ViacomCBS to Sell NFTs Based on Content Library Funds
Want to buy a non-fungible token (NFT) of Spongebob Squarepants, Star Treks Spock, or Mission Impossible's Ethan Hunt? You may be in luck.
ViacomCBS is partnering with NFT company Recur to create and sell digital collectibles based on its vast library of films and TV shows. ViacomCBS consumer products president Pam Kaufman said in a statement Wednesday that voracious collectors and first-time NFT buyers alike will find unique opportunities to own swaths of their favorite franchises in the deal.
In early 2022, the firms will introduce a platform where users may buy, collect, and trade NFTs based on intellectual property from CBS, Paramount Pictures, Nickelodeon, Comedy Central, MTV, Showtime, BET, HBO, etc. Buyers may purchase NFTs using credit or debit cards, eliminating the need to use cryptocurrency for the purchases.
While NFTs have long been a topic of interest for the entertainment industry in recent months, ViacomCBS is the largest corporation in the industry to make prestigious corporate-level moves into the space. The goal is to establish a business that can enhance existing merchandise (like clothing or toys) and collectibles (such as trading cards), but without the hassle of going to teeter.
Lionsgate announced a cooperation with another NFT platform, Autograph, in July to sell NFAs based on its content such as John Wick and Mad Men. CNN began selling NFTs of some of its historic news coverage in June. Fox Corp., on the other hand, announced a new business unit, Blockchain Creative Labs, and invested $100 million in A creative fund to expand its crypto and NFT businesses, though it hasnt announced any sales.
Some NFT firms are entering the entertainment industry by leveraging blockchain-based IP theyve created. Larva Labs, which created CryptoPunks and Meebits as well as the NFT projects, has signed a deal with UTA for representation in the film, TV, and gaming industries.