The entertainment giant has partnered with the Steve Cohen-backed NFT company Recur to develop digital collectibles based on the intellectual property of brands like Paramount Pictures, Nickelodeon, CBS, and MTV.
The platform will be chain-agnostic & accept debit card payments
RECUR plans to launch the ViacomCBS platform in spring 2022. The platform wants to take a “chain-agnostic approach” and accept debit and credit card payments. Pam Kaufman, president of ViacomCBS Consumer Products, said that “voracious collectors and first-time NFT buyers alike will find unique opportunities to own a piece of their favorite franchises.” through the deal.
ViacomCBS has a diversified portfolio that includes MTV, Nickelodeon, and Comedy Central, opening the door to NFTs associated with brands such as SpongeBob, South Park and Beavis, and Butt-Head. However, the company did not provide details on selecting the brands for Recur its NFT platform or the deal’s economics.
NFT projects hope to enter the entertainment business
In July, Lionsgate announced a deal with another NFT platform, Autograph, to sell NFTs based on its content like John Wick and Mad Men. And in June, CNN began selling NFTs of some of its historical news stories. Fox Corp, meanwhile, announced a new business unit, Blockchain Creative Labs, and invested $100 million in a creative fund to grow its crypto and NFT business but has yet to launch any sales.
While entertainment companies are trying to get into the NFT space, NFT projects hope to enter the entertainment business by leveraging the intellectual property they have created on the blockchain. Larva Labs, which developed NFT projects CryptoPunks and Meebits, signed a deal with UTA, to be represented in the film, TV, and gaming sectors. Yuga Labs, the creator of Bored Ape Yacht Club, has partnered with Gary Oseary, founder of media manager Maverick. The company represents famous artists such as Britney Spears, Doja Cat, Kim Petras, The Weeknd, and Madonna.