To celebrate its 50th season, “The Price Is Right” is launching its first ever non-fungible tokens. The NFTs will feature real-world benefits and include rare items.
What Happened: Fremantle, a global television production company, announced a partnership with Theta Labs, the developer of the Theta Network blockchain.
The NFTs will feature some of the most well-know “The Price Is Right” games including Plinko, Cliff Hangers and Punch-A-Bunch.
There is no release date yet for the NFTs; the first NFT will launch soon live on ThetaDrop.
“Unlike many of today’s NFTs which are collected mostly for their artistic value, The Price Is Right NFTs, will have a special focus on the benefits they bring their holders. Different NFTs may provide users with rare vintage items from The Price Is Right history and much more,” the press release reads.
Theta Network’s NFT marketplace ThetaDrop was purposefully built for the video, media and entertainment industry. The network provides lower gas fees and faster transaction times than the Ethereum ETH/USD blockchain.
Creating an NFT on the Theta blockchain uses less than 0.01% of the energy needed to create a NFT on Ethereum, according to the company.
“Theta’s low-cost, green NFT platform stood out as the best choice, and their previous sold out NFT drops with some of the most well-known brands and artists reassured us that it was the right home for our legendary series,” said Fremantle VP of Commercial and Licensing Angela Hueber.
Why It’s Important: The NFTs celebrate the 50th season of “The Price Is Right,” which is the longest running game show on television. The show airs on CBS, a unit of ViacomCBS Inc VIAC and features Drew Carey as the host.
The show is the number one rated daytime series on television and has won multiple Emmys.
“We’re thrilled to welcome The Price Is Right, an iconic brand that has entertained generations of global viewers as the most popular game show on television,” said Theta Labs co-founder and CEO Mitch Liu.
Theta Labs has a history of launching utility-focused NFTs for the entertainment industry.
“They (The Price Is Right) join our other great brand partners including Katy Perry, WPT, Jukin Media and Fuse Media to launch a whole new way to think about utility-focused NFTs.”
Fremantle owns a large portfolio of scripted and unscripted content, which could lead to additional NFT collections around popular television series. The company produces over 12,700 hours off original programming annually and also distributes over 30,000 hours of content across 180 countries.
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