Once upon a time in Hollywood. The famous center of the entertainment industry is entering the NFT business. The Hollywood Sign, one of the best-known American landmarks is going up for auction.
As a non-fungible token, of course.
The iconic landmark resides in the hills above Los Angeles, and is one of the most recognizable locations on the planet. It will be offered as an NFT to collect funds in support of charitable initiatives, with the token set to be sold this summer. No specific timeframe has been established yet.
But we do know that the NFT will be launched by Sugar23, an emerging management and creative platform that is founded by Oscar winning producer Michael Sugar.
The company has partnered with the Hollywood Chamber of Commerce, and is now looking for an artist or filmmaker to complete the digital art project.
Sugar:
“As storytellers who recognize the power of social impact, we’re committed to exploring all types of global opportunities and are excited by the potential of NFTs to transform the creative landscape.”
He added that his team sees the project as an opportunity to do something good for the city of Los Angeles. And what better way to do that than by raising money for those who need it the most, the producer emphasized.
The funds collected from the token sale will be used to finance various charitable activities of the Hollywood Chamber of Commerce through its Hollywood Chamber Community Foundation.
This is an organization that has made a name of itself by working on addressing issues related to homelessness, education, diversity, and inclusion. Using NFT auctions to raise funds for these charitable causes is a commendable step.
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