Consumer entertainment giant MGA Entertainment is moving into the Non-Foldable Token (NFT) industry by turning its best-selling games into digital collectibles on the blockchain.
The US gaming giant is preparing to roll out the NFT functionality for its world-renowned brand LOL Surprise, allowing fans to create NFTs, showcase their character collection, and buy, sell and trade digital collectibles online.
To enable the new feature, MGA has partnered with Iconic, a London-based partnership firm for brand owners, which is pitching to the NFT and digital asset industry. The startup will enable an online gaming center for the trading card game LOL Surprise, allowing fans and collectors to repeat physical purchases using QR codes.
Iconic CEO Jimmy Lewis told Cointelegraph that the startup has built “the entire LOL Surprise digital ecosystem from scratch.”
“Every brand we work with receives a tailor-made digital asset strategy where no two brand requirements are the same. We have agreed terms with a major protocol that will support the LOL Surprise platform but we will announce that once the site launches in two weeks,” Lewis noted.
Founded in 1979, MGA Entertainment is one of the world’s leading private toy suppliers, famous for manufacturing Bratz fashion doll and merchandise. Released in September 2017, the LOL Surprise doll has been the best-selling US toy game for three consecutive years as of 2018, contributing to total US toy sales, which raised $25 billion in 2020 in retail sales.
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Backed by an initial investment from Hong Kong-based blockchain investment firm Kenetic, Ioconic was founded in early 2021. Kenetic Managing Partner Jehan Chu is one of the co-founders of Ioconic.
Iconic has reached several licensing deals with entertainment giants such as Disneyland and Warner Bros. Entertainment. “We have worked with these brands in both previous environments focused on physical products and now partner with some that focus on digital assets. Since we are a relatively new company, we have not yet announced all of our partnerships,” added Lewis.
