Okay Bears has quickly become a Solana NFT signature project that’s back on display this week, thanks to a new licensing agreement between Okay Bears and entertainment behemoth IMG.
IMG’s Status and the Potential of the Okay Bears
IMG is a global IP powerhouse specializing in worldwide product and branding licensing. In 2013, the agency merged with Endeavor (previously known as WME), arguably the world’s largest talent agency. However, Endeavor has largely ignored IMG and assumed the parent company’s role, allowing IMG to focus on what it does best. Aside from IMG’s strength, the licensing agreement makes much sense.
Though Okay Bears is a new project in a new market, it’s clear that profile pic NFTs like the 10,000 mint Okay Bears are making their way to public markets. Even if significant brands and media aren’t using them yet, the money invested in the crypto market will drive growth.
Just last month, we broke down our weekly ‘NFTs In A Nutshell’ report and highlighted the Solana-based barrelDAO, who is creating a summer shandy beer with a can that will feature prominent Solana-based NFT projects, including Okay Bears.
What We’ve Seen So Far in NFT Representation
Regarding NFTs, however, representation has been far from a well-established clear-cut structure. At a high level, the lines are much less blurred in traditional media:
- Agents bring artists’ work.
- Managers help artists decide whether to take the job or look for other opportunities.
- Publicists help promote the artist’s upcoming or ongoing work.
Several different players have gotten involved with NFTs. Last year, the NFT project ‘Jenkins the Valet’ signed with the significant agency (and Endeavor competitor) CAA.
UTA, another three-letter agency competitor, has also gotten involved, signing Deadfellaz and working with Coinbase and the creators of CryptoPunks, Larva Labs.
The structure for NFT representation is far from clear, but one thing is sure: major Hollywood agencies are showing an interest in getting involved. We’ll see how things shake out regarding IP utilization, media and branding deals, etc.