World

That’s why millions of toy businesses are entering the Metaverse.

When Jackson Au was introduced Blockchain technology In 2018, he “did not understand at all.”

“Can someone make it even more stunning for me? For example, can you tell me what I can get as a consumer?”

That was four years ago. Today, Aw seems to have the answer to that question.

A 32-year-old Singaporean who runs Mighty Jaxx, a multi-million dollar toy company that manufactures collectibles and lifestyle products, has incorporated blockchain into his products.

A Blockchain Is a distributed digital ledger that records all transactions that occur. It also cannot be tampered with or retroactively changed.

CNBC Make It finds out why it makes sense for the collectible empire to take advantage of blockchain features. Metaverse..

Unique certificate

Founded in 2012, Mighty Jaxx is affiliated with some of the largest global brands. Visual artistProduces trendy collectibles incorporating pop culture and design.

According to Aw, the company has since sold millions of toy collections to people in more than 80 countries.

Aw said that the limited edition collection of Mighty Jaxx can cost up to $ 1,200 on its website, but in the secondary market you can get “5-10 times” the original value. increase.

Jackson Au’s advice for young entrepreneurs? “Fear is always there, but the question is, what do you think of it?”

Erilow

But there is one problem.

“Whenever you want to sell a product, the number one question is,’Is it real?'”

Aw added: [sellers] They take a picture of the figurine, post it to a Facebook group, and ask people to check their authenticity. “

However, Aw was not happy with this authentication method.

“Who’s that word? Where’s the source of it? So we thought it was what we needed.”

Mighty Jaxx designed a short-range wireless communication chip embedded in each toy. “With our app, [scan the chip]Please register ownership of the item, “said Jackson Au, the founder of the company.

Erilow

Mighty Jaxx designed a short-range wireless communication chip and embedded it in each toy. NFC technology enables short-range wireless communication between two devices.

“With our app, [scan the chip]Register ownership of the item [to show] It’s a real Mighty Jaxx product. “

The platform is powered by blockchain and issues and validates a tamper-proof certificate unique to every product. It also provides a digital footprint when the ownership of an item changes.

… content and intellectual property are important. [visual] Expression, the technique does nothing

Jackson Au

Founder of Mighty Jaxx

“If Jay Chou or JJ Lin owned the figurine before you, it’s definitely much more valuable than I own,” Aw jokes. Jay Chou and JJ Lin are popular mandarin pop singers.

Providing reliable authentication through blockchain technology is just the beginning of MightyJaxx.

“Physical” edge

With the explosive growth of the non-fungible token market in 2021, Aw said, “There was a cultural change, as we knew.”

“”[Being] In general, artists and creators … have always been service-based works. But now it’s upside down. Now, content and intellectual property are key. [visual] Expression, the technique doesn’t do anything, “Aw explained.

“Nothing speaks louder than the visual form.”

NFTs are crypto-based digital assets that also act like collectibles. This is not a stranger to MightyJaxx.

Therefore, it makes sense for Aw to step into this space by providing fans with an exclusive digital experience with physical collections.

“Purchasing our NFT gives us the opportunity to access and buy its physical representation in its design, so this figure is only available to this group,” Aw said. ..

“It creates even higher value for them, as only they can do that and they can combine both asset classes.”

Collectors who buy Mighty Jaxx NFTs get exclusive access to buy physical representations of the same design. This “creates more value,” says Jackson Aw.

Mighty Jacks

Aw believes this is Mighty Jaxx’s “physical” advantage over its competitors and can provide both digital and physical assets.

“The fact that we create digital assets before we make physical toys means we can get to the market faster,” he added.

“Hardware and [physical] Collectibles, which is, of course, a steeper learning curve. ”

Metaverse extension

In 2021, Mighty Jaxx unveiled the first collection of NFT trading cards featuring cats that resemble Chinese dim sum.

“We released 6,000 units …. sold out within 2 seconds,” Aw said.

Mighty Jaxx DC Comics We will acquire a licensing partnership in 2015 to enable you to “style” your creative intellectual property.

Since then, we have partnered with well-known brands to reach fandoms around the world. Adidas, Hasbro Nickelodeon, Formula 1, Sesame Street, Netflix..

“There’s still a lot to do,” Aw said, and plans to extend IP collaboration to the Metaverse.

The Metaverse is a set of virtual worlds where people live, work and play.

Jackson Aw said Mighty Jaxx’s first collection of NFT trading cards sold out within “2 seconds”.

Mighty Jacks

That’s why millions of toy businesses are entering the Metaverse.

Source link That’s why millions of toy businesses are entering the Metaverse.

Back to top button