MediaCom is buying the first ever media futures contract, powered by Parsec’s blockchain based media company AFOX.
The Advertising Futures and Options Exchange (AFOX) platform utilizes a guaranteed quality metric, measured at one-second of full attention per advertisement, and encodes these “impressions” on the blockchain.
Charlie Fiordalis, managing partner of MediaCom, noted that media contracts that take weeks to write and months to reconcile can be cancelled within 24 hours of payment. “You get what you pay for,” he said.
Parsec aims to reduce contract cancellation by enabling buyers to track who saw an advertisement, “see where it ran, and how it was optimized by viewer variables,” said Fiordalis, thereby eliminating the need to have an “out” from an unfulfilled contract.
Fiordalis said that currently the best media asset is a Superbowl ad, which gains massive reach in just 30-seconds, though Parsec’s guarantee to supply one second of full attention per advertisement has an “absolute quality to them,” because they are non-cancellable.
These “discretely defined” contracts behave as a currency, Fiordalis said, adding, “one second of attention is an easily tokenized asset.”