade in the ReelStar NFT market.
b. Gamification: The ReelStar ecosystem makes use of gamification tools like popularity index and achievements to entice users to interact with the platform's content. This may boost user retention and engagement while encouraging a more dynamic and engaging user experience.
c. Community Engagement: By enabling users to meet and interact with people who share their interests and passions, the ReelStar ecosystem promotes community building. This can foster a sense of community and belonging among users and create a more encouraging and engaging environment for them.
d. Content Exploration: To tailor content recommendations and enhance the content discovery experience for consumers, the ReelStar ecosystem makes use of data and machine learning algorithms. As a result, consumers may be exposed to more valuable and pertinent content, which can enhance their overall user experience.
In conclusion, the ReelStar ecosystem encourages engagement through gamification, compensates users for watching content with point rewards then exchanged for tokens, fosters community development, and enhances content discovery.
On the key challenges in the M&E sector and the social media apps that exist right now and the way ReelStar aims to solve them
The following are a few major issues facing the media and entertainment (M&E) industry and social media apps: -
a. Social media apps and M&E companies have a difficult time monetizing content and customer data. New monetization strategies that are more viable and fairer for both content creators and users are increasingly needed.
b. Consumer Privacy: As concerns over user privacy and data security have grown, greater oversight and examination of data gathering, and usage procedures has been implemented.
c. Misleading information and Low-Quality Content: Because of the prevalence of misleading information and decreased level of quality content on numerous social media platforms, quality content filtering and quality assurance procedures are required.
ReelStar seeks to address these issues by: -
a. ReelStar seeks to address these issues by offering direct payment alternatives, facilitating content ownership and management, and encouraging community-driven projects, ReelStar wants to provide a monetization system that is more fair and viable for both creators and users.
b. Privacy and safety are given first priority by ReelStar, which employs end-to-end encryption and abides by rigorous privacy and data protection regulations.
c. ReelStar uses AI and machine learning algorithms to uncover high-quality material and motivate content creators to create meaningful and compelling content with the goal of improving the quality of the content.
d. ReelStar strives to encourage inclusiveness and diversity by cultivating a community which appreciates and celebrates diversity.
On the KYC framework solving some key challenges in the digital media world
Some major issues in the field of digital media can be resolved by the KYC (Know Your Customer) framework by enhancing user trust and reducing disinformation. The KYC framework can address some major issues in the world of digital media by fostering trust, minimising misinformation, and assuring regulatory compliance.
On creators monetising their efforts by selling or trading NFTs on the ReelStar NFT marketplace
On the ReelStar NFT marketplace, creators can earn money by offering their non-fungible tokens (NFTs) for sale or trade in the following ways:
a. Digital Art: On the ReelStar NFT marketplace, creators can offer their original digital works of art, such as drawings, animations, and movies, for sale. This enables them to make money off of their works while still retaining ownership and control.
b. Creators can also sell collectable things as NFTs on the ReelStar NFT marketplace, such as virtual clothes, accessories, and props. This enables them to make money off of their works and interact with their followers in a fun and novel way.
c. Virtual Real Estate: On the ReelStar NFT marketplace, creators can now offer virtual real estate NFTs, such as virtual land and buildings. This enables individuals to make money off of their works and create a fresh, lively virtual world.
d. Fan Engagement: By offering NFTs for sale on the ReelStar NFT marketplace, producers may interact with their audience in fresh and fun ways and develop a devoted fan base that is invested in their works.
Creators can monetise their work, interact with their followers, and develop a long-lasting and lucrative career in the media and entertainment industry by selling NFTs on the ReelStar NFT marketplace.
On the next exciting phase of growth for the Indian media and entertainment industry
a. Decentralization and blockchain technology: The use of these technologies will allow for novel business models, such as tokenized content ownership, as well as more secure and open content distribution.
b. User-driven Content Development: As platforms for the creation and dissemination of user-driven material grow, more engagement and shared ownership of content will be possible. Set priorities.
c. Virtual Economies: Thanks to virtual economic sectors and blockchain-based digital assets, new forms of monetization and trade will be feasible in virtual and gaming environments.
d. User-driven Content Development: As platforms for the creation and dissemination of user-driven material grow, more engagement and shared ownership of content will be possible.
e. Non-fungible Tokens (NFTs): These tokens will grow in popularity and give fans new ways to buy and trade original digital content.
f. Prioritise privacy: As customers grow more conscious of their privacy and want more control over it, security - based platforms and apps will become increasingly crucial.
On the significance of removing the entry barriers to NFT, web3 and metaverse/omniverse technologies?
Several factors make it important to lessen entry barriers for NFT, web3, and metaverse/omniverse technologies:
a. Increased Accessibility: By lowering entry barriers, more people will be able to use these technologies and take part in the production and distribution of digital material, creating a more diversified and decentralised ecosystem.
b. Lower entry barriers will inspire more creators to experiment and create, which will improve user experiences for all users.
c. Adoption will spread and speed up as a result of making these technologies more approachable and user-friendly, which will result in further expansion and development.
d. Democratization of Opportunities: The elimination of entrance barriers enables a more level playing field for creators, regardless of their background or resources, and democratises opportunities.
e. Increased Innovation, Creativity, and Development: The elimination of entry barriers opens new possibilities and breakthroughs that may help to define the future of the digital economy.
In conclusion, reducing barriers to entry for NFT, web3, and metaverse/omniverse technologies is essential for promoting development, accessibility, and diversity in these developing domains.
On your vision and way forward for ReelStar for 2023 and the near future
ReelStar’s vision is to enable a global, interconnected community of creators and engagers, with equal access and opportunity for everyone, by sustainably leveraging Web3 and future technologies to enhance creativity and connection for the benefit of all.
Soon, the economics of content creation, engagement, and value for both creators and those who appreciate their creativity will be fundamentally rebalanced by the ReelStar app. ReelStar will open up a new world of possibilities and endless potential through Web3 integration, decentralisation and blockchain technology.
