Multimillion Singapore Toy Business Expands into the Metaverse With a Phygital Offering
Art, paintings, comics, and toys are some of the physical goods that are easily transferable and monetizable in blockchain and as nonfungible tokens (NFTs). A multimillion-dollar Singaporean toy business has just tapped into this opportunity and is using blockchain technology and NFTs to take its unique toys into the metaverse.
Mighty Jaxx is a multi-million-dollar toy company based in Singapore and run by entrepreneur Jackson Aw. The company was founded in 2012 and produces its products as lifestyle products and collectibles. It is now tapping into blockchain and creating digital replicas of its unique merchandise and these fetch a premium in the secondary NFT markets.
Mighty Jaxx collaborated with some of the top global brands and visual artists to create trendy collectibles that draw inspiration from pop culture and design.
The company has since sold millions of toy collectibles to buyers from more than 80 countries around the globe, according to company boss Aw.
The company’s limited-edition collectibles usually cost up to $1,200 according to information on its website. However, Aw says Mighty Jaxx’s collectibles will fetch up to “five to ten times” of their original value in the secondary marketplace.
Difficulty in Authenticating Collectibles
One challenge the company and its buyers have faced is the difficulty in authenticating whether the collectibles are genuine. Buyers would snap pictures of the figurines and share them on Facebook groups, crowdsourcing user feedback to establish their authenticity. Invariably, this is not a reliable and thorough way to authenticate the provenance of a collectible which is why the company turned to the blockchain.
The company designed and created a near-field communication chip that is embedded into each of its toys. The chip uses NFC technology that facilitates short-range, wireless communication between two devices.
Using Mighty Jaxx’s app, one can scan the chip to register its ownership and authenticity.
Mighty Jaxx’s authentication platform leverages the blockchain to issue and validate tamperproof certificates for each of the toys. The platform also offers a digital footprint whenever there is a change in the ownership of the collectible.
The Phygital Edge
The company is looking to provide more than just blockchain authentication. Aw is also looking to tap into the NFT market which has seen explosive growth over the past year.
Mighty Jaxx is offering buyers digital experiences that go with the physical collectibles. For instance, when you purchase the company’s NFTs, you will have an opportunity to buy a real physical render of that NFT, with the same design. By combining the two asset classes, the physical and the digital nonfungible token, buyers are able to earn even more value from the phygital product.
Aw says his toy company’s ability to create the digital asset before the actual physical toy is produced also enables the company to take its products to the market a lot faster.
The Metaverse Play
The toy company launched its first NFT trading cards collection that features cats resembling the Chinese cuisine dim sum.
Aw says the company launched 6,000 units of trading cards and they were sold out in “two seconds.”
The company scored a licensing partnership with DC Comics in 2015, a huge break for the company that allowed it to restyle DC Comics’ creative intellectual property.
Mighty Jaxx has since gone on to partner with other renowned brands such as Hasbro, Adidas, Formula 1, Nickelodeon, Netflix and Sesame Street.
The company says it is planning to do more work and expand its IP collaborations, including in the metaverse.
The company is also planning to ‘localize’ IP collaborations by embracing IPs with cultural relevance in Southeast Asia.https://virtualrealitytimes.com/2022/06/26/multimillion-singapore-toy-business-expands-into-the-metaverse-with-a-phygital-offering/https://virtualrealitytimes.com/wp-content/uploads/2022/06/Mighty-Jaxx-NFTs-600x336.pnghttps://virtualrealitytimes.com/wp-content/uploads/2022/06/Mighty-Jaxx-NFTs-150x90.pngBusinessArt, paintings, comics, and toys are some of the physical goods that are easily transferable and monetizable in blockchain and as nonfungible tokens (NFTs). A multimillion-dollar Singaporean toy business has just tapped into this opportunity and is using blockchain technology and NFTs to take its unique toys into the...Kristin HummelKristin Hummel[email protected]AuthorVirtual Reality Times