When Jackson Aw was introduced blockchain technology in 2018, he “didn’t get there at all.”
“Can someone reduce it further for me? Like, can you show me what I can get as a consumer?”
That was four years ago. Today, Aw, there seems to be an answer to that question.
The 32-year-old Singaporean who runs Mighty Jaxx – a multi-million dollar toy company that produces collectibles and lifestyle products – has incorporated blockchain into its products.
One blockchain is a decentralized digital ledger that records every transaction that has taken place. It also cannot be tampered with or altered in advance.
CNBC Make It explores why the collectible empire “makes sense” to harness blockchain’s possibilities and bet on it. reverse.
Mighty Jaxx, founded in 2012, has partnered with some of the biggest global brands and visual artistproduces trendy collections that combine design and popular culture.
Since then, the company has sold millions of toy collections to people in more than 80 countries, Aw says.
But there’s a problem.
“When you want to sell products, the number one question everywhere is ‘Is the product genuine?'”
Aw added: “For collections, what [sellers] That is, they take pictures of the figurine and post it to Facebook groups, asking people to check for authenticity. “
However, Aw is not satisfied with this authentication method.
“Whose word is that? Where did it come from? So we thought, okay, that’s what we need.”
Mighty Jaxx designed a near-field communication chip and embedded one in each toy. NFC technology enables short-range, wireless communication between two devices.
“With our app you can [scan the chip]Register your ownership of the item [to show] it’s an authentic Mighty Jaxx product,” said Aw.
Powered by blockchain, the platform issues and validates unique, tamper-proof certificates for every product. It also provides a digital footprint when ownership of an item changes.
“If Jay Chou or JJ Lin owned that statue before you, it’s definitely worth a lot more than I own it,” joked Aw. Jay Chou and JJ Lin are famous Mandarin pop singers.
Providing trusted authentication through blockchain technology is just the “beginning” for Mighty Jaxx.
With the nonfungible token market seeing explosive growth in 2021, Aw says it’s time for “a shift in culture as we know it.”
“[Being] artists and creators in general… always more of a service-based business. But now it’s flipped. Now, content and intellectual property are key, because none of these things [visual] representation, that technology doesn’t do anything,” Aw explained.
“Nothing speaks louder than visual form.”
NFTs are crypto-based digital assets that also act like collectibles – something Mighty Jaxx is no stranger to.
As such, it makes sense for Aw to enter this space, by providing fans with an exclusive digital experience with physical collections.
“When you buy our NFT, you get access and the opportunity to buy its physical expression in that design,” says Aw. “So only this group of people can afford this number,” Aw said. “.
“Because only they can do it and they can combine both types of assets together, it creates even more value for them.”
Aw believes that is Mighty Jaxx’s “real” advantage over its competitors – being able to offer both digital and physical assets.
“The fact that we create digital assets before we produce physical toys… means that we can also get to market faster,” he added.
“I can’t think of, you know, 10 other companies doing that all over the world, simply because of the work that goes into making a piece of hardware or a [physical] collectible, it’s naturally just a steeper learning curve. ”
In 2021, Mighty Jaxx launched its first collection of NFT trading cards, featuring cats that look like Chinese food, dim sum.
“We launched 6,000 units, and within… two seconds, they were sold out,” Aw said.
Mighty Jaxx has had a big break with DC Comics by scoring a licensing partnership in 2015, allowing it to “reformat” creative intellectual property.
Aw says there’s “a lot of work to do,” and plans to expand its IP collaboration to the metaverse.
Metaverse is a collection of virtual worlds where people live, work and play.