A leading media company is partnering with a non-fungible token company to monetize its intellectual property through the sale of digital collectables.
What Happened: ViacomCBS Inc VIAC announced Thursday a partnership with RECUR. The company will partner to create digital products and collectables based off of the media company’s portfolio.
ViacomCBS Inc owns BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and Showtime Networks Inc.
“Through this agreement, ViacomCBS and RECUR will create a unified environment where fans can buy, collect and trade NFTs as digital products and collectables,” the companies said.
The NFTs are expected to launch in the spring of 2022.
Why It’s Important: ViacomCBS has a huge library of well-known media properties. Utilizing NFTs could help build increased brand awareness and engagement with many of its properties.
“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,” said ViacomCBS Consumer Products President Pam Kaufman.
The company sees its NFTs attracting some first-time buyers to the space given the fan-favorite franchises. ViacomCBS could also see a younger crowd drawn into its NFTs with several networks catering to kids, teens and young adults.
The company could also look to make NFTs part of its plan to grow its streaming platform, which was rebranded to Paramount+ earlier this year.
Unlike many traditional NFTs that use the Ethereum ETH/USD cryptocurrency, the RECUR NFTs are chain-agnostic and allow purchases made using credit card and debit card transactions.
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