Date of Award

2024

Document Type

Dissertation

Degree Name

Executive Masters in Media Leadership and Innovation (EMMLI)

First Supervisor/Advisor

Dr. Peter Misiani Mwencha

Department

Graduate School of Media and Communications

Abstract

Non–Fungible Tokens, also known as NFTs, are a unique digital asset that is a representation of an object in the real world like a piece of art, photo, or video. The use of NFTs is on the rise and several companies as well as individuals are using them to make money. With the changes being experienced in the sector, Media houses like the US Time Magazine who already used its stockpile of historical images to create NFTs are tapping this digital territory to get more revenue. Recently, marathon legend Eliud Kipchoge earned $37,351 after auctioning two videos of his career highlights – the Berlin Marathon world record and the INEOS 1:59 challenge in Vienna. This study will focus on the opportunities that NFTs offer to media houses in Kenya as an alternative revenue stream. To achieve this, the study adopted a mixed-methods research approach, encompassing both qualitative and quantitative research methods. A sample size of 20 participants was considered appropriate. The objective was to identify opportunities, challenges, and the future of this revenue stream and how it can help sustain media houses that have access to authentic material that can be of interest to the audience. From the Kenya Broadcasting Corporation, the 121-year-old Standard newspaper to the State House library there are massive materials that if put in use, can generate the media houses’ revenue through this blockchain-backed platform. The findings of the study indicate that though most media managers think Non-Fungible Tokens can be an alternative source of revenue, there has been little or no attempt to embrace them due to a lack of awareness of how they work.

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