NFT-based news: What kind of experiment is Cardano going to do with media?

Cardano blockchain founder Charles Hoskinson, in a recent interview, revealed some details about negotiations to acquire CoinDesk, the largest news media about the crypto industry. Talks about the upcoming sale of CoinDesk started right after the Genesis bankruptcy news — both projects are closely tied to their parent company DCG, which has been forced to sell assets to close debts.

 

What is known about this deal?

During his latest ask-me-anything (AMA) session on YouTube, Charles Hoskinson said that talks with CoinDesk are underway, but he has signed a non-disclosure agreement (NDA). Therefore, he can’t give out details of the CoinDesk purchase negotiations just yet. At the same time, Charles Hoskinson, based on the current results, expressed doubt that a deal could take place at all.

In the latest livestream, Hoskinson also said his media interest is broad and he would like to “figure out how to get to journalistic integrity again.” The executive highlighted the need to find a strong media outlet. Turning various news pieces into NFTs, thereby making it possible for the readers to interact with them, was another point made by Hoskinson.

Adding it all together

We have gathered all the details that are known on this subject from various sources, not only from the latest interview:

• In fact, Charles Hoskinson has confirmed that purchase talks with CoinDesk are underway by signing an NDA agreement on the subject.
• His skepticism about the possibility of a deal is interpreted by many as being overpriced by the current owners of the edition. In the livestream, he sad, “At $200 million, I believe it’s a bit overpriced.”
• This time, the businessman denied rumors about plans to buy U.S. media giant CNN, explaining that he has no interest in acquiring a “traditional media channel.”
• Previously, Hoskinson proposed to integrate NFT technology into the news so that users could interact with such content. According to Cardano’s creator, people would be able to view each individual story “as a living object.” This was a new tokenomics model for media monetization, details of which were not reported.
• Cardano has previously named NFT as one of its priorities for 2023. Charles Hoskinson even said that NFT might “emerge bigger as compared to crypto tokens.”

CoinDesk said recently that it has engaged a financial advisor to explore options, including a partial or full sale. The edition is owned by Digital Currency Group, a conglomerate whose credit subsidiary, Genesis Global Capital, is expected to file for bankruptcy soon.

Earlier, Charles Hoskinson also said he was considering buying cryptocurrency news outlet CoinDesk to transform it into a mix of news and community site while engaging NFT cards.