The cult show Idol Philippines is one of the most watched television programs in the country. ABS-CBN, its producer, is looking to include it in the dynamics of migration to the web3, and has entered into a partnership with the Theta blockchain to launch NFTs.
Idol Philippines and THETA: a partnership that focuses mainly on NFTs
The decentralized Peer-to-Peer (P2P) streaming network, Theta Network unveiled, on August 16, a partnership with ABS-CBN Corp., the largest television network in the Philippines and producer of the singing competition Idol Philippines. The agreement between the two parties aims to launch non-fungible tokens (NFTs) that will be stored on the Theta blockchain and available on ThetaDrop, the NFT marketplace created by Theta Network.
For information, a similar agreement was signed earlier this year between the Theta network and the television program production and distribution company, Fremantle, for the cult show American Idol.
The NFTs will be launched in two phases. The first one which will include commemorative tokens of the logo ofIdol Philippines at 50 Philippine pesos each, or $ 0.90, as well as 400 animated graphics cards called Golden Tickets at 999 Philippine pesos each ($17.89).
The second batch of NFT will include 2,400 units of the Finalist Pack, with the candidates ofIdol Philippines, priced at 899 Philippine pesos per unit, or $16.10. The digital cards will be divided into three levels of rarity namely: bronze, silver and gold. This phase will also cover the launch of 100 NFTs called Platinum Tickets at 1,999 Philippine pesos, or $35.80 per piece.
This last category of NFT can be used as a pass to the final ofIdol Philippines, which will take place on September 17 and 18. They will give the owners the chance to meet the big winner of the show.
“Our partnership with Idol Philippines is the latest step in the integration of major entertainment brands into the world of Web3. Just like our collaboration with American Idol, we couldn’t be more excited to show how this new paradigm can create exciting and meaningful experiences”, said Mitch Liu, CEO and co-founder of Theta Labs, the company that currently operates the Theta network.
For Theta, the launch of this NFT project marks a key stage in its development, while it recorded a relatively satisfactory second quarter, unlike many other players in the industry.
The announcement of the collaboration between Theta and ABS-CBN was applauded by many hodlers of the Theta cryptocurrency (THETA), who see through this agreement a means of strengthening the network and a stimulus for the price of the token. For others, it is a showcase offered to the Theta ecosystem, which will be able to take advantage of one of the most dynamic markets in the world with regard to the adoption of digital assets.
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Behind the generic signature “Editorial CT” are young journalists and authors with special profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.