Polygon launches Web3 entertainment company eDAO

Polygon has announced their backing of a new media and entertainment culture organisation called eDAO. eDAO will aim to be the "operating system" behind the creation of communities across music, art, and more, as well help design and launch the global art, media, and entertainment IPs at scale into the Web3 world.

eDAO will be led by Anand Venkateswaran as CEO, and Mairu Gupta as the COO. Venkateswaran was a steward of Metapurse, the NFT fund behind the purchase of the $69 million NFT purchase of Beeple's famous piece "Everydays: The First 5,000 Days". Gupta is the former Head of Digital Business at Sony Music, and brings 17 years of experience in media and entertainment to the table.

Venkateswaran said NFTs are currently geared towards speculation, but the true value must lean towards experiences. He said, "The value of NFTs is skewed towards speculation. The real multiplier though, is experience. eDAO engineers a meaningful, immersive Web3 plunge for creators and millions of fans across a wide scope of art, media and entertainment.”

eDAO's plan is to move Web3 and NFT adoption to a more mass audience, and away from the current valuation driver of scarcity. Instead, they hope to build immersive NFT experiences, which can be modified as users change their perception and usage of any particular piece of art or music.

Initial partners include Indian music producer T-Series as well as Owais Husain, son of the late artist MF Husain.