Larva Labs, the team behind the outrageously popular NFT project CryptoPunks, has closed a deal with Hollywood agent United Talent Agency (UTA).
According to an August 31 article in the Hollywood Reporter, UTA Larva Labs will be represented in intellectual property (IP) deals in television, film, video games, licensing and publishing. Two other NFT projects from Larva Labs, Meebits and Autoglyphs, are also represented by UTA.
CryptoPunks was started back in 2017 and is one of the first NFT projects to be created on Ethereum. The IP-related deal with UTA marks a significant milestone for Larva Labs as it is one of the first examples of content created in the blockchain sector and entered the mainstream entertainment industry.
Lesley Silverman, director of UTA Digital Assets, told the Hollywood Reporter:
“I would say that it is one of the first opportunities for an IP entirely from the crypto world to break into a wider entertainment space, and they deserve it.”
“You really hit the zeitgeist tremendously,” he added.
The CryptoPunks project retained a relatively niche market for most of its short history before it did so this year due to a growing wave of interest in the NFT sector, which had sales of $ 2.5 billion for the first six months of this year scored, gained popularity.
According to data from the CryptoPunks website, Larva Labs OG NFTs have total sales of a whopping $ 1.18 billion since 2017, including $ 304.8 million in the last seven days alone. The cheapest CryptoPunk on sale is currently priced at 115 Ethereum (ETH), valued at around $ 391,000 at the time of publication.
Related: CryptoPunks clone PolygonPunks booted from the OpenSea marketplace
Public figures like rapper Jay Z, electronic dance musician Steve Aoki and entrepreneur Gary Vaynerchuk all reportedly own CryptoPunks. Cointelegraph reported on Aug. 23 that payment technology giant Visa CryptoPunk 7610 – a mohawk, green clown eyes and lipstick – for 49.50 ETH, valued at $ 150,000 at the time of purchase.
The Cryptopunks have completed transactions valued at approximately $ 140 million in the past 24 hours and have now exceeded a transaction volume of $ 1 billion. pic.twitter.com/SCBY6F22Ho
– Larva Labs (@larvalabs) August 28, 2021
There are a total of 10,000 CryptoPunks NFTs, all of which have been computer generated from a number of unique functions to create the individual pixel art avatars. They were initially claimed for free, with TechCrunch reporting in April this year that a collector known online as “mr703” snapped up 703 punks when it first launched – and closed hundreds of the NFTs in a tens of millions of dollars in collection current prices retained.
With a punk as a VISA mascot, we are experiencing the end of an era: a marginal art experiment becomes a marketing tool for companies. Happy as it is moving forward #Cryptopunks Appraisal through the roof.
– mr703 (@ mr703_punks) August 27, 2021
Larva Labs’ other NFT projects also follow the computer-generated route of CryptoPunks. The Meebits NFTs were launched this May and are made up of 20,000 unique 3D voxel characters designed for use in Metaverse and NFT games.
Launched in 2019, Autoglyphs is a generated art project limited to 512 NFTs where users generate a “Glyph” by paying a creation fee of 0.20 ETH (US $ 687) to selected charity Larva Labs, 350. org, donate – an organization that aims in combating climate change.