American Idol will mint non-fungible tokens (NFTs) to commemorate its twentieth season and 20 years of airing within the U.S.
A press launch unveiled this information on April 14, noting that this system seeks to problem the NFTs within the type of contestant-based buying and selling playing cards. American Idol partnered with Theta Labs on this initiative.
Based on the press launch, collectors and the present’s followers will be capable to entry the American Idol NFT Card Pack on Theta community’s eco-friendly and low-cost market, ThetaDrop. The pack goes for $99, and collectors will get an NFT card representing one of many top-14 contestants.
Theta Labs co-founder and CEO Mitch Liu stated:
If you’re collaborating with internationally-renowned leisure manufacturers, it doesn’t get a lot larger than American Idol.
He identified that the Theta-powered real-time predictive NFTs would allow followers to transcend voting for the contestants to just about changing into judges. Liu added that the NFTs would allow them to have fun with their favourite contestants and acquire rewards as they transfer via every qualifying spherical to the finals.
The final word prize is an NFT that’s redeemable for a Hollywood ticket
As contestants get eradicated in the course of the five-week season, collectors that maintain a stipulated variety of contestant playing cards will earn one-of-a-kind rewards.
The primary week of rewards will begin on April 25, and collectors that maintain an NFT of one of many remaining contestants will win an American Idol twentieth Anniversary Animated Emblem NFT. The second week of rewards will see collectors with two NFTs of the remaining opponents win $300 price of $TDROP, which will probably be deposited of their ThetaDrop accounts.
Within the third week, collectors that personal 4 NFTs of contestants that survived earlier elimination rounds earn VIP Bronze advantages for his or her ThetaDrop accounts.
Over the past episode of the season, the collector holding the NFT of the winner will get an unique Winner’s Ticket to Hollywood NFT. The consumer can redeem this NFT right into a bodily ticket to Hollywood, which American Idol will ship to their residence.
Commenting on American Idols’ foray into the NFT world, the collection’ Showrunner and Govt Producer, Megan Michaels Wolflick, stated,
At American Idol, we’re always difficult ourselves to be on the forefront of innovation. With interactive NFT buying and selling playing cards celebrating our twentieth season, followers will be capable to immerse themselves much more into the Idol expertise, as they acquire their favourite contestants’ playing cards, and comply with their progress all through the competitors.
This information comes after American Idol decide and pop celebrity Katy Perry partnered with Theta Labs to drop her NFTs in June 2021. This deal additionally noticed her purchase a minority share in Theta Labs alongside expertise company Inventive Artists Company (CAA), considered one of Theta’s enterprise validators.