Consumer entertainment giant MGA Entertainment is entering the non-fungible token (NFT) industry by turning its best-selling toys into digital collectibles on the blockchain.
The American toy giant is preparing to launch an NFT functionality for its world-famous brand LOL Surprise, allowing fans to mint NFTs, display their character collections and buy, sell and trade digital collectibles online.
To enable the new feature, MGA has partnered with London-based partnership business Iconic for brand owners, offering exposure to the NFT and digital assets industry. The startup will enable an online gaming hub for LOL Surprise Trading Card games, allowing fans and collectors to replicate physical purchases using QR codes.
Jamie Lewis, CEO of Iconic, told Quentelegraph that the startup has “built the whole LOL Surprise digital ecosystem from scratch.”
“Every brand we work with adopts an appropriate digital resource strategy because the requirements of the two brands are not the same. We have agreed to a major protocol that will support the LOL Surprise Platform but will announce it within two weeks after the site launches.” Lewis mentioned.
Founded in 1979, MGA Entertainment is one of the world’s leading personal toy suppliers, famous for making Bratz fashion dolls and merchandise. Released in September 2011, MGA’s LOL Surprise Doll was the best-selling US toy property for three consecutive years starting from 2011, contributing to toy sales in the United States, which raised ২৫ 25 billion in retail in 2020.
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Backed by an initial investment by Hong Kong-based blockchain investment firm Kinetic, Iconic was founded in early 2021. Co-founder of Kinetic Managing Partner Jehan Chu Iconic.
Iconic has reached several licensing agreements with entertainment giants such as Disneyland and Warner Bros. Entertainment. “We’ve worked with these brands with a focus on physical products in both previous environments and are now focusing on some of the digital assets in them. Since we’re a relatively new company, we haven’t yet announced all our partnerships,” Lewis added.