American Idol will issue non-fungible tokens (NFTs) to mark the show’s 20th season and two decades on the air in the United States.
On April 14, a press release announced the news, stating that the program intends to issue the NFTs in the form of contestant-based trading cards. On this project, American Idol collaborated with Theta Labs.
The American Idol NFT Card Pack will be available on Theta network’s eco-friendly and low-cost marketplace, ThetaDrop, according to the press release. The pack costs $99, and collectors will receive an NFT card of one of the top-14 participants.
Mitch Liu, co-founder and CEO of Theta Labs, stated:
When you’re collaborating with internationally-renowned entertainment brands, it doesn’t get much bigger than American Idol.
He stated that the Theta-powered real-time predictive NFTs will allow fans to go beyond voting for contestants and effectively become judges. The NFTs, according to Liu, will allow them to celebrate with their favorite contenders and collect incentives as they progress through each qualifying round to the finals.
The grand prize is an NFT redeemable for a Hollywood ticket.
As participants are eliminated over the course of the five-week season, collectors who have a certain amount of contestant cards will earn one-of-a-kind gifts.
The first week of rewards will begin on April 25, and collectors who own an NFT of one of the surviving competitors will be eligible to win an American Idol 20th Anniversary Animated Logo NFT. Collectors with two NFTs of the remaining competitors will earn $300 in $TDROP, which will be deposited in their ThetaDrop accounts during the second week of incentives.
Collectors who hold four NFTs of candidates who survived previous elimination rounds gain VIP Bronze bonuses for their ThetaDrop accounts in the third week.
During the season’s final episode, the collector holding the winner’s NFT will get an unique Winner’s Ticket to Hollywood NFT. This NFT can be redeemed for an actual ticket to Hollywood, which American Idol will deliver to the user’s home.
Megan Michaels Wolflick, the series’ Showrunner and Executive Producer, commented on American Idols’ journey into the NFT arena.
At American Idol, we are constantly challenging ourselves to be on the forefront of innovation. With interactive NFT trading cards celebrating our 20th season, fans will be able to immerse themselves even more into the Idol experience, as they collect their favorite contestants’ cards, and follow their progress throughout the competition.
This announcement comes after Katy Perry, an American Idol judge and music icon, teamed with Theta Labs to release her NFTs in June 2021. In addition, she acquired a minority stake in Theta Labs alongside talent agency Creative Artists Agency (CAA), one of Theta’s enterprise validators, as part of this transaction.