When Jackson O was introduced blockchain technology In 2018, he “didn’t get it at all.”
“Can someone cut this down for me even more? Like, can you tell me what I can get as a consumer?”
That was four years ago. Today, uh, seems to have the answer to that question.
The 32-year-old Singaporean who runs Mighty Jaxx – a multimillion-dollar toy company that produces collectibles and lifestyle products – has incorporated blockchain into its products.
a blockchain A decentralized digital ledger that records every transaction that takes place. It cannot be retroactively tampered with or altered.
CNBC Make It Discovers Why It “Makes Sense” To Harness And Bet On Blockchain Capabilities For The Collectible Empire metaverse,
Mighty Jaxx, which was founded in 2012, has partnered with some of the biggest global brands and visual artistCreating trendy collectibles that incorporate pop culture and design.
Aw said the company has since sold millions of toy collectibles to people in more than 80 countries.
Mighty Jaxx’s limited-edition collectibles can cost up to $1,200 on its website, but in the secondary market they can fetch “five to ten times” more than their original value, Aw said.
But there is a problem.
“When you want to sell a product, the number one question everywhere is ‘Is it authentic?'”
Aw added: “For collectibles, what [sellers] Is it that they take pictures of the idol and post it on Facebook groups, asking people to do authenticity checks.”
However, Aw was not satisfied with this method of authentication.
“Whose word is this? Where does it originate? So we thought, OK, this is what we need.”
Mighty Jaxx designed a near-field communication chip and embedded one in each toy. NFC technology enables short distance, wireless communication between two devices.
“With our app, you can [scan the chip]Register your ownership of the item [to show] This is an authentic Mighty Jaxx product,” O said.
Powered by the blockchain, the platform issues and validates unique, tamper-proof certificates for each product. It also provides a digital footprint when the ownership of an item changes.
“If Jay Chow or JJ Lin you own that idol, surely it is worth a lot more than I owned,” jokes Oh. Jay Chow and JJ Lin are popular Mandarin pop singers.
Providing trusted authentication through blockchain technology is just the “beginning” for Mighty Jaxx.
With the non-fungible token market seeing explosive growth in 2021, Aw said that’s when “the culture had changed as we knew it.”
,[Being] Artists and creators in general… have always been more service-based. But now it’s reversed. Now, content and intellectual property is important, because without any of the [visual] representation, that technology does nothing,” O explained.
“Doesn’t say anything out loud visually.”
NFTs are crypto-based digital assets that also act like collectibles – something that Mighty Jaxx is no stranger to.
Therefore, it “makes sense” for Aw to venture into the space, by offering fans exclusive digital experiences with physical collectibles.
“When you buy our NFTs, you get access and the opportunity to buy its physical manifestation in that design. So only this group of people will be able to buy this figure,” AW said.
“Because only they can do that and they can combine both asset classes together, it generates even more value for them.”
Aw believes this is Mighty Jaxx’s “physical” edge over its competitors – being able to offer both digital and physical assets.
“The fact that we create digital assets before we make physical toys… means we can go to market even faster,” he said.
“I can’t think of, you know, 10 other companies all over the world doing this, just because the work that goes into making hardware or a [physical] Collectibles, it just naturally has a steep learning curve.”
In 2021, Mighty Jaxx launched its first collection of NFT trading cards, featuring cats that look like Chinese dishes, Dim Sum.
“We launched 6,000 units, … within two seconds, they just sold out,” Aw said.
Mighty Jaxx got his big break dc comics By scoring a licensing partnership in 2015, allowing it to “restock” the creative intellectual property.
“There’s a lot more work to be done,” Aw says, as well as plans to expand their IP collaborations into the metaverse.
The metaverse is a set of virtual worlds where people live, work and play.