Popular collectible and toy company Mighty Jaxx is branching out into the metaverse and blockchain technology by incorporating blockchain tech into their products to validate their authenticity.
Some of Mighty Jaxx’s special edition collectibles sell for up to $1200 and can go for many times that when resold by consumers. However, as is the way when buying anything from an unofficial source, there are often worries about authenticity.
“For collectibles, what [sellers] do is that they take photos of the figurine and post it on Facebook groups, asking people to do an authenticity check,” Jaxx company founder Jackson Aw told CNBC. However, Aw felt this process of authentication wasn’t cutting it.
Bring in the blockchain
Now a near-field communication chip installed in each toy allows consumers to register the purchased product by scanning the NFC chip with Mighty Jaxx’s app. The app runs on a blockchain to assign and validate a tamperproof certificate to a toy and tracks changes in ownership.
Utilizing blockchain technology to verify a collectible’s authenticity seems like a natural choice despite recent worries that NFTs and blockchains don’t fully protect digital assets.
Mighty Jaxx in the Metaverse
Mighty Jaxx isn’t stopping at integrating blockchain technology into its physical products either. Last year, the company launched a collection of NFTs featuring Cats resembling dim sum, a Chinese dish. Consisting of 6,000 NFTs, the collection sold out in two seconds, according to Aw.
The toy company also has plans to expand its licensing partnerships into the metaverse. Mighty Jaxx has partnered with DC, Hasbro and Nickelodeon, among others.
The company is also combining unique virtual experiences with real-world collectibles.
“When you buy our NFTs, you get access and the opportunity to purchase the physical manifestation of it in that design. So only this bunch of people would be able to purchase this figure,” Aw told CNBC.
According to Aw, the capability to offer physical and digital assets gives Mighty Jaxx an edge.
“I can’t think of, you know, 10 other companies doing that in the whole world, simply because the work that goes into creating a hardware or a [physical] collectible, it’s naturally just a steeper learning curve,” added Aw.