By
staff writer
April 17th, 2024
There is a growing dive into the NFT ecosystem by major brands around the world, re-emphasizing the innovative way blockchain innovations are redefining the scope of operations of firms with direct product offerings to consumers.
MGA Entertainment, the privately held company that owns the toy brand L.O.L. Surprise! is set to float its own Non-Fungible Token (NFT) marketplace. As reported by CoinTelegraph, the dive into the NFT metaverse will see the company transform its best-selling toys to digital collectibles on the blockchain, a move that is being facilitated by Ioconic, a London-based outfit helping brands to gain exposure to the digital collectible world and crypto.
Through the partnership, L.O.L. Surprise! fans will be able to mint NFTs, display their character collection, and buy, sell and trade digital collectibles online. Customers who have a physical L.O.L. Surprise! doll may also be able to replicate their physical toys in a digital form by scanning an embedded QR code.
“The entire L.O.L. Surprise! digital ecosystem from scratch,” said Jamie Lewis, Ioconic CEO “Every brand we work with receives a tailored digital asset strategy as no two brand requirements are the same. We have agreed on terms with a major protocol that will underpin the L.O.L. Surprise! platform but will announce this once the site is launched in two weeks.”
MGA Entertainment is a Los Angeles-based toy company that was founded in 1979. The brand has made a name for itself, topping the chart as the best-selling US toy property for three consecutive years starting 2018, and has amassed as much as $25 billion in its retail toy sales thus far. The move into NFTs will form a more intimate way to connect with its fans and expand its utilities and offerings across the board.
L.O.L. Surprise! NFT: Affirmation of Growing Embrace amongst Institutional Brands
There is a growing dive into the NFT ecosystem by major brands around the world, re-emphasizing the innovative way blockchain innovations are redefining the scope of operations of firms with direct product offerings to consumers.
Besides the L.O.L. Surprise! NFT move, Coinspeaker reported last week that ByteDance-owned social media platform TikTok made its foray into the world on NFTs with a new creator empowerment tool, through which the platform unveiled its first-ever NFT collection, dubbed TikTok Top Moments.
Per the announcement, the platform said;
“TikTok Top Moments features a selection of six culturally significant TikTok videos from some of our most beloved creators. Each one-of-one NFT celebrates the impact these creators – including Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante, and Gary Vaynerchuk – have made across entertainment, culture, and the TikTok community. The featured creators, renowned for their creative cultural impact, are partnering with prominent NFT creators, including COIN ARTIST, x0r, RTFKT, Grimes, and more, on limited edition NFTs.”
Just as with TikTok, other brands including Marvel Studios, Nike, and even Dolce & Gabbana are leveraging the capabilities of NFTs to redefine their products. These outfits are undoubtedly helping to power the mainstream retail adoption of the NFT metaverse which recorded its highest sales volume in Q3 as reported by Coinspeaker.