MGA Entertainment is venturing into the NFT space by turning its best-selling toys into digital collectibles on blockchain. The company’s popular L.O.L Surprise brand is now set to have NFT functionality. This means that fans can mint the NFTs and display their character collection. In addition, they can also buy, sell, and trade the digital collectibles online.
To enable this feature, MGA went into partnership with Ioconic to gain exposure to the NFT and digital asset industry. Ioconic operates out of London and is a partnership business for brand owners. Pursuant to the partnership, Ioconic will establish an online gaming hub for the L.O.L Surprise trading card game. This way, fans and collectors will be able to use QR codes to replicate physical purchases.
According to Ioconic CEO James Lewis, the startup built “the entire L.O.L. Surprise digital ecosystem from scratch.” Lewis further stated that his firm usually creates a digital asset strategy unique to the brand they happen to be working with. “…no two brand requirements are the same,” he says.
Founded in 1979, MGA is a consumer entertainment product giant and one of the world’s private toy suppliers. The company is famous for manufacturing the Bratz fashion doll and merchandise. It launched its L.O.L Surprise doll brand in September 2017, which became the best-selling US toy property for three consecutive years.
Image Credits: Pixabay
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