Broadcaster PowNed wants to sell NFTs; supervisor knows nothing

The hype surrounding NFTs, non-fungible tokens, is huge at the moment, as evidenced by the fact that at least $ 40 billion was spent on the NFT market last year. More and more companies, organizations and ‘crypto cowboys’ want to fish in this pond. The newcomer here is Public Broadcasting because PowNed now seems to want to take advantage of the hype. The question is, however, whether the regulator of the public broadcasters allows this, so far nothing at the Danish Media Authority.

No idea what an NFT is? Scroll down for an explanation!

With great fanfare, PowNed’s NFT website talks about the NFTs to be released. With lyrics like ‘be the first to trade your riches in our PowNFTs’, the hype needs to be made even greater. Also further ahead, the ‘opportunities’ you get by buying NFTs are made even more exuberant. ‘NFTs are sold regularly for record amounts. So there is a chance that your PowNFTs will be worth a lot more in the future and you will soon be driving away in a fat Lambo, ”writes the TV station.

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Thousands of NFTs

PowNed’s NFTs are not yet on the market. The question of whether NFTs come from the broadcaster at all has not even been answered yet. ‘It’s a pilot campaign running. We would like to see what our followers would think if we put PowNed NFTs on the market. This is something that is typical of our target audience: the Gen Zs and millennials, “said a spokesman. The plan is for thousands of NFTs to enter the market. The intention is that people will buy their ‘favorite’ PowNed pictures and videos like NFT, according to the website.

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What specifically can be done with the NFTs, other than dealing with them, is not clear. PowNed might use it as a means of recruiting more members, which could be done well thanks to the opportunities that blockchain can offer with NFTs. “A PowNed membership by purchasing an NFT is an option we are exploring. We need to have our membership in order every five years to be able to exist as posted. It is a form of creating engagement with your followers and we are looking at , how can we link that recruitment to this. ‘ The broadcaster currently has no further plans with the NFTs. The spokesman does not know what the price will be, where it will be traded and what exactly will happen to the revenue. However, the spokesman sees reason enough to continue, as a large number of people have already signed up for the ‘Pinklist’, the pre-sale. Nearly 1,000 people would have signed up for that pre-sale, according to PowNed.

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Supervisor not informed

The question, however, is whether PowNed is allowed to issue and sell NFTs at all. For this purpose, it is bound by rules contained in the Media Act, which are under the supervision of the Danish Media Agency (CvdM). Public service broadcasters have one main task: to provide media content. The PowNed NFTs do not seem to fall under it.

PowNed can ensure that this media offer can be made through secondary activities. It would probably include NFTs if you read the PowNed website. ‘In addition to your own wallet, you also lend a helping hand to the PowNed broadcaster. This way we can produce even more great content in the future! A possible astrominal win-win, ‘reads’ Why buy a PowNFT?’

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Problem: PowNed must then obtain permission from the CvdM for the NFTs, and they have not (yet) done so, a spokesman for the regulator reported to BNR. The supervisor says it will monitor the project and include it in their ‘regular supervision’. The PowNed spokesman confirms that permission has not yet been requested from the board. ‘We are a public broadcaster and bound by laws and regulations. We need to find out carefully within what lines we can make this possible. ‘ So why has it already been announced that the broadcaster will come with NFTs? ‘We did not want to wait, so we did an interest survey.’

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    NFT means non-fungible token, which basically means that it is a digital object that is on the blockchain and therefore cannot be replaced. Yet, in many cases, NFTs work differently. It is often not so much digital items you buy, but just a receipt you buy. That receipt then contains a link to the digital object. Nowhere is it recorded what the object looks like and what properties it has.

    NFTs can be bought and sold at major trading venues where one has to pay with cryptocurrencies such as Ethereum. High costs often have to be paid for this. Money also almost always goes to the developer of the NFTs if the product is resold. This fact makes it interesting for artists who can always receive compensation for the work they have done.

    Still, there is a lot of scam around NFTs. Due to the huge hype that is going on at the moment, many projects are being developed to make money fast. There is a lot of promotion going on on social media for a project, which is creating a hype, and people want to be there fast. If all NFTs are subsequently sold, then the team will no longer hear and the promises made will not be fulfilled. Buyers are then left with worthless NFTs.

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