December 13, 2022
The new Toys R Us is more innovative and on-trend than before its latest relaunch, and now extends to its commitment to Web 3.0.
A toy retailer is launching a collection of 10,000 items of non-fungible tokens (NFTs) available on a blockchain called Solana and purchasable through a marketplace called Magic Eden. press release.
Created in collaboration with Web 3.0 company Anybodies, the NFT consists of a 3D animation of Jeffrey the Giraffe, the Toys R Us mascot, inspired by the toys available in the store. Those who purchase NFTs can earn “GCoins” that can be redeemed for access to exclusive toys and in-store events, his VIP admission to flagship store openings, early access to new releases, Further related loyalty his rewards and discounts will be offered soon.
NFTs gained popularity in late 2021, but recent reports show collectors are skeptical of the long-term value of digital assets.
NFT sales in the third quarter of 2022 declined to $3.4 billion after peaking at $12.5 billion in the first quarter of 2022. Reuters paper. In the traditional art collecting market, which was heavily invested in NFTs early on, sales through major auction houses plummeted from £127m in 2021 to £8.4m this year.
Toys “R” Us isn’t the only retailer trying to incorporate NFTs into its loyalty program.
Earlier this year, Starbucks announced a revamped Starbucks Odyssey loyalty program. TechCrunch. The program allows users to earn NFTs called “journey stamps” by performing certain activities in-store or in the app. Customers who collect the required amount can redeem them for online and in-person experiences.
Brands are also successfully profiting from NFTs. For example, Nike, which acquired his NFT creation studio in late 2021, said by August of this year he had earned $185.3 million in NFT sales. input.
Discussion question: Is it a good idea for Toys R Us to launch a line of NFTs? Has digital collectibles lost steam or can brands still profit from them?
“Is it a good idea for Toys “R” Us to launch an NFT series?”