Paramount Starts Project To Launch NFTs Across Its Media Portfolio
Milestone Date: October 13, 2021
Legacy media companies are continuing to pursue their Web3 ambitions. Media giant Paramount (formerly ViacomCBS) has partnered with Recur to bring its iconic IP and franchises to the blockchain via digital assets such as collectible NFTs. These franchises include the organization’s popular media brands such as CBS, MTV, Showtime, Paramount Pictures, BET, Nickelodeon, and Comedy Central.
Currently, there are few details about which of ViacomCBS' specific brands will leverage the initiative. However, ViacomCBS will be working with Recur to build a platform that fans can use to buy, collect and trade NFTs. The platform will also provide a “peer-to-peer engagement and facilitate innovative ways for users to unlock new experiences.” What’s unique about Recur as an NFT marketplace is that it allows original IP rights holders to continue to collect royalties from sales and resales indefinitely, regardless of where the NFT was originally sold and resold thereafter.
Additionally, Recur will allow users to make purchases with credit and debit cards in addition to cryptocurrency. This approach could open the audience pool to people who aren’t crypto natives or early tech adopters. The new platform is expected to launch in 2022.
“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… In teaming up with Recur to create an NFT platform dedicated to ViacomCBS IP, voracious collectors, and first-time NFT buyers alike will find unique opportunities to own a piece of their favorite franchises,” stated Pam Kaufman, ViacomCBS president of Consumer Products.
By Elizabeth Morrison
Published:October 13, 2021
The Hollywood Reporter