Larva Labs, the creators or the development team behind nonfungible token NFT projects CryptoPunks, has signed with Hollywood agents United Talent Agency (UTA) for media representation deal to bring most iconic and one of the earliest NFT projects into the entertainment and branding worlds.

According to a Tuesday article from the Hollywood Reporter, UTA will represent Larva Labs for intellectual property (IP) deals in TV, film, video games, licensing and publishing. Two other NFT projects from Larva Labs, Meebits and Autoglyphs, will also be represented by UTA.

One of the first examples of content created in the blockchain sector that has entered the mainstream entertainment industry is the IP-related deal with UTA. Head of UTA Digital Assets Lesley Silverman said that each “punk” portrait was algorithmically generated with certain characteristics like hats, or facial hair, with some having more common features and others with more rare features.

In first six months of 2021, there was $2.5 billion worth of sales in the NFT sector reflecting the rising interest in NFTs. According to data from the CryptoPunks website since 2017 the Larva Labs OG NFTs have generated $1.18 billion of total sales. In the past seven days alone $304.8 million of total sales was generated. Currently the cheapest CryptoPunk on sale is priced at 115 Ether (ETH) worth around $391,000 at the time of publication.

About Larva Labs

Larva Labs launched 10,000 of the individual algorithmically generated pixelated figures on the Ethereum blockchain back in 2017.In 2019 Larva Labs launched Autoglyphs and earlier 2021 Meebits, with all three projects using code to create the pieces of art on the blockchain.

About UTA

UTA is an international entertainment firm which includes Hollywood clients likes Johnny Depp, Susan Sarandon and Wes Anderson. Along with addition of actors and filmmakers, UTA also represents musicians, comedians and digital talent who are “shaping the world of content and changing the face of entertainment,” according to UTA’s website.

What is Cryptopunks ?

In 2017 CryptoPunks was launched. CryptoPunks is a set of 10,000 pixel art avatars that were randomly built from a pool of dozens of possible traits. Among NFT crypto collectibles it is one of the first NFT projects created on Ethereum based pixel avatars. In CryptoPunks, NFTs affirms ownership in a pixelated person, zombie, alien, or ape with various attributes and accessories. No two CryptoPunks are exactly alike. They’ve also influenced a host of other profile picture NFT projects, including Bored Ape Yacht Club and Pudgy Penguins. The Famous know Cryptopunk were public figures such as rapper Jay Z, electronic dance musician Steve Aoki, and entrepreneur Gary Vaynerchuk all reportedly own CryptoPunks.

Value of CryptoPunks ?

CryptoPunks originally were given away for free but in recent months sales of the characters has increased with eight examples selling for $2 million in the last 6 weeks. In May in an auction run by Christie’s, a bundle of nine collectible CryptoPunks sold for under $17 million. And last week Visa spend $150,000 on CryptoPunk #7610, a digital illustration sporting a mohawk and green face makeup. The total collection is now valued at more than $3 billion.

Indrani Bose

CBW - External Analyst

INDIA