Inside Hollywood’s Rush to Cash in on NFTs

With the new NFT (non-fungible token) market fetching multimillions of dollars for digital art assets including jpegs, videoclips and even tweets — like $2.8 million for Twitter CEO Jack Dorsey’s first tweet — it comes as no surprise that Hollywood is jumping on the bandwagon in a feverish quest to add another revenue stream for its intellectual property. Beverly Hills-based UTA is among the first Hollywood agencies to establish a dedicated NFT department, exploring multiple ways in which the digital tokens might benefit its clients. “We have just scratched the surface in terms of how NFTs will disrupt the marketplace,” Lesley Silverman, UTA’s executive for digital assets, told TheWrap. “The notion of allowing fans to own a piece of a creative project, and to be able to trade that interest in a free and open marketplace, is an entirely novel premise relative to traditional entertainment.” Even auctioneers in the traditional collectible market are getting involved. “We’ve been inundated with celebrity clients and estates trying to figure out how to get involved in this,” said Darren Julien, co-owner of L.A.’s Julien’s Auctions, which sells $50 million-plus in celebrity memorabilia each year, from Michael Jackson’s white glove ($480,000) to Marilyn Monroe’s “Happy...

Read original story Inside Hollywood’s Rush to Cash in on NFTs At TheWrap