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ViacomCBS launches into NFT via a partnership with the startup NFT Recur – TechCrunch

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Media company ViacomCBS is embarking on NFTs. Amid the growing hype around the potential market for NFTs, i.e. non-fungible tokens – digital assets linked to ownership that are stored on a blockchain, often used to buy and sell digital art and collectibles – ViacomCBS says it’s partnership with the company NFT To reproduce to bring its intellectual property and iconic franchises to the world of digital collectibles, starting next year. This includes products and collectibles from shows and movies from major ViacomCBS brands like CBS, MTV, Showtime, Paramount Pictures, BET, Nickelodeon and Comedy Central.

The company is not yet offering many details on the upcoming project beyond just saying that it will be about creating a place where their fans can buy, collect and trade NFTs in their wallet. He also notes that this platform will encourage “peer engagement and facilitate innovative ways for users to unlock new experiences,” indicating that there is a social element to the new experience that goes beyond only aspects of the market.

Recur, which recently closed on a $ 50 million Series A, valuing the pre-launch company at $ 333 million, is currently working on building an NFT platform called NFTU.com. This platform is being created in partnership with digital licensing company Veritone and will host NFTs created with track and field video content from Pac-12 Networks, such as sports highlights, for example.

This project can give you an idea of ​​what ViacomCBS likely has in store with its own NFT plans.

While a number of other NFT markets already exist, Recur’s plan is to develop technology that standardizes the recurring royalties struck on any cryptocurrency – a move that means NFTs would become “security agnostic.” channel ”, attracting more potential fans to the crypto ecosystem. For brand partners and intellectual property owners, this means that once the NFT leaves its own original platform to be resold elsewhere, the original rights holder could continue to receive recurring royalties on sales and resales indefinitely.

This could certainly sound appealing to a media company with a large catalog of intellectual property that could be turned into digital collectibles. Think: Spongebob Squarepants, South Park, or Star Trek collectibles, for example. (To be clear, ViacomCBS has not announced the specific shows it will include in its initial cast. And there could be more complicated rights discussions to iron out with the creators, cast and others related to. its intellectual property before those decisions can be made.)

Additionally, Recur’s chain agnostic approach will allow NFT purchases to be made using US credit and debit cards, instead of just cryptocurrencies. It might also appeal to a company looking to reach a wider audience outside of the early adopters of the technology.

The new platform – essentially a white label market that Recur will provide – will launch in spring 2022, ViacomCBS said.

ViacomCBS is not the first media company to adopt NFTs. In addition to adoption by the biggest media personalities themselves, brands including CNN, The New Yorker, Time, Playboy, Lionsgate, Central media, Gannet, Fox and others also began their own research and experiments on the medium.

“Encouraged by beloved characters and iconic properties with multigenerational appeal, we are excited to further accelerate the presence of our consumer products in the growing metaverse,” said Pam Kaufman, president of products at consumption of ViacomCBS, in a statement. “By partnering with Recur to create a dedicated NFT platform for ViacomCBS IP, voracious collectors and new NFT buyers will find unique opportunities to own a piece of their favorite franchises,” she added.

ViacomCBS told us that the more immediate focus is not on monetization through NFT sales, but rather sees the platform as an effort to build community and engage fans.

Sources

1/ https://Google.com/

2/ https://techcrunch.com/2021/10/13/viacomcbs-gets-into-nfts-via-a-partnership-with-nft-startup-recur/

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