NFT for toy brands is becoming a race to close the gap between physical playthings and digital collectibles. The combination of NFTs and physical toys is on the minds of a lot of businesses, designers, and creators. MGA Entertainment, Toikido, and Toymint are some examples of brands that started working with NFT.
MGA Entertainment, ranked 7th in the Toy and Entertainment Brand Rank Monitor H1-21, is working together with Ioconic to build a digital platform for LOL Surprise. This platform is based on blockchain technology and full tokenization, with an integrated marketplace for digital asset trading. Iconic is a London-based full-service partnership business bringing brands into the NFT and digital asset space.
A non-fungible token is a unique and non-interchangeable unit that can not be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you will have exactly the same thing. On the other hand, a one-of-a-kind trading card from LOL Suprise is non-fungible. So, if you traded it for a different card, you will have something completely different. NFTs can really be anything digital, such as drawings, music, or even your brain downloaded and turned into AI.
The cooperation between MGA Entertainment and Ioconic is going to set up an online game center for its LOL Surprise trading card game. This is in order to allow fans and collectors to track actual purchases using QR codes. The online platform will offer fans an online gaming hub for the LOL Surprise Trading card game. This makes MGA Entertainment the first global consumer brand to establish a fully tokenized NFT and gaming platform.
We are very excited to be working with a company who, like MGA, creates unique ways to experience the world of fandom. Combining technology with toys is a smart and innovative way to engage with fans and we are looking forward to a successful partnership with Ioconic.
Isaac Larian, CEO and Founder of MGA Entertainment
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