- ViacomCBS is teaming up with NFT startup RECUR to sell digital tokens based on its shows.
- The media company owns franchises such as SpongeBob SquarePants and South Park, among others.
- Its NFT platform will be “chain-agnostic,” meaning royalties can continue to be collected on resales.
ViacomCBS – the owner of Nickelodeon, Comedy Central, and MTV – is getting into the NFT space.
The media company is teaming up with NFT startup RECUR to build a platform where fans can buy, collect and resell digital assets centered on “cherished” franchises.
That could include SpongeBob SquarePants, South Park, and Star Trek, for example, although the company did not specify what characters or shows it would put on the platform.
The new platform, to be available in the spring of 2022, will be “chain-agnostic,” according to the Wednesday press release. That means royalties granted to the original owners can be minted on any cryptocurrency, allowing the creators to continue receiving their share of sales and resales, wrote TechCrunch, which first reported the news.
“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,” ViacomCBS President Pam Kaufman said.
ViacomCBS’ partner RECUR launched six months ago and is dedicated to creating branded experiences for fans to exchange NFTs, aka non-fungible tokens.
The startup recently completed a $50 million funding round, valuing the company at $333 million. In a statement about the funding, the co-chiefs said, “The Metaverse is the next frontier, and community and culture will be the driving force.”
The market for digital collectibles has boomed in 2021 with more than $10 billion in sales in the third quarter alone, Insider previously reported. Celebrities and even professional sports leagues and athletes have jumped into the space, with more marketplaces, from companies such as Coinbase and FTX, becoming available.