Non-Fungible Tokens, better known by the acronym NFT, are becoming a hot new trend in technology. Just recently, an NFT by artist Beeple sold for more than $69 million, and tokens have been created for the television show American Gods, the band Kings of Leon’s new album, and the National Basketball Assn.
Now, A3 Artists Agency has launched an NFT Task Force to liaise within the agency and its clients.
For those who don’t follow technology closely, an explanation: A non-fungible token is a special type of blockchain cryptographic token that represents something unique. Unlike other tokens like bitcoin and many network or utility tokens, they are not mutually interchangeable, i.e. not fungible.
NFTs give collectors proof of authenticity and ownership of their digital assets, including artwork, images, GIFs, songs or videos. Once created, there’s a record of who owns it. Thus, like rare painting or other collectibles, the provenance is established.
The A3 agency’s NFT Task Force includes a curated committee, chaired by A3 co-managing partner Alec Shankman, consisting of representatives from divisions across A3. The NFT Task Force will be responsible for navigating the quickly evolving landscape on behalf of clients, connecting them with the appropriate players in the space, and identifying the most effective and efficient ways for clients to share their work and art directly with their audience, all while benefiting from new revenue opportunities.
“We are witnessing unparalleled momentum gained daily by the NFT ecosystem and growing interest in this new means of art distribution and fan engagement by many of our clients,” said A3 CEO Robert Attermann. “With our commitment to leadership in entertainment innovation, the NFT Task Force will allow us to remain ahead of the curve and positions the agency to provide the best possible service to clients with interest in this everchanging landscape.”