ViacomCBS has entered into a deal to develop digital collectibles spanning its entire portfolio, which features some well-known TV shows and movies.
Only yesterday, we reported on Citi analysis that showed a number of legacy entertainment brands could benefit from the rise of non-fungible tokens — including ViacomCBS.
And as if by magic, ViacomCBS has now revealed that it has entered into a multi-year partnership to develop digital collectibles that span its entire portfolio.
Given how the company owns brands including CBS, Nickelodeon, Paramount, Comedy Central, MTV and channels in the U.K. and Australia, this could create a lot of content.
One particular series that could end up getting the NFT treatment is SpongeBob SquarePants, one of the most commercially successful cartoons of all time.
ViacomCBS has teamed up with the NFT company RECUR as it vies to build the fan-focused platform, which aims to launch in the spring of next year. Pam Kaufman, the president of the firm’s consumer products division, said:
“Fueled by beloved characters and iconic properties with multi-generational appeal, we are thrilled to accelerate our consumer products presence even further into the growing metaverse. In teaming up with RECUR to create an NFT platform dedicated to ViacomCBS IP, voracious collectors and first-time NFT buyers alike will find unique opportunities to own a piece of their favorite franchises.”
A Big Development
RECUR describes itself as “chain agnostic” — meaning that it allows digital collectibles to be bought, collect and sold across multiple networks, not just Ethereum. It was founded by Zach Bruch and Trevor George. The co-CEOs said:
“ViacomCBS is one of the first major media and entertainment companies to enter the metaverse in a significant way. We are so excited to welcome them into the ecosystem with this partnership. Our chain agnostic approach will provide fans the widest range of utility as well as unprecedented access to their favorite shows and franchises.”
With ViacomCBS joining Fox Entertainment in jumping into NFTs, it remains to be seen whether other big TV and movie brands will do the same — and whether this could end up diverting attention from popular collections created by digital artists and crypto natives.