One of the leading children’s brands worldwide is stepping into the world of non-fungible tokens. The move could be met with backlash and mocked, but also provide some teaching lessons for children along the way.
What Happened: Sesame Workshop, owner of the iconic Sesame Street brand, is launching its first digital collectibles with VeVe, a company that is also used by Walt Disney Co DIS for NFTs of Star Wars, Marvel and Disney Animation characters.
The first NFT to be launched as part of the collection is Sesame Street character Cookie Monster, according to a report from Variety.
There will be 5,555 of the Cookie Monster NFTs with a price point of $60. NFTs on VeVe are bought with the company’s in-app currency Gems instead of using Ethereum ETH/USD like many traditional NFTs.
The NFTs on VeVe use Immutable X IMX/USD, an Ethereum Layer 2 scaling protocol
The Cookie Monster NFTs will be released on March 19 in the VeVe app.
Sesame Workshop said there will be additional digital collectibles from its brand released later in 2023.
“Collaborating with VeVe for (Sesame Street’s) first collection of digital collectibles is a great way to celebrate (the series’) enduring legacy and give our long-time fans a new way to showcase their love for Sesame Street and its characters,” Sesame Workshop Vice President Jennifer Ahearn said.
Related Link: What Is A Non-Fungible Token (NFT)?
Why It’s Important: VeVe was founded in 2018 as a digital collectibles platform. The company is now among the leaders in NFT launches of major brands with more than eight million NFTs sold to date. The company has partnerships with Disney, Marvel, DC Comics, Star Wars, Warner Bros. and more.
“Sesame Street is one of the most iconic brands of all time, so we jumped at the opportunity to partner with Sesame Workshop on a series of digital collectibles,” VeVe co-founder and COO Dan Crothers said. “We can’t wait to share these with our VeVe community of collectors as well as Sesame Street fans who may be new to digital collectibles.”
Sesame Street is one of the biggest children’s brands thanks in large part to its decades of content and airing on public television. New episodes of Sesame Street now air on HBO Max, a streaming platform from Warner Bros. Discovery Inc WBD. The episodes then air on PBS at a later date.
NFTs soared in popularity in 2021 and portions of 2022 thanks to demand from collectors and investors.
While many of the NFT collections were created by artists and Web3-based companies, popular consumer brand companies, athletes, actors and musicians launched NFT collections of their own.
NFT platform Recur has brought several children’s brands to the NFT space previously including Hello Kitty, Care Bears and Nickelodeon characters.
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