ViacomCBS will get into NFTs through a partnership with NFT startup Recur • TechCrunch


Media firm ViacomCBS is entering into NFTs. Amid rising hype across the potential marketplace for NFTs, aka non-fungible tokens — digital belongings linked to possession that’s saved on a blockchain, usually used for getting and promoting digital artwork and collectibles — ViacomCBS says it’s partnering with the NFT firm Recur to deliver its iconic IP and franchises to the world of digital collectibles, beginning subsequent 12 months. This consists of merchandise and collectibles from exhibits and movies throughout prime ViacomCBS manufacturers like CBS, MTV, Showtime, Paramount Photos, BET, Nickelodeon and Comedy Central.

The corporate isn’t providing many particulars concerning the upcoming venture simply but, past merely saying that it’s going to contain creating a spot the place its followers should purchase, acquire and commerce NFTs throughout its portfolio. It additionally notes this platform will encourage “peer-to-peer engagement and facilitate revolutionary methods for customers to unlock new experiences,” which indicators there’s a social component to the brand new expertise that goes past simply {the marketplace} points.

Recur, which just lately closed on a $50 million Series A, valuing the pre-launch firm at $333 million, is at present engaged on constructing an NFT platform known as NFTU.com. This platform is being created in partnership with digital licensing firm Veritone, and can host NFTs created with Pac-12 Networks athletics video content material — like sports activities highlights, for instance.

This venture may give you an concept of what ViacomCBS seemingly has in retailer with its personal NFT plans.

Whereas quite a few different NFT marketplaces exist already, Recur’s plan is to develop expertise that standardizes recurring royalties minted on any cryptocurrency — a call meaning NFTs would turn into “chain-agnostic,” bringing extra potential followers into the crypto ecosystem. For brand partners and IP holders, meaning as soon as the NFT left their very own, originating platform to be resold elsewhere, the unique rights holder would be capable to proceed to obtain recurring royalties from the gross sales and resales indefinitely.

That would definitely look interesting to a media firm with a deep catalog of IP that might be changed into digital collectibles. Assume: Spongebob Squarepants, South Park or Star Trek collectibles, as an illustration. (To be clear, ViacomCBS has not introduced the precise exhibits it should embrace in its preliminary distributions. And there might be extra sophisticated rights discussions to nonetheless be ironed out with creators, actors and others tied to its IP earlier than these determinations could be made.)

As well as, Recur’s chain-agnostic strategy will enable NFT purchases to be made utilizing U.S. credit score and debit playing cards, as an alternative of simply cryptocurrencies. That would additionally enchantment to an organization seeking to attain a wider viewers outdoors of tech early adopters.

The brand new platform — basically a white-labeled market Recur will present — launches within the spring of 2022, says ViacomCBS.

ViacomCBS isn’t the primary media firm to embrace NFTs. Along with adoption by top media figures themselves, manufacturers including CNN, The New Yorker, Time, Playboy, Lionsgate, Media Central, Gannett, Fox and others have additionally begun their very own investigations and experiments into the medium.

“Fueled by beloved characters and iconic properties with multi-generational enchantment, we’re thrilled to speed up our shopper merchandise presence even additional into the rising metaverse,” mentioned Pam Kaufman, ViacomCBS president of Shopper Merchandise, in an announcement. “In teaming up with Recur to create an NFT platform devoted to ViacomCBS IP, voracious collectors and first-time NFT consumers alike will discover distinctive alternatives to personal a bit of their favourite franchises,” she added.

ViacomCBS informed us the extra rapid focus isn’t on monetization through NFT gross sales, however relatively sees the platform as a community-building and fan engagement effort.

 



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