Entertainment giant MGA Entertainment is entering the non-edible token (NFT) industry by turning its best-selling toys into digital collectibles on the blockchain.
To enable the new feature, MGA has teamed up with Iconic, a London-based brand owner partner company that enables a presence in the NFT and digital asset industries. The startup will set up an online game center for its LOL Surprise trading card game, which will allow fans and collectors to track actual purchases using QR codes.
Ioconic CEO Jamie Lewis told Cointelegraph that the startup “built the entire LOL Surprise digital ecosystem from the ground up”.
“Every brand we work with receives a bespoke digital asset strategy because no two brand requirements are the same. We agreed on terms with a key protocol that will underpin the LOL Surprise platform but will announce when the site launches in two weeks, ”noted Lewis.
Founded in 1979, MGA Entertainment is one of the world’s largest private toy suppliers, known for making Bratz fashion dolls and merchandise. Released in September 2017, MGA’s LOL Surprise doll has been the top-selling toy product in the United States for three consecutive years since 2018, contributing to total toy sales in the United States, reaching $ 25 billion in 2020.
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Founded through an initial investment by Hong Kong-based blockchain investment firm Kenetic, Ioconic was founded in early 2021.
Iconic has a number of licensing agreements with entertainment giants such as Disneyland and Warner Bros. Entertainment. “We’ve worked with these brands in both environments that were previously focused on physical products and are now interacting with a number of brands that are focused on digital assets. As we are a relatively new company, we have not yet announced all of our partnerships, ”added Lewis.