Hollywood’s most important talent agency is NFT.
Larva Labs, the creator of CryptoPunks, just signed with United Talent Agency (UTA) in a representation deal that will bring one of the earliest and most iconic NFT projects into the entertainment and branding worlds.
“I would say that it is one of the first opportunities for an IP that fully originated in crypto-world to enter a broader entertainment space, and they earned it,” head of UTA Digital Assets Lesley Silverman told The Hollywood Reporter. They really hit the zeitgeist with a phenomenal way.
This deal may see CryptoPunks appearing on TV and in other areas of licensing. UTA will represent Larva Labs other artistic projects, Meebits and Autoglyphs. Terms of the agreement were not disclosed.
CryptoPunks are one of the best-known and most valuable pioneers in NFTs speculative investing. Larva Labs launched 10,000 of the individual algorithmically-generated pixelated figures on the Ethereum blockchain back in 2017.
CryptoPunks may seem like little pixels of characters wearing different hats and smoking pipes, but to an untrained eye they are essentially pixelated portraits. To the crypto community, punks can be a social signifier, communicating wealth, early investments into NFTs and personal style.
CryptoPunks have risen in value from zero. They were originally given away free of charge. Now, even the most expensive punks can be bought for thousands to millions of dollars. In May, a bundle of nine CryptoPunks sold for just under $17 million in an auction run by Christie’s. Last week, Visa spent $150,000 to purchase CryptoPunk #7610 a digital illustration with a green mohawk and face makeup.
Although it is notable that UTA, a well-known traditional talent agency known for its representation of A-list stars has gotten into NFT. However, this group has not been the first to venture out in crypto. Earlier this month, UTA signed a company called Rally that runs a platform that helps creators issue branded social tokens that fans can spend on merch and exclusive content.
Publiated at Tue 31 August 2021, 19:55.40 (+0000).