MANILA -- Singing competition "Idol Philippines" will soon launch its own non-fungible tokens (NFTs), or digital assets that are stored on the blockchain.
These will be made available on ThetaDrop, an NFT marketplace by Theta Network.
The organization behind Theta Network, Theta Labs, had a similar partnership with "American Idol" via show producer Fremantle earlier this year.
The first batch of NFTs, which will be launched on August 12, will include commemorative digital collectibles of the "Idol Philippines" logo at P50 each, as well as 400 "Golden Ticket" animated graphics cards at P999 each. The latter will also serve as passes for live shows throughout August.
The second drop starting on August 18 will include 2,400 units of the "Finalist Pack" featuring the "Idol Philippines" contestants at P899 each. The digital cards will be split into Bronze, Silver, and Gold rarity tiers.
Also to be launched on August 18 are 100 "Platinum Ticket" NFTs at P1,999 each. These animated graphics cards can be used as passes to the "Idol Philippines" finals on September 17 and 18, and will give owners the chance to meet the show's grand winner.
"This partnership will allow our audience to experience 'Idol Philippines' in a new, fun, and exciting manner as we work towards innovating the way viewers connect with the show. We are very grateful for our collaboration with Fremantle and Theta since this is only the beginning as we continue to explore meaningful ways in which our audiences can fully enjoy their favorite shows," said ABS-CBN Corp. head of digital Eugenio Lopez IV.
"Our partnership with 'Idol Philippines' is the latest step in onboarding leading entertainment brands into the world of Web3. Just like our 'American Idol' collaboration, we couldn't be more excited to show how this new paradigm can create exciting and meaningful experiences," said Mitch Liu, CEO and co-founder of Theta Labs.
News.abs-cbn.com is the news website of ABS-CBN Corp.