Photo provided by UTA
Why Talent Agency UTA Is Going Big on NFTs
If you need more proof that NFTs have officially invaded Hollywood, look no further than United Talent Agency’s client roster.
The Beverly Hills-based talent agency recently signed Deadfellaz, an NFT collection of 10,000 zombie portraits. UTA counts Larva Labs, the creators behind the CryptoPunks NFT project, as a client, too. Even Coinbase, the publicly traded cryptocurrency exchange, is now part of UTA’s portfolio.
The agency’s foray into the crypto world shouldn’t come as a big surprise. Digital artists are selling NFTs, or non-fungible tokens, for sky-high prices. NFT exchanges like NBA Top Shot have attracted large fan bases willing to shell out money for digital collectibles. And entertainment companies in the music, film and gaming industries have been quick to venture into NFTs—even if there’s still plenty of skepticism about the digital assets.
“At first, my instinct was that this would be disruptive of things like art,” Lesley Silverman, UTA’s head of Web3 and a former fine art agent, told dot.LA. “We as an agency quickly realized that there would be similar innovation around the way we think about the broader media landscape, and that NFTs, and Web3 more broadly, would impact all of them.”
Silverman was the first full-time digital assets agent at UTA, which claims to be the first major talent agency to launch a dedicated Web3 practice. Other Hollywood talent agencies have since entered the fray—including rival WME, which recently signed a pair of Bored Ape NFTs.
Lesley Silverman, UTA’s head of Web3.
Provided by UTA
Initially, UTA aimed to help its existing clients navigate the Web3 world and launch NFT projects, such as a collaboration between Oscar-winning film score composer Hans Zimmer and NFT artist ThankYouX. But the agency soon realized that crypto is blooding a new generation of creators, founders and influencers who could use representation, Silverman said. Her team now helps clients like Deadfellaz secure brand partnerships, merchandising deals and live events—just like how UTA helps build the careers of actors, musicians and other entertainers.
“Our role is really to sit at the intersection of our clients and the things that may seem out of reach,” she said. “Their big ideas, their exciting plans—and the folks who they want to be connected to in order to carry those plans out.”
UTA has four people across the agency who work closely within the Web3 space, with plans to grow the Web3 group in the coming months. The group has facilitated more than 30 NFT drops, partnerships and other initiatives since launching in early 2021, according to the agency. The division has also worked to build a diverse talent roster, adding female-led projects and creators of color, Silverman said.
With the Web3 landscape constantly evolving, UTA will “remain nimble” when it comes to its NFT strategy, Silverman noted. One approach that’s currently resonating with fans is tying digital assets to real-world goods and experiences; indeed, the agency brokered a deal last month that will let Deadfellaz NFT holders create custom Gilson skis or snowboards depicting their own NFT artwork.
“It’s measurable that consumers want those things, and we are certainly not going to take that information lightly,” Silverman said. “Those are two areas that we will definitely look to expand and advise our clients to pursue.”
UTA recently commissioned a survey which found that while only 6% of U.S. consumers aged 16-to-54 have owned an NFT, about 38% want to own one in the future. Though the study’s results were bullish about the Web3 space overall, they did identify some obstacles; for instance, many consumers remain concerned about crypto scams and market volatility, or simply don’t know how to buy an NFT or what to do with one.
If the crypto industry can reduce those friction points, Silverman believes more consumers will flock to digital assets.
“All of that will lead to just more and more consumers entering into the space and equating digital ownership with how they interact socially, how they participate in communities and how they participate in fandom,” she said.
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Qai Qai is a digital character based on a doll owned by Williams and Reddit co-founder Alexis Ohanians’ four-year old daughter, Alexis Olympia Ohanian Jr. But the digital avatar was created by Invisible Universe.
To go along with Qai Qai’s debut in the tangible world (the book is set to be released in September 2022), the company also helped Williams create a doll that will be sold on Amazon.
Invisible Universe is one relatively new entrant into the rapidly crowding field of digital avatars and virtual influencers like Qai Qai.
Dapper Collectives (formerly known as Brud) runs social accounts for Lil’ Miquela, a virtual influencer with 3.1 million followers and is said at dot.LA’s recent fall Summit it’s looking to expand her reach into TV and other forms of interactive storytelling. Another similar company is Genies, which is making digital avatars for celebrities that can follow them across different social media platforms.
“Our belief is that the power of incubating IP on social media allows us to test things and build an audience and community,” said Invisible Universe CEO Tricia Biggio “But from there, our mission is absolutely to extend that (intellectual property) and other forms of publishing.”
She said part of that is selling the doll on Amazon and eventually creating long-form scripted content.
Biggio was a TV development executive at VH1, Snap and MGM, and she was Invisible Universe’s chief creative officer for a year before taking the CEO helm in June.
She believes that creating strong characters that can transcend the boundaries of their scripted content and live online as their own digital personas is the key to getting people to stay engaged with new stories. But unlike studios focused on box offices or streaming, Biggio wants Invisible Universe’s content to be on social media first where fans can interact with it all the time.
Biggio said that her co-founder and former Snap executive John Brennan was friends with Williams and Ohanian and developed the idea to create content based on the Qai Qai doll before Invisible Universe even started. They then tapped writers with experience at Hollywood studios to bring the vision to life.
“We've assembled a team of writers, Hollywood writers, who we've convinced to come and do this really experimental thing with us,” Biggio said.
Other digital creations by Invisible Universe include the fictional long-lost toys of Dixie D’Amelio’s family called Squeaky and Roy and robots for Karli Kloss called Kayda and Kai. The creators are involved in the creation of their digital characters, and Invisible Universe is working on another to-be-announced project with “Friends” star Jennifer Aniston.
Biggio said the company has raised $9 million since its launch.
dot.LA co-founder Spencer Rascoff is an investor in Invisible Universe, alongside Williams and Aniston, who also acts as an advisor. Actor Will Smith is an investor through his venture fund Dreamers VC, as is the Cassius Family, Seven Seven Six and Initialized Capital.
Correction: An earlier version referred to John Brennan as Johnathan and incorrectly identified Dixie D'Amelio as Charli D'Amelio. An earlier version also stated Biggio wanted to create the "Pixar of social media," she in fact said "Pixar of the Internet."
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