American Idol is all set to mint its own non-fungible tokens (NFTs) to mark the show’s 20th season and two decades on the air in the United States. During the press conference on April 14, it was announced that American Idol has collaborated with Theta Labs to distribute its own NFTs in the form of contestant-based trading cards.
The American Idol NFT Card Pack will be available on Theta Network’s eco-friendly and low-cost marketplace, ThetaDrop. The pack costs $99, and collectors will receive an NFT card from one of the top-14 contestants.
Mitch Liu, co-founder and CEO of Theta Labs, remarked:
“When you’re collaborating with internationally-renowned entertainment brands, it doesn’t get much bigger than American Idol.”
He claims that Theta-powered real-time predictive NFTs will enable fans to do more than just vote for finalists and effectively become judges. According to Liu, NFTs will allow them to rejoice alongside their favourite contestants and receive incentives as they progress through each qualifying round to the finals.
Top collector to receive biggest prize
As contestants get eliminated over the course of the five-week season, collectors who have a certain number of contestant cards will receive one-of-a-kind gifts.
The first week of prizes will begin on April 25, and collectors who own an NFT of one of the surviving contestants will be eligible to win an American Idol 20th Anniversary Animated Logo NFT. Megan Michaels Wolflick, the series showrunner and executive producer, commented on American Idol’s journey into the NFT arena. He commented:
“At American Idol, we are constantly challenging ourselves to be on the forefront of innovation. With interactive NFT trading cards celebrating our 20th season, fans will be able to immerse themselves even more into the Idol experience, as they collect their favourite contestants’ cards and follow their progress throughout the competition.”
Collectors with two NFTs of the remaining contestants will earn $300 in $TDROP, which will be deposited in their ThetaDrop accounts during the second week of incentives. Collectors who hold four NFTs of candidates who survived previous elimination rounds gain VIP Bronze bonuses for their ThetaDrop accounts in the third week.
During the season’s final episode, the collector holding the winner’s NFT will get an unique Winner’s Ticket to Hollywood NFT. This NFT may be redeemed for an actual ticket to Hollywood, which American Idol will deliver to the user’s house.
This announcement comes after Katy Perry, an American Idol judge and music icon, teamed with Theta Labs to release her NFTs in June 2021. In addition, she acquired a minority stake in Theta Labs with talent agency Creative Artists Agency (CAA), one of Theta’s enterprise validators, as part of this transaction.
