By
Chimamanda U. Martha
April 22nd, 2024
This deal makes CryptoPunks one of the first NFTs to make its way to the traditional form of media.
One of the most popular NFTs in the market – CryptoPunks – are now making their way to Hollywood. On Tuesday, August 31, the CryptoPunk NFTs from Larva Labs entered a deal with United Talent Agency.
CryptoPunks in Hollywood
This deal will put the CryptoPunk NFTs for representation across video games, TV, films, publishing as well as licensing. Apart from CryptoPunks, UTA will represent two other crypto-art projects from Larva Labs namely Autoglyphs and Meebits.
This also makes CryptoPunks one of the first NFTs to make its way to the traditional form of media. Besides, Larva Labs sees it as a holistic approach to grow the value of collectibles. Speaking to The Hollywood Reporter, Lesley Silverman, head of UTA Digital Assets said:
“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. They really have hit the zeitgeist in a tremendous way.”
CryptoPunk NFTs have created a major rage in the recent NFT market rally. These NFTs with pixelated digital avatars have created record sales to the tune of millions of dollars. Also, CryptoPunks is a unique set of 10,000 such pixel art avatars built using dozens of possible traits.
The Licensing Issue
In the NFT sector, licensing rights remains a very controversial topic. Many call it antithetical to the permissionless and decentralized nature of blockchain-based NFTs. However, Larva Labs has been keen on putting forth its intellectual property rights. Besides, it has also issued some claims under the Digital Millennium Copyright Act.
This recent development with CryptoPunks has also drawn a strong reaction from industry players. Scott Lewis, the co-founder of data company DeFi Pulse wrote:
“The punk community has told the story of punks, and that emergent, organic and AUTHENTIC story telling is the ONLY reason punks are what they are. im skeptical hollywood agents, however talented, can license the imagery authentically without deep engagement w the punk community”.
It isn’t clear as of now how the Hollywood Industry plans to use the popular punks in digital media. However, Larva Labs co-founder Matt Hall seemed excited of this development.
“We are excited to work with UTA for the benefit of the entire community connected to our projects. Not only for the exciting opportunities to bring them wider exposure, but to help protect their growth and value for the long term,” said he.
Read other news from the cryptocurrency industry on Coinspeaker.