- 4 days ago
ViacomCBS, togethe with Recur, is to launch a new NFT platform, for the trading of ViacomCBS- themed related collectibles.
Amidst the growing hype surrounding the growing NFT market, media company ViacomCBS, has decided to hop onto the NFT bandwagon. ViacomCBS, in collaboration with NFT company Recur, is bringing its franchises and iconic IP to the world of non fungible tokens, beginning in Spring 2022. The project will allow the buying, selling and trading of collectibles from films and shows across top ViacomCBS brands. These include MTV, Comedy Central and Paramount Pictures.
The company has not yet revealed any further details about the future launch. However, the company does inform that the platform will assist “peer-to-peer engagement” and will implement new experiences for users. This suggests that the platform will go beyond just the marketplace aspect of NFTs. The statement also hints at the addition of a new social element to the NFT experience. Pam Kaufman, (ViacomCBS president of Consumer Products) also hints to this idea– “we are thrilled to accelerate our consumer products presence even further into the growing metaverse”.
Moreover, Recur is also working on building an NFT platform at the moment, called NFTU.com. This project is in partnership with Veritone. Created with Pac-12 Networks athletics video content, it will host NFTs. In addition, Recur recently closed on a $50 million Series A. This puts the pre-launch value’s company at $333 million.
Recur’s plan is to bring more potential candidates into the crypto ecosystem. The company aims to develop technology that assimilates recurring royalties minted through any cryptocurrency. For original rights holders, it means that once the NFT left their hands, they can continue receiving recurring royalties from sales.
More on the project
To clarify, ViacomCBS has not yet confirmed the specific shows they will include in their first distributions. As such, there could be more complicated discussions related to rights, that will have to be solved with IP holders.
In addition, Recur will allow the purchase of NFTs through U.S. credit and debit cards, and not cryptocurrencies alone. This will perhaps make the platform appealing to companies seeking to reach wider and more mainstream audiences.
ViacomCBS is not the first media company to join the NFT scene. Aside from top media figures themselves, brands such as CNN,, Lionsgate, Media Central, Fox and others have also begun to experiment in the field.
ViacomCBS emphasises that the main focus is on creating a platform that encourages community-building and fan engagement effort. This focus differs from the more standard one around the monetization of NFT sales.