Consumer entertainment giant MGA Entertainment is moving into the non-fungible token (NFT) industry, turning its best-selling games into digital collectibles on the blockchain.
The American gaming giant is preparing to launch its world-renowned NFT feature L.O.L. Brand. Surprise so fans can print NFTs, display their character collection, and buy, sell and shop digital collectibles online.
To activate the new feature, MGA has partnered with Ioconic, a London-based brand owner partnership that provides access to the NFT and digital property industry. The startup will create a gaming center for L.O.L. Surprise surprise card games, and let fans and collectors copy physical purchases with QR codes.
Ioconic CEO Jimmy Lewis told Cointelegraph that the startup had created “a fully digital L.O.L. ecosystem. Surprise from scratch.”
“Every brand we work with has an individual digital asset strategy because no two brand requirements are the same. We have negotiated terms with a large protocol that will form the basis of L.O.L. An unexpected platform, but it will be announced when the site goes live in a couple of weeks,” said Lewis.
Founded in 1979, MGA Entertainment is one of the world’s leading private toy suppliers, best known for producing Bratz dolls and fashion merchandise. Released in September 2017, MGAs L.O.L. Surprise Doll has been the best-selling toy in America for three consecutive years since 2018 and contributed to total US toy sales of $25 billion in 2020.
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Backed by the first investment of Hong Kong blockchain investment firm Kenetic, Ioconic was founded in early 2021. Managing Partner of Kenetic Jehan Chu is one of the founders of Ioconic.
Iconic has entered into several licensing agreements with entertainment giants such as Disneyland and Warner Bros. Entertainment. “We have worked with these brands in both environments in the past, focusing on physical products, and are now interacting with some of them focused on digital assets. As a relatively new company, we have not yet announced all of our partnerships,” says Lewis.