ViacomCBS, the media company behind Nickelodeon, Paramount Pictures, MTV, and other mainstream intellectual properties, has signed a strategic partnership with non-fungible token (NFT) platform Recur to launch digital collections in the Spring of 2022.
When it comes to mainstream media, ViacomCBS holds a significant influence across a range of demographics. Nickelodeon, which covers a younger audience, owns SpongeBob SquarePants, while Paramount owns highly collectible brands such as Star Trek and the Transformers.
“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,” said Co-CEOs of Recur, Trevor George and Zach Bruch.
On an industry-wide level, ViacomCBS’s NFT launch highlights the trend of media brands moving into the digital asset space to launch new product lines. While NFTs have been making headlines throughout the year, right now, there’s a lot of hype.
ViacomCBS is certainly not the first media brand to take the step. In June, Fox invested $100 million in a new NFT company. MGM has launched NFTs for its James Bond movies and Warner Brothers for the Dune movie. Warner subsidiary DC Comics, which owns brands like Batman and Superman, launched a free NFT giveaway for a recent event. And Spiderman owner Marvel is also getting in on the act.
As for Recur, the company aims to support multiple different blockchains. It signed a deal with the IP holder of the PAC-12 college association and will likely launch the first college athletics NFT collection following the change in athlete monetizing regulations by the NCAA.