RECUR — the NFT company backed by billionaire hedge funder Steve Cohen — announced Wednesday plans with media giant ViacomCBS to create a platform for trading NFTs tied to the firm's brands and franchises.
Founded by Zach Bruch and Trevor George, RECUR gatecrashed the crypto scene after it reached a $333 million valuation from a funding round led by an investment firm backed by Steve Cohen. RECUR is trying to stand out in a crowded space by striking licensing deals with corporates to create NFT marketplaces tied to specific brands.
RECUR plans to launch the ViacomCBS platform in the spring of 2022, according to a press release. Recur plans to take a "chain-agnostic approach" and accept payments via debit and credit card.
ViacomCBS has a wide-ranging portfolio, including MTV Nickelodeon, and Comedy Central — opening the door to NFTs tied to brands like SpongeBob and South Park. A spokeswoman declined to comment on how RECUR will prioritize brands as well as details around the economics of the deal.
“Fueled by beloved characters and iconic properties with multi-generational appeal, we are thrilled to accelerate our consumer products presence even further into the growing metaverse,” commented Pam Kaufman, president of ViacomCBS consumer products. “In teaming up with RECUR to create an NFT platform dedicated to ViacomCBS IP, voracious collectors and first-time NFT buyers alike will find unique opportunities to own a piece of their favorite franchises.”