CryptoPunks creators sign deal with top Hollywood agents, as sales top $305M
Creators of CryptoPunks, Larva Labs, have recently penned a deal with United Talent Agency (UTA) from Hollywood.
As per Hollywood Reporter’s August 31 news article, UTA will now represent the intellectual property (IP) deals for Larva Labs where TV, video games, and film licensing is concerned. The other two NFT projects of Larva Labs – Meebits and Autoglyphs, will also be represented by the UTA from now.
CryptoPunks was launched in 2017, being the first project created on Ethereum. Making it the first example of blockchain created content to enter the mainstream entertainment industry, the latest IP-related deal with UTA is a significant milestone for Larva Labs.
The CryptoPunks, in its short history, has maintained its own niche except that it suddenly exploded in popularity this year as interest in NFTs grew, recording a sale of $2.5 billion in the first six months of 2021.
Head of UTA Digital Assets, Lesley Silverman, told the Hollywood Reporter that it is one of the first opportunities that an IP has been able to get wholly originated in the crypto-world, adding that they have “hit the zeitgeist in a tremendous way.”
Larva Labs have so far generated $1.18 billion total sales, $304.8 million worth of sales accounted for in the past week itself. The cheapest CryptoPunk on sale at present is 115 Ethereum (ETH), worth about $391,000 at the time of writing.
Public figures like musician Steve Aoki, entrepreneur Gary Vaynerchuk and rapperJay Z, and various others own CryptoPunks. According to news reports, the payments giant Visa purchased CryptoPunk 7610 — a female with a mohawk, clownlike green eyes and lipstick on August 23, for 49.50 ETH worth $150,000 at the time of purchase.
Currently, there are about 10,000 CryptoPunks NFTs that were generated from individual pixel art avatars, each having unique features. TechCrunch reported in April that the CryptoPunks were initially free, 703 Punks from the total snatched online by a collector named “mr703” at its initial launch. Now, at the recent prices, there are hundreds of NFTs worth tens of millions.
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