24 May Secrets of Success: Sanjay Wadhwani, founder and CEO of MetaFrames
It was only a matter of time before blockchain tech saw IP protection for creatives. That time is now.
MetaFrames is a next generation media company serving the arts and creatives through blockchain.
MetaFrames is building a secure community for the creative industry on the blockchain. It is a platform which equips creatives with the necessary tools and IP (Intellectual Property) solutions for entering the metaverse and curating their collections.
MetaFrames will also become a marketplace for creatives to promote their designs of authentic, high-quality artwork and collectibles. Users will be able to transact via the website and virtual environments in both cryptocurrency and traditional FIAT currencies. Sanjay speaks to Business Matters …
What type of businesses do you work with?
MetaFrames will be working with the rights holders across the entertainment and consumer lifestyle industries. This will include, but not limited to: film, television, video games, publishing, art, music, sports and iconic icons. Paul Trevillion, world-renowned sports artists for example, has recently appointed MetaFrames to be his official NFT (non-fungible token) partner.
What problem does your company solve?
There are two problems MetaFrames solves:
Generating attention for creators. MetaFrames will be equipping users with best-in-class tools and IP resulting in the platform enabling creators to elevate their crafts, removing any bias that has been traditionally faced in the Web2 era.
Legitimation of fan art. Creators often utilise well known IP to create new, individual pieces of art. However, up until now they have been unable to earn from these creations due to copyright laws and IP’s being protected. By securing creator licences with rights holders, our users will be able to earn – for the very first time – from their fan art creations and rights holders will be able to set thresholds of quality to protect their brand whilst sharing in a newly unlocked, robust and scalable revenue stream.
What is your USP?
The MetaFrames team and our unique token, which we have built.
The creation of MetaFrames has been solely focused on building a community which has true meaning and longevity resulting in a team which have varied backgrounds, yet are hugely experienced and passionate. My career for example spans over 30 years’ in media and entertainment, venture capital, investment banking and law, meaning I (and the team) have a deep understanding of and respect for IP custodians – the heart of the MetaFrames platform.
We are more than just technology and crypto enthusiasts. We have built unique tokenomics (the supply and demand characteristics of cryptocurrency) which ensures alignment of all stakeholders; rewarding trading, staking and most importantly creation. Our token’s purpose is a guaranteed medium of exchange to reward our users.
What are your company values? Have you ever had them challenged and if so how have you dealt with it?
MetaFrames’ values are:
MetaFrames is building a Web3 company, which began at the very early stages of the new creator economy. This means we have been engaged in various discussions with rights holders, creators and investors and have understood pain points, barriers, needs, aspirations from the offset.
On a couple of occasions we have been approached by investors who have requested both company equity and token allocation – something which goes completely against our tokenomics model resulting in us withdrawing from these discussions. MetaFrames wants to work with people and institutions who believe in upholding the promise of Web3 and approaching the new phase of the internet in the right way.
How do you ensure that you recruit a team that reflects your company values?
The MetaFrames team, including our advisors, has been built initially by onboarding individuals with whom we have worked with before, and more recently by hiring against our values and beliefs. MetaFrames is building something amazing therefore it has been hugely important that our recruits are right; reflective of our cause and steadfast commitment to transforming the wild west landscape of NFTs.
Are you happy to offer a hybrid working model of home/office post-covid?
MetaFrames was built during lockdown and as the world returns to the ‘new normal’ we will continue to recruit with a flexible approach to working from anywhere. I still believe time in the office is important. Our team is hugely talented and being together in person boasts morale and provides an opportunity for innovation to be bounced around, which is part of the fun when embarking on an exciting venture.
Do you have any tips for managing suppliers and customers effectively?
Authenticity is key. People want to deal with people – real people – so our focus is on developing strong relationships with both our suppliers and customers by putting their needs first. A lot of our relationships to date have been ones built over many years of doing business meaning there is confidence in who we are and what we are striving to create.
Any finance or cash-flow tips for new businesses starting out?
My philosophy is ‘Don’t be afraid to spend money, but always ensure good value for money.’
It’s common knowledge that one of the main reasons many startups fail is because they run out of cash. I have seen a lot of startup founders squeeze suppliers for as little money as possible because they don’t have the funds to achieve what they want to do. This is not the way to succeed. It’s important that startups raise enough capital to support and achieve the desired outcome. Know the price of everything i.e. budget and appreciate the value of it too.
If you could ask one thing of the government to change for businesses what would it be?
Drastically reduce red tape such as regulations, taxes and wherever possible for startups. Genuinely encourage the formation of new businesses to grow the economy because this ultimately benefits everyone.
What is your attitude towards your competitors?
I must be in a good space if there are competitors! Fair competition is good for everyone, resulting in the highest level of innovation and ultimately value for money for the end user, and I welcome it.
Any thoughts on the future of your company and your dreams?
I feel very fortunate to have been alive at a time of great technological innovation and experienced the transformation of the media industry through tech. I believe in the same way I did in 1997 when a few people embraced the opportunities the internet offered by stuffing DVDs in envelopes and within a decade Netflix had become a media powerhouse, the next generation media companies are being born now. They will probably look like an NFT studio or marketplace at first, in other words be in production or distribution. MetaFrames is in both and our dream is to be the Web3 next generation media powerhouse.