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Hollywood lines up to capitalize on NFT craze

2019 was a transitional year. Old became new as we hit peak nostalgia. Friends became enemies as we began to see Big Tech in a darker light. The youngest person ever was Time’s Person of the Year, and the embodiment of the Old Master is a baby. To round out 2019, here are five main takeaways from the year, followed by five major predictions for 2020 and beyond.

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The Future. United Talent Agency, William Morris Endeavor, and A3 are prepping an NFT debut as the digital marketplace quickly shifts to the blockchain-backed marketplace. Several films and TV veterans are already making millions through crypto media, and full adoption of the tech in Hollywood could reinvent creators’ relationships with fans… and catapult visual artists to the top of the money-making totem pole.

Crypto FOMO
Hollywood agencies are gearing up to make some extra commissions in the midst of the NFT mania.

  • United Talent Agency, which has called NFTs “the Holy Grail of the art world,” has formed a “digital assets initiative” that will be run by Lesley Silverman.
  • The agency has recently overseen NFT deals for clients such as musician Halsey and visual artist Roger Dean.
  • William Morris Endeavor acquired a stake in Otoy — the software company that Beeple used to create his $69 million NFT.
  • A3 put together a “task force” to educate its agents on “smart contracts” — the crypto-code contracts used for NFT sales.

Multiple studios are reportedly looking into setting up their own NFT marketplaces as well.

Show me the Ethereum
The agencies have good reason to scramble while the getting is good — several entertainment figures are already raking in more money than they’ve ever seen.

  • Concept artist Ben Mauro (the Hobbit films, Man of Steel) sold a dozen pieces of work as NFTs for $2 million — more money than he’s made in 12 years.
  • An artist who used to work for DC Comics made $2 million selling NFT artwork of Wonder Woman.
  • Academy Award-winning production designer Rick Carter (Avatar, Lincoln) is starting to put his work up for sale on the platform OMGDrops, which his son, Jim, created.

The NFT frenzy is clearly a boon for concept artists in particular since it is netting them more money than ever thought imaginable. David Levy (Star Wars, Black Panther) said that “we don’t get royalties on any movies. If we stop work, we lose health insurance, we lose income. We never expected anything like this could happen. But now that it’s here, we’re not going to let it go.”

David Vendrell

Born and raised a stone’s-throw away from the Everglades, David left the Florida swamp for the California desert. Over-caffeinated, he stares at his computer too long either writing the TFP newsletter or screenplays. He is repped by Anonymous Content.

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