“I would say it is one of the first opportunities for an IP that originated in the crypto world to go into a (broader) entertainment space, and they served it. They have (really) taken on the spirit of the times in a (wonderful) way.”
– UTA Digital Assets Chief Lesley Silverman.
Larva Labs, the creator of CryptoPunks, has just signed with the United Talent Agency (UTA) in a representation agreement that will bring one of the earliest and most iconic NFT (non-fungible token) projects into the entertainment industry.
The agreement could see CryptoPunks emerging across movies, TV, video games, and other licensing areas in the industry, although the full details of the agreement are yet to be disclosed and revealed to the public.
Larva Labs and its other digital art projects, Meebits and Autoglyphs, will also be represented by UTA in the future.
A Brief History of CryptoPunks
Larva Labs launched 10,000 of the individual algorithmically generated pixelated numbers on the Ethereum (ETH) blockchain way back in 2017, with the first punks distributed to users for free via an airdrop.
Despite all expectations, the value of CryptoPunks rose from zero to the least expensive versions of the collectibles now running for hundreds of thousands of dollars, with the most valuable sale for millions. For example, a bundle of nine CryptoPunks sold for just under $17 million in an auction run by Christie this past May.
Not willing to be left behind, Visa also came into the fold last month after spending $150,000 on an original CryptoPunk digital illustration – the now-iconic CryptoPunk #7610 is even sporting a mohawk and green face makeup.
What the Heck Is a CryptoPunk?
Like many new to the world of cryptocurrency and NFTs, specifically, you might be asking: what the heck are CryptoPunks?
To the untrained eye, and no doubt also the trained eye, a CryptoPunk is just a tiny pixelated portrait of various characters, some wearing pirate hats, others in flying glass smoking pipes, some famous, some unknown.
However, in the crypto world, punks are often a symbol of social significance within the space.
For example, punks indicate certain anomalies unique to individuals, from being an early/original member of the digital art community, being an investor in NFTs, all the way to an expression of personal style, or even to signify wealth status within the digital metaverse!
As speculative investment in NFTs explodes, CryptoPunks remains one of the most recognizable – and valuable – pioneers in the digital art and cryptocurrency space. Regarding UTA, it is noteworthy for a traditional talent agency best known for representing A-list celebrities to enter the NFT game.
However, it is not the agency’s first foray into the land of crypto.
The company got its feet wet last month after signing a company called Rally, running a platform to help creators issue their very own branded social tokens that fans can spend on things such as merch and exclusive content.
In the future, it will be exciting to see which other reputable agencies within the entertainment industry end up deciding to make their splash into the exciting world of digital art and non-fungibles!
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