Toy company MGA entertainment announced Tuesday that the first nonfungible token (NFT)-based cards for the L.O.L. Surprise trading card game are now available for purchase.
The company entered into a partnership with digital asset consultancy firm Ioconic in September and now hopes that the $25 billion L.O.L. Surprise brand will succeed in ushering its young fans into the NFT ecosystem.
Ten million physical packs of the card game, containing 50 million individual cards, are to be delivered to global retailers before the end of the year, according to the announcement. L.O.L. Surprise collectors will receive a QR code that can be scanned to redeem online rewards in the Play L.O.L Surprise portal. Rewards include digital trading cards, tokens, NFTs or a digital version of their physical collectible.
Users can view their collection in their L.O.L. Surprise Art Gallery, and purchase additional NFTs in the L.O.L. Art Shop when new collections become available through limited drops.
In a statement shared with Cointelegraph, Jamie Lewis, CEO of Ioconic, said that the game will, “launch in 20,000 major retail outlets across the globe, including Walmart, Target, and Walgreens in the US, and Tesco, Asda, Smyths, and Amazon in Europe.”
All transactions will be powered by the Polygon blockchain, while Forte integrates the blockchain technology into the games. Forte, a U.S.-based startup that provides blockchain solutions for game publishers, recently raised $725 million in its Series B round.
Sandeep Nailwal, Polygon co-founder, added that "Polygon is delighted to support the fastest-growing global toy doll brand, L.O.L. Surprise as they move these beloved toys on-chain with the help of Ioconic. L.O.L. Surprise NFTs will provide an innovative way to increase fan engagement.”
The physical L.O.L Surprise dolls first launched in 2016, and have been annually listed as the number one toy property by market researcher the NPD Group ever since. MGA Entertainment also owns brands such as Bratz and Rainbow High.