MGA Entertainment, a consumer entertainment products giant, is entering the nonfungible token (NFT) industry by converting its best-selling toys into digital collectibles on blockchain.
The American toy company is preparing to launch NFT functionality for its world-famous brand L.O.L. Surprise, which will allow fans to mint NFTs, display their character collection, and buy, sell, and trade digital collectibles online.
MGA has partnered with Ioconic, a London-based partnership business for brand owners that provides exposure to the NFT and digital asset industries, to enable the new feature. The startup will create an online gaming hub for the L.O.L. Surprise trading card game, allowing fans and collectors to replicate physical purchases by scanning QR codes.
Ioconic CEO Jamie Lewis told Cointelegraph that the company created “the entire L.O.L. Surprise digital ecosystem from the ground up.”
“Because no two brands’ needs are the same, we create a customized digital asset strategy for each one.” “We have reached an agreement with a major protocol that will underpin the L.O.L. Surprise platform, but we will announce this once the site goes live in two weeks,” Lewis said.
MGA Entertainment, founded in 1979, is one of the world’s private toy suppliers, best known for producing the Bratz fashion doll and merchandise. MGA’s L.O.L. Surprise doll, which was released in September 2017, was the best-selling U.S. toy property for three consecutive years beginning in 2018, contributing to overall toy sales in the United States, which reached $25 billion in retail sales in 2020.
Ioconic was founded in early 2021 with an initial investment from Hong Kong-based blockchain investment firm Kenetic. Jehan Chu, managing partner at Kenetic, is one of Ioconic’s co-founders.
Ioconic has licensing agreements with entertainment behemoths such as Disneyland and Warner Bros. Entertainment. “We have worked with these brands in both physical product environments and are now working with some of them on digital assets.” “Because we are a new company, we have not yet announced all of our partnerships,” Lewis added.