Ask Liya Web3 Why it’s a big deal Boss Beauties signed with WME

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Web3: Why it’s a big deal Boss Beauties signed with WME

Liya Dashkina

Liya Dashkina

Guest Writer

Nothing in this article constitutes or should be taken as financial advice, and should be treated as for illustrative and educational purposes only. Always do your own research.

I spend a lot of my time thinking about NFTs (yep, I’m a nerd). As a big supporter of this space, I want this new blockchain-powered digital asset class to succeed, but I also often question the future of NFTs and their viability from a business point of view. How long can the original model of “in it for the community” survive?

I believe that if they are to survive in the long-term, they cannot exist in a vacuum of the NFT world, which is why I am excited to see more NFT projects looking at the direction of media and entertainment as the logical next step in their product evolution.

Last week, announced that they (), a talent agency that will exclusively represent the NFT project in “all areas and assist in adapting its intellectual property across Web3, film, TV, digital and gaming platforms, as well as live events and brand partnerships.”

Boss Beauties is a , a collection of 10,000 NFTs representing diverse women in various professions (including pilots, navy captains, firefighters etc). The collection is aimed at empowering girls and women and was the first NFT collection to be displayed at the New York Stock Exchange. Their capsule series Role Models was displayed at the United Nations in celebration of International Women's Day, while both Eva Longoria and Reese Witherspoon are among their holders.

So, why is this important?

Being represented by a powerhouse such as WME will allow the NFT project to have a serious shot at turning its intellectual property into a suite of products that we know and understand in the “real world”, such as movies, games and merchandise.

This crossover of a blockchain concept into the world of traditional entertainment and media will be interesting to observe, as Boss Beauties find themselves in the first cohort of NFT projects who have secured this sort of representation. A handful of the other projects who have agency representation include , (creators of CryptoPunks and Meebits) and a few (specific apes, not the entire project).

Earlier this year (before the market meltdown), UTA, another major agency that entered the NFT arena and currently represents Larva Labs and Deadfellaz, commissioned a . The findings showed that 6% of respondents (all in the US) owned an NFT but 38% wanted to own one in the future, which equated to a potential market of 65 million people. While this sentiment has now clearly shifted, given the current market conditions, this was still an encouraging nod towards NFTs entering the mainstream.

What this relationship with WME will mean in practice and how it will affect the holders of Boss Beauties NFTs is difficult to predict. But I am excited by the fact that agencies still consider these digital assets to be worth their while.

Commercialising digital assets

Boss Beauties, with its mission of “empowering girls and women at the forefront of technology, leadership and creativity”, would seem like a perfect fit for an animated series. This may be followed by licensing deals for merchandise, books and, if things go well, a foray into the world of gaming.

One example of a commercial partnership by an agency-represented NFT project that has already crystallised would be Deadfellaz partnering with Gilson to produce custom-made snowboards and skis for Deadfellaz NFT holders, as well as a universal design for those who like the project but do not hold an NFT.

For me, however, the interest lies in the legal and financial nuances of these potential deals. Web3 is the promised land of ownership. After all, blockchain technology has allowed us to figure out a way to own our JPEGs.

True that may be, but the ownership of the underlying IP rights differs depending on the project. It is not uncommon, however, for projects to include licensing fee provisions. For example, the Boss Beauties project roadmap published at the end of 2021 made reference to licensing fees of 10%, meaning that if my Boss Beauty NFT image is used on a t-shirt sold at Target, I as the holder would be entitled to licensing fee revenue.

How this will play out in practice remains to be seen but I highly doubt that I will get rich off the back of Target selling t-shirts with my NFT on them anytime soon.

The nuances of NFT IP rights, as they relate to copyright and trademark laws and their application both for the project itself and its holders, are far from straightforward because trying to squeeze new technology into existing laws is never easy. This is also the first time that the commercialisation of IP deals can potentially have a direct impact on an individual (if they own IP rights attached to their NFT, as is the case with Bored Apes, for instance).

I expect the journey from having 10k loyal fans to being a household brand to involve a few more steps beyond signing with an agency. But in my utopian NFT-powered world, these kinds of partnerships mark the beginning of a new era for creators and holders alike, equal parts complex and exciting, validating NFTs as the new frontier of IP monetisation.

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