He didn't understand the technology when he was first introduced to it.
Is it possible for someone to dumb it down even further for me? I want to know what I can get as a consumer.
Four years ago, that was the case. The answer seems to have been found today.
The CEO of a multi-million dollar toy company has incorporated the technology into his products.
Every transaction that has been made is recorded in a digital ledger. It can't be altered retroactively.
CNBC finds out why it makes sense for the collectibles empire to invest in the metaverse.
Some of the biggest global brands and visual artists are involved with the production of trendy collectibles that incorporate pop culture.
The company has sold toys to people in more than 80 countries.
It can cost up to $1,200 on the website, but in the secondary market they can fetch more than their original value.
Jackson Advice for Young Entrepreneurs? Fear will never go away. What do you think about that?
There is one issue.
The number one question when it comes to selling a product is "Is it authentic?"
The sellers of collectibles take photos of the figurine and post it on Facebook groups, asking people to do authenticity checks.
However, he wasn't happy with the method of verification.
Is it on? Where is the origin of the item? We thought that was what we needed.
Each toy has a Near- Field Communication chip. You can register your ownership of the item with the company's app.
The chip was embedded into the toys. Short-range, wireless communication is possible with the use of Near Field Communication.
If you use the app, you can register your ownership of the item to show that it is genuine.
Every product has a unique, tamperproof certificate. When ownership of an item changes, it gives a digital footprint.
...content and intellectual property is key, because without any of this [visual] representation, that technology does nothing
If Jay Chou orJJ Lin owned that figurine before you, it's more valuable than me. The pop singers are from China.
It's just the beginning for the company.
There was a change in culture when the non-fungible token market grew.
Being an artist or creator has always been more of a service-based work. But now it's different. Content and intellectual property is important, because without it, technology does nothing.
There is nothing louder than visual form.
NFTs are a type of digital asset that is similar to collectibles.
It makes sense forAw to offer fans exclusive digital experiences with physical collectibles.
When you buy our NFTs, you have access to purchase the physical embodiment of it in that design. Only this group of people could purchase this figure.
It creates even higher value for them because only they can do it.
Jackson said that buyers of the NFTs get exclusive access to purchase physical manifestations of the same design.
There is a mighty jax.
Being able to offer both digital and physical assets is whatAw thinks is thephygital edge over its competitors.
We can go to market quicker because we create digital assets before we produce physical toys.
The work that goes into creating a hardware or a collectible is a steep learning curve.
The first collection of NFT trading cards featured cats that looked like they were from China.
Two seconds after launching 6,000 units, they were sold out.
The licensing partnership with DC Comics allowed the company to style the intellectual property.
It has partnerships with renowned brands to reach fans all around the world.
There is a lot more work to be done with plans to expand its intellectual property partnerships into the metaverse as well.
People work and play in the metaverse.
JacksonAw said that the first collection of NFT trading cards were sold out in 2 seconds.
There is a mighty jax.
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