Fox is the first TV studio company to merge an enormous NFT initiative into a major show.
Fox Unveils MaskVerse
Fox is releasing the MaskVerse, an NFT that includes collections and games tied to The Masked Singer show.
These Masked Singer NFTs are made possible through the use of the blockchain technology.
Fox has previously expressed interest in making NFT tie-ins, but this one focuses on a collaborative element just like what we have seen in other NFT projects, which can sometimes lead to great success or either a big disaster.
The studio company also appears to want this initiative to become more of a phenomenon than just like another regular TV show collectibles.
Furthermore, Fox has extensively expressed interest in producing show-based NFTs, even announcing the formation of a business named Blockchain Creative Labs to do so.
Krapopolis, a program developed by Rick and Morty co-creator Dan Harmon and "selected solely on the Blockchain," has previously been announced as well.
Rather than focus on publishing content and related paraphernalia on the blockchain, it appears that the MaskVerse is Fox's attempt to leverage a popular show to get people enthusiastic about NFT trading.
How To Get Masked Singer NFTs
According to The Verge, Fox announced that they will be launching an episode with The Masked Singer, and alongside that is the uveiling of the first NFT for the show, which will be free in special access to the MaskVerse Discord.
Henceforth, fans can purchase packs of The Masked Singer NFTs to start their collections, and in November, Fox will introduce a game in which users can vote on what will happen to the game show's competitors.
If you guess correctly, you'll be able to purchase even rarer NFT bundles.
People will be able to trade or sell their NFTs halfway through The Masked Singer's season to complete their collections, according to the TV studio.
According to the MaskVerse FAQ webpage, collecting all of the "Common Masks" will give you access to even more exclusive digital things, as well as the chance to win real-life rewards.
The NFTs will initially only be available for purchase using credit cards or PayPal, but Fox promises that cryptocurrency support will be added "soon." Since NFTs are using the same technology as cryptocurrency, most NFTs available these days are bought via crypto, such as Ethereum or Bitcoin.
What's an NFT?
With the use of blockchain, you may buy and sell ownership of unique digital goods and keep track of who owns them via NFTs.
According to Business Insider, NFT stands for a non-fungible token, and it can hold any digital content, such as artwork, animated GIFs, songs, memes, or video game goods. An NFT can be one-of-a-kinds, such as an authentic painting, or one of many copies, such as trading cards. However, the blockchain keeps records of who owns the digital goods.
NFTs have indeed been making news recently, including high-profile memes likethe Nyan Cat and the "deal with it" sunglasses being auctioned off for millions of dollars.
However, there's also a lot of talks circulating revolving around how much electricity NFTs use and how they affect the environment, especially as they use cryptocurrency and the blockchain technology that uses high levels of energy.
The buzz around NFT continue to increase, thanks NFT communities caused by the Bored Ape Yacht Club and the Pudgy Penguins, as well as NFT games like Axie Infinity.
Moving forward, it'll be interesting to see whether it succeeds - will the possible rewards entice The Masked Singer's mainstream audience to invest in an NFT game? Will the NFT fans get into the new MaskVerse community and make The Masked Singer even more popular?
