Hasbro’s CEO Brian Goldner has stated that the company is working on blockchain-based NFT technology which could be applied to the likes of Magic: The Gathering collectibles [via Polygon].
In a statement giving during the company’s quarterly earnings call, Goldner claimed that the tech could be used on various Hasbro products:
“NFTs are a real opportunity for us. As you know, we have so many brands that really operate on multiple demographic levels; whether it’s Transformers, whether it’s Magic and the D&D brand, and brands like G.I. Joe. We have a team that is leading our effort out of the west coast.
“We have our arms around this and see multiple opportunities on the NFT side, and you’ll hear more about that as we move forward. But we are actively developing our opportunities here, and we do see it as substantial.”
In case you’re not aware of how NFTs work, they are essentially a unit of data stored on a digital ledger. What this means is that you can purchase a one-of-a-kind digital item, such as art, and be its sole owner. As the unit of data is unique, it cannot be changed or manipulated. When it comes to collectibles, they are used to certify the item while giving them a unique identifier. As you can imagine, this can affect the item’s value beyond its natural worth and rarity. In other words, the data can be linked to the collectible to give it a blockchain value.
NFTs are highly controversial due to their potential impact on the environment, and while more and more companies look to use them, more and more consumers are turning away.
While Hasbro has traditionally been a toy manufacturer since the sixties, Dungeons & Dragons and Magic: The Gathering now account for nearly half its profits. According to a report by ICV2, Hasbro’s Wizard’s of the Coast division is performing staggeringly well financially:
“The craziest number is that the operating profit for the WotC and Digital Gaming segment for 2020 was $420.4 million. That’s an eye-popping number on its own, representing a 46% operating profit margin, but what’s even more amazing is that […] the consumer products segment generated over four times the WotC segment’s sales in 2020 ($3.65 billion), for less profit.”
It’s clear that Hasbro is benefiting massively from Wizards of the Coast. Therefore, it’s safe to assume the future will be bright for card collectors and tabletop fans alike.
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Featured Image Credit: Hasbro