ViacomCBS Enters NFT Space with Recur Partnership

ViacomCBS Enters the NFT Space

ViacomCBS is making a move into the realm of NFTs – non-fungible tokens, which are unique digital assets representing ownership recorded on a blockchain. These tokens are increasingly popular for trading digital art and collectibles.

The media conglomerate has announced a partnership with Recur to introduce its well-known intellectual property and franchises to the world of digital collectibles, with the launch anticipated next year.

Expanding into Digital Collectibles

This initiative will encompass products and collectibles derived from shows and films across prominent ViacomCBS brands. These include CBS, MTV, Showtime, Paramount Pictures, BET, Nickelodeon, and Comedy Central.

Currently, specific details regarding the project remain limited. However, the company intends to establish a platform where fans can buy, collect, and trade NFTs from its extensive portfolio.

A Social and Engaging Platform

The platform is designed to foster “peer-to-peer engagement” and provide innovative avenues for users to access new experiences. This suggests a social component extending beyond a simple marketplace.

Recur, recently valued at $333 million after a $50 million Series A funding round, is developing an NFT platform named NFTU.com.

This platform is being built in collaboration with digital licensing firm Veritone and will initially feature NFTs created from athletic video content from Pac-12 Networks, such as sports highlights.

Standardizing Recurring Royalties

Unlike many existing NFT marketplaces, Recur aims to develop technology that standardizes recurring royalties across all cryptocurrencies. This would make NFTs “chain-agnostic,” potentially attracting a broader audience to the crypto ecosystem.

For intellectual property holders, this means they would continue to receive royalties from sales and resales, even when NFTs are traded on platforms outside of the original issuing platform.

Potential for Iconic IP

This model is particularly appealing to media companies with extensive catalogs of intellectual property suitable for digital collectibles. Consider possibilities like Spongebob Squarepants, South Park, or Star Trek collectibles.

It’s important to note that ViacomCBS has not yet revealed which shows will be included in the initial offerings, and further discussions regarding rights with creators and actors may be necessary.

Wider Accessibility Through Credit Cards

Recur’s chain-agnostic approach will also enable purchases using standard U.S. credit and debit cards, rather than requiring cryptocurrency. This could broaden the platform’s reach beyond early adopters of crypto technology.

The platform, a white-labeled marketplace provided by Recur, is scheduled to launch in the spring of 2022, according to ViacomCBS.

Industry Trend

ViacomCBS is not alone in exploring NFTs. Numerous other media companies, including CNN, The New Yorker, Time, Playboy, Lionsgate, Media Central, Gannett, and Fox, are also investigating and experimenting with this new medium.

Focus on Community and Engagement

Pam Kaufman, ViacomCBS President of Consumer Products, stated the company is “thrilled to accelerate our consumer products presence even further into the growing metaverse.”

She added that the platform will offer “unique opportunities to own a piece of their favorite franchises” for both avid collectors and newcomers to NFTs.

ViacomCBS emphasizes that the immediate focus is not on revenue generation through NFT sales, but rather on building a community and enhancing fan engagement.