Animoca Brands, Planet Hollywood form NFT, metaverse joint venture – Ledger Insights – enterprise blockchain

Yesterday blockchain games developer and investor Animoca Brands announced that it was partnering with the Planet Hollywood Group to form ‘MetaHollywood’, a non-fungible token (NFT) and metaverse joint venture.

MetaHollywood plans to tokenize and sell over 60,000 of Planet Hollywood’s movie memorabilia, including photography and movie posters. There are also plans to build a marketplace where movie studios and creators can sell NFTs to fans, such as behind-the-scenes clips.

A native utility and governance token for MetaHollywood will also be launched. The HWOOD token will allow holders to influence decisions over community development. 12% of the token’s supply will be allocated to MetaHollywood’s marketing fund and 10% to the fashion and content development fund for purchasing licensing rights. Only 0.5% of the token’s supply will be for public sale.

“I am thrilled to partner with Animoca Brands as we launch Planet Hollywood into the metaverse. The universal appeal of film, along with our unprecedented collection of iconic memorabilia, make the possibilities limitless,” said Planet Hollywood founder, Robert Earl. “Through MetaHollywood, we will offer utility and functionality that is unrivaled in this burgeoning sector, and I cannot wait to see what our users create using the power of their imagination.”

Animoca Brands is one of the most prolific investors in blockchain gaming and the metaverse. It founded the play-to-earn game The Sandbox which raised a $93 million Series B in November. Last month, HSBC bought NFT land within the game. Animoca Brands has also partnered with the Bored Ape Yacht Club (BAYC) creators Yuga Labs to launch a play-to-earn game in the second quarter of 2022. 

The blockchain games company has raised more than $570m in the last 18 months, including a $358 million funding in January, valuing the company at more than $5 billion.