CryptoPunks and their inventors, Larva Labs, are packing their belongings and heading for the stars. Punks have become the first crypto-native intellectual property to gain representation with a major agency.
Let’s have a look at what the recent development means for one of the most exciting NFT ventures in the market.
According to a report published this week in the Hollywood Reporter, Larva Labs has struck an agency agreement with United Talent Agency, one of the most powerful companies in the entertainment industry (UTA).
According to the article, UTA will represent Larva Labs projects in film, television, video games, and publishing. CryptoPunks, Meebits, and Autoglyphs, three of the largest Larva projects in the market, will be represented.
Lesley Silverman, president of UTA’s Digital Assets, told the Hollywood Reporter that this is “one of the first opportunities for an IP that truly originated in the crypto-world to enter a broader entertainment sector, and they deserved it.” CryptoPunks, according to Silverman, “truly have impacted the zeitgeist in a fantastic way.”
UTA has long been regarded as one of the entertainment industry’s powerhouses, having been dubbed one of the “big four” entertainment firms alongside Endeavor and CAA. UTA has definitely taken a forward-thinking strategy, signing more creators and exploring new channels. As previously black-and-white distinctions in entertainment and media continue to blur, new chances for IP like CryptoPunks will emerge.
This week’s announcement follows a period of increased attention for CryptoPunks and NFTs in general. Visa paid $150K for a CryptoPunk last week. In addition, the company published an NFT study in which it expressed optimism about the future of non-fungible tokens and fanbase.
Punks have recently been the greatest dollar volume NFT on OpenSea, and have historically ruled the charts. It comes at a time when OpenSea volume is at an all-time high, with 30-day user growth and transactions increasing by more than 200 percent. Punk volume also dominates the 7-day NFT charts and is second on the 30-day and all-time charts, trailing only Axie Infinity.
Punks have also recently resulted in significant seven-figure acquisitions. Earlier this month, a single buyer paid $7MM for a large number of Punks in a single Ethereum block.
The entire extent to which UTA can help CryptoPunk’s “brand” remains to be seen. However, with the agency’s superior entertainment industry relationships and chances, don’t be surprised if you see a CryptoPunk on the big screen one of these days.