American Idol will build NFTs around participants’ digital trading cards

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For its 20th season, American Idol is changing things by launching participant-based digital trading cards as non-fungible tokens (NFTs).

These unique collectibles will be available on ThetaDrop, Theta Network’s green and low-cost NFT marketplace.

Fans who purchase an American Idol NFT Card Pack for $99 will receive a random NFT card from one of the top 14 participants. For five weeks, if participants are eliminated from the competition, collectors who have the required number of participant cards will earn unique rewards.

For the final episode of the season, collectors with the winner’s NFT will be awarded their own exclusive Winner’s Ticket to Hollywood NFT, which can be exchanged for a physical ticket to Hollywood shipped to their home. It’s a new way to monetize a show that for the most part relies on advertising around its shows for revenue.

But NFTs are a flash point, as many have criticized that NFTs have no real value or are part of a scam, polluting, or low-quality cesspool. But companies are experimenting with NFTs, which verify the uniqueness of digital assets, as a new way to engage fans in communities. NFTs are looking for a mass audience and it will be interesting to see how die-hard American Idol fans will react.

During the first week of rewards on April 25, collectors with an NFT of only one of the remaining participants will win an American Idol 20th Anniversary Animated Logo NFT. During week two, collectors with NFTs from two remaining participants will win $300 TDROP, which will be deposited into their ThetaDrop account.

American Idol’s blockchain plan.

“When you partner with internationally known entertainment brands, it doesn’t get much bigger than American Idol,” said Mitch Liu, CEO of Theta Labs, in a statement. “With our Theta-powered real-time predictive NFTs, fans can go beyond voting for the contestants and become a judge themselves – celebrating with their favorites and collecting rewards as they progress through each qualifying round to the finals.”

In the third week of rewards, collectors who still have four NFTs of competition participants will earn VIP Bronze benefits to their ThetaDrop account.

Theta Network is the leading blockchain for media and entertainment, and American Idol is the latest in a long line of top partners. Theta has previously collaborated on NFTs with American Idol judge and pop icon Katy Perry; soul stress Dionne Warwick; the launch of the flagship Samsung Galaxy S22; World Poker Tour; and America’s longest-running TV game show “The Price is Right,” along with many other leading brands.

“At American Idol, we constantly challenge ourselves to be at the forefront of innovation,” said Megan Michaels Wolflick, the series’ showrunner, in a statement. “With interactive NFT trading cards celebrating our 20th season, fans can immerse themselves even more in the Idol experience as they collect their favorite contestants’ cards and track their progress throughout the match.”

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This post American Idol will build NFTs around participants’ digital trading cards

was original published at “https://venturebeat.com/2022/04/14/american-idol-will-have-nfts-built-around-contestant-digital-trading-cards/”