An interview series spotlighting global tech influencers, disruptors, visionaries, and of course, innovators.
Paris Blockchain Week 2023 was a success! Over the next few weeks the Innovators series will focus on PBW Innovators.
With its seamless and secure platform, ReelStar is transforming the media and entertainment industry by empowering artists and content creators to monetize their work, providing a welcome and lucrative alternative to TikTok. Co-founded by Nick Bahl and Navdeep Sharma, ReelStar is reportedly the first decentralized, multi-blockchain and Web3-integrated platform with the functionality of live streaming, video sharing, peer-to-peer chat, audio video calling, and NFT minting / marketplace /digital wallet. By leveraging cutting-edge blockchain technology, NFTs, and cryptocurrency solutions, Entrepreneur’s Blockchain Solution Of The Year winner ReelStar offers a unique and secure platform for creators to share their content with a global audience.
Serial entrepreneur ReelStar Co-Founder and CEO Nick Bahl, a business magnate with 13+ years of media and entertainment experience, founded ReelStar, ReelToken and ReelPay to give artists a voice in the crypto and NFT markets. Bahl also founded Sizzlen Productions, an Australian media and entertainment company specializing in arranging live concerts, film productions, and film distribution. During his time in the media and entertainment industry, Bahl noticed how artists were not given enough opportunities to showcase their talent. As a result, ReelStar was created to give artists a voice and a chance to make their own mark in the crypto and NFT markets. Last month ReelStar listed its decentralized blockchain token, ReelToken (REELT) on Gate.io and other leading exchanges, including Bitmart, MEXC, and BKEX. The team immediately addressed a Bitget glitch, in sync with its security programs detailed below.
I had the pleasure to meet Nick during PBW week and witness his grace-under-pressure entrepreneurship as ReelStar launched in real time. Our conversation covered a range of topics including entrepreneurship in India, expat life, democratizing the media & entertainment industry, and how the combination of Web3 and crypto could revolutionalize the way people create and consume media. Our interview follows.
EKMH: What’s the current state of the content creation industry globally? How does ReelStar provide a viable solution? What’s next?
Nick Bahl: The content creation industry has been experiencing significant growth globally, driven by the increasing demand for digital content and the rise of social media platforms. The industry is projected to grow at a CAGR of 18.3% between 2020 and 2026, reaching a market size of $129.5 billion. The COVID-19 pandemic has also sped up the development of the sector as more individuals have flocked to digital platforms for information and entertainment. User-generated material is on the rise, and augmented reality and virtual reality technologies are being used. New technologies and platforms, however, have the potential to suddenly disrupt the market because the industry is always changing.
By using blockchain-based technology, the ReelStar platform offers content creators an opportunity for showcasing their creations, making money from them, and protecting their content. The platform enables content producers to get income from a variety of sources. With the help of ReelStar technology, creators may control their intellectual property, exercise their artistic freedom, and prevent infringement.
Future growth in the content production sector is anticipated to be fueled by emerging technologies including augmented reality, virtual reality, and artificial intelligence. To remain relevant and engage their consumers, content makers will need to adapt and use new technologies. Furthermore, the development of non-fungible tokens (NFTs) on the ReelStar platform is anticipated to have a substantial impact on the future of content production by giving creators additional opportunities for monetization and asset protection.
EKMH: How does ReelStar utilize blockchain technology to provide revenue stream for you and the content creators?
Nick Bahl: Blockchain technology is used by ReelStar to provide revenue streams for both the fans and content producers. The platform's income model is built on a commission arrangement in which ReelStar receives a portion of the money made from monetizing content. On the other hand, content producers make money through a variety of sources, such as subscriptions, pay-per-view, and advertising.
By enabling safe and open transactions, blockchain technology ensures that creators receive the money they are due and that the revenue split between ReelStar and creators is equitable. ReelStar also automates income sharing and content distribution using blockchain-based smart contracts, giving content creators more control and flexibility over how their material is marketed and distributed.
Overall, ReelStar can offer a more fair and open revenue-sharing model for content creators while also ensuring that the platform produces income to support its operations by utilizing blockchain technology.
Designed to provide a global audience & marketplace for artists’ & creators’ content, ReelStar is reportedly the first mobile video and entertainment application based on Web3-enabled platform providing intergrated access to the Metaverse/ Omniverse, a seamless easy-to-use platform to create, collect, trade and monetise an array of NFTs.
EKMH: How will Web3 and blockchain continue to revolutionize social media in the Metaverse/Omniverse?
Nick Bahl: Web3 and blockchain technology are expected to revolutionize social media in the Metaverse/Omniverse in several ways.
First, Web3 and blockchain-based social media platforms can provide individuals with more ownership and control over their data. Users of traditional social media sites frequently have little influence over how the platforms or third-party advertising use their personal data. Social media sites built on the blockchain can give consumers control over their data, allowing them to choose how and when it is used.
Second, decentralized social media networks with greater user control over content and governance are possible thanks to blockchain technology. Due to user voting on platform choices and participation in content regulation, decentralized social media platforms can promote greater transparency and democracy.
Finally, the development of non-fungible tokens (NFTs), which can be used to represent digital assets and distinctive experiences, is made possible by blockchain technology.
Overall, the combination of Web3 and blockchain technology is expected to create new opportunities for social media platforms in the Metaverse/Omniverse, enabling greater control, ownership, and monetization of digital assets and data.
EKMH: What’s your disaster recovery program? How does ReelStar employ cybersecurity to combat cyber risks and counteract fraud, scams, and security breaches?
Nick Bahl: ReelStar has a specific disaster recovery plan for cybersecurity incidents. This plan includes the following elements:
Incident response team: ReelStar has an incident response team in place, consisting of individuals with expertise in cybersecurity and disaster recovery.
Response procedures: The incident response team has documented procedures for responding to cybersecurity incidents, including how to identify and contain the incident, how to communicate with stakeholders, and how to restore systems and data.
Backup and recovery: ReelStar has backup and recovery procedures in place for critical systems and data in case they are compromised by a cybersecurity incident.
Risk assessment: The incident response team regularly conducts risk assessments to identify potential threats and vulnerabilities, and to update the disaster recovery plan accordingly.
Testing and training: The disaster recovery plan is tested and updated regularly, and employees receive regular training on cybersecurity best practices and incident response procedures.
Communication and coordination: The incident response team has established communication channels and protocols to ensure that all stakeholders are kept informed and coordinated during a cybersecurity incident.
Overall, the disaster recovery program for cybersecurity incidents helps ReelStar respond quickly and effectively to cyber threats, minimize the impact of an incident, and ensure that the platform and its users are protected.
ReelStar employs several cybersecurity measures to combat cyber risks and counteract fraud, scams, and security breaches. These measures include:
Secure login and authentication protocols: ReelStar uses secure login and authentication protocols to ensure that only authorized users can access the platform.
Encryption: The platform uses encryption to protect user data and communications from unauthorized access.
Multi-factor authentication: ReelStar employs multi-factor authentication to add an extra layer of security to user accounts, making it more difficult for hackers to gain access.
Regular security audits: ReelStar conducts regular security audits to identify vulnerabilities and ensure that the platform's security measures are up to date.
Blockchain-based security: ReelStar leverages blockchain-based security to ensure that content is distributed securely and that revenue-sharing transactions are transparent and tamper-proof.
Content moderation: ReelStar employs content moderation to identify and remove fraudulent or malicious content from the platform.
Overall, ReelStar takes cybersecurity seriously and employs multiple measures to protect the platform and its users from cyber risks, fraud, scams, and security breaches.
EKMH: Which leadership skills have served you well as an entrepreneur? What advice do you have for entrepreneurs and their teams for optimizing their first conventions?
Nick Bahl: Below are some skills that have served me well as an entrepreneur:
Vision: Entrepreneurs need to have a clear vision of what they want to achieve and communicate that vision to their team effectively.
Adaptability: The ability to adapt to changing circumstances and market conditions is crucial for entrepreneurs, as they often operate in highly dynamic environments.
Resilience: Entrepreneurship can be challenging, and setbacks are inevitable. Resilience is key to overcoming challenges and persevering through difficult times.
Empathy: Effective leaders understand their team members' needs and motivations and work to create a positive and supportive work environment.
Strategic thinking: Entrepreneurs need to be able to think strategically and make decisions based on long-term goals, while also balancing short-term priorities.
In terms of advice for entrepreneurs, here are a few tips:
Set clear objectives: Define the goals and objectives for the convention and communicate them clearly to all team members.
Plan: Start planning early and make sure all logistical arrangements are in place well in advance.
Leverage technology: Use technology to streamline processes and enhance the experience for attendees.
Engage with attendees: Make sure to engage with attendees and collect feedback to improve future conventions.
Follow up: Follow up with attendees after the convention to maintain engagement and build relationships for future opportunities.
EKMH: Finally, which book, and/or film tops your list?
Nick Bahl: Book: The Lean Startup by Eric Ries; Film: The Pursuit of Happiness (2006)
*Disclaimer: The views and opinions expressed in this series are those of the interviewees and do not necessarily reflect the views or positions of any entities they represent.
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