Animoca Brands, Planet Hollywood form JV for NFT, metaverse

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

Over 60,000 pieces of Planet Hollywood cinematic memorabilia, including photography and movie posters, will be tokenized and sold by MetaHollywood. There are also plans to create a marketplace where movie studios and producers can sell NFTs, such as behind-the-scenes footage, to fans.

MetaHollywood will also issue a native utility and governance token. Holders of the HWOOD token will be able to influence community development decisions. MetaHollywood's marketing fund will receive 12 perent of the token supply, while the fashion and content development fund will receive 10% for obtaining license rights. Only 0.5 percent of the token's supply will be available for purchase by the general public.

Animoca Brands is one of the most active blockchain gaming and metaverse investors.