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Hasbro is wading into the nonfungible tokens (NFT) collectible market with the upcoming Power Rangers on the WAX blockchain.
The big toy and entertainment company has partnered with the Worldwide Asset eXchange (WAX) to release its very first NFT collection on the WAX blockchain.
Available for a limited time, exclusively through Hasbro Pulse, the collection features the Power Rangers franchise. The announcement was made earlier today during Hasbro Pulse Con event. Hasbro Pulse Premium members will have exclusive access to purchase the collection on HasbroPulse.com today at 1 p.m. Pacific time before it opens to the general public at 2 p.m. Pacific, while supplies last.
“We are thrilled to partner with WAX to offer Hasbro’s first-ever NFT collection with the Power Rangers franchise,” said Kwamina Crankson, general manager at Hasbro Pulse, in a statement. “The WAX platform gives fans an easy entry point into the world of NFTs and digital collectibles. Now, fans will have the opportunity to expand their collections with a unique Power Rangers NFT, uniquely transacted through the blockchain that can be redeemed for a special edition Dino Megazord.”
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Hasbro’s Power Rangers NFT drop will be offered through Sunday, October 24, 2021 (while supplies last) and is redeemable for a Hasbro special edition Power Rangers collectible figure, the Lightning Collection Zord Ascension Project Special Edition Dino Megazord.
“WAX is the trailblazer in NFT innovation and we are going big with global play and entertainment company, Hasbro to integrate one of their most iconic brands, Power Rangers, into the blockchain ecosystem,” says William Quigley, cofounder of WAX, in a statement. “Our vIRL technology is changing the way people shop and trade collectibles with consumers able to purchase NFTs and redeem them for a physical item.”
A WAX account holder with a redeemable vIRL NFT will have a Redemption coin placed in their wallets on November 1, 2021 and will have until November 8, 2021 to redeem it for the Special Edition Megazord.
WAX’s mission is to bring NFTs to the mass market in the safest, most secure, environmentally friendly, and easy-to-use marketplace. In 2018, WAX introduced vIRL NFTs, giving consumer product companies the ability to directly link NFTs to physical consumer products. Cofounded in 2017 by Quigley and Jonathan Yantis, WAX has facilitated the trading of more than 100 million digital collectables including Major League Baseball (via Topps MLB collectables), Capcom’s Street Fighter, and entertainers Deadmau5 and Weezer.
In an email to GamesBeat, WAX said a project like this requires a lot of effort from both the WAX internal team and the Hasbro internal team. For months, Hasbro and WAX were in conversations about the project and who their target audience was. Hasbro’s team saw a real opportunity in the NFT space and wanted to take it to the next level and take it mainstream. This is the first time that NFTs are being sold on a mainstream e-commerce website.
The general discussion started back in July 2019. WAX and Hasbro spent 12 months on proposals, execution and launch timeline.
Hasbro chose WAX vIRL NFTs because they are different from the standard NFTs on other blockchains. Every vIRL NFT is minted on the energy efficient and carbon neutral WAX blockchain that puts the environment first. They feature a host of additional functionality including app/video game integrations, marketing tools and video commerce capabilities — and linking a vIRL NFT to a real-world item so you can transfer ownership without needing to physically ship anything.
WAX has also launched partnerships including Major League Baseball NFT trading cards, Funko Garbage Pail NFTs, and more.