CryptoPunks is one of the first non-financial tokens (NFTs) to be accepted into traditional media as a result of this agreement.
CryptoPunks, one of the most popular NFTs on the market, is now making its way to Hollywood. The CryptoPunk NFTs from Larva Labs signed a deal with United Talent Agency on Tuesday, August 31.
The CryptoPunk NFTs will be represented in video games, television, films, publishing, and licensing as part of this deal. Apart from CryptoPunks, UTA will also represent two other Larva Labs crypto-art projects, Autoglyphs and Meebits.
CryptoPunks is also one of the first NFTs to be published in a traditional form of media. Furthermore, Larva Labs sees it as a comprehensive strategy for increasing the value of collectibles. Lesley Silverman, the head of UTA Digital Assets, told us:
“I believe it is one of the first opportunities for an IP that originated entirely in the crypto-world to enter a larger entertainment space, and they have earned it. They’ve hit the zeitgeist like a ton of bricks.”
In the recent NFT market rally, CryptoPunk NFTs have caused quite a stir. These pixelated digital avatars on NFTs have set sales records in the millions of dollars. CryptoPunks is also a one-of-a-kind collection of 10,000 pixel art avatars created using dozens of different traits.
The Problem of Licensing
Licensing rights are still a contentious issue in the NFT sector. Many see it as incompatible with blockchain-based NFTs’ permissionless and decentralized nature. Larva Labs, on the other hand, has been aggressive in asserting its intellectual property rights. In addition, the Digital Millennium Copyright Act has been used to file some claims.
Industry players have reacted strongly to the recent development with CryptoPunks. The co-founder of data company DeFi Pulse, Scott Lewis, wrote:
“The punk community has told the punk story, and that emergent, organic, and AUTHENTIC story telling is the ONLY reason punks are who they are today. Without deep engagement with the punk community, I’m skeptical that Hollywood agents, no matter how talented, will be able to license the imagery authentically”.
As of now, it’s unclear how the Hollywood industry intends to use popular punks in digital media. Matt Hall, co-founder of Larva Labs, seemed ecstatic about the news.
“We are looking forward to collaborating with UTA for the benefit of the entire community affected by our projects. He stated, “Not only for the exciting opportunities to bring them wider exposure, but also to help protect their long-term growth and value.”