A non-fungible token (NFT) of the iconic Hollywood sign will be minted and auctioned off this summer.
Sugar23, the management and creative platform founded in 2017 by Oscar-winning manager-producer Michael Sugar, has partnered with the Hollywood Chamber of Commerce to commission a digital artwork NFT of the world-famous Hollywood sign.
The NFT will then be auctioned off during the summer.
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The project hasn’t been commissioned yet – and no date has been given as to when or where the auction will occur. Also, no specific blockchain platform has been selected to mint the token.
However, Sugar23 is already in discussions with several creatives and other partners to make it all possible.
However, according to The Hollywood Reporter, the proceeds from the sale of the NFT will be given to the Hollywood Chamber Community Foundation to aid in local charitable initiatives related to homelessness, education, diversity, and inclusion.
Sugar notes that he intends to “open the door to other collaborations and other charitable endeavors,” explaining that “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…”
We see this as a unique opportunity to do something good for the city, by the city, and with the city of Los Angeles, and what better way to give back than by raising money for those who need it most,” he says.