One of the most popular reality shows of all time is getting the non-fungible token treatment.
What Happened: The American Idol brand is partnering with Theta Network to launch NFTs to celebrate the 20th anniversary of the reality show.
The NFTs will be released as digital trading cards in packs that will be sold for $99. Each pack will have a random contestant from the top 14 of “American Idol” season 20.
Holders of the NFTs will participate in a five-week-long competition where they can win prizes based on how far contestants go.
The competition begins on April 25. Here are the competitions and prizes:
- Week 1: Hold one of the top 10 performers, get official 20th anniversary animated logo NFT
- Week 2: Hold two of the top 7 performers, get 300 $TDROP tokens airdropped
- Week 3: Hold three of the top 5 performers, get American Idol Exclusive NFT
- Week 4: Hold two of the top 3 performers, get VIP Bronze benefits
- Week 5: Hold NFT of winner, get real American Idol Goldent Ticket
The final prize is a “Ticket to Hollywood NFT” which offers anyone who has the winning contestant NFT the chance to redeem for a physical ticket to Hollywood shipped to their home.
“With our Theta-powered real time predictive NFTs, fans will be able to go beyond voting for the contestants and become a judge themselves – celebrating with their favorites and collecting rewards as they move through each qualifying round to the finals,” said Theta Labs CEO and co-founder Mitch Liu.
Related Link: How To Buy NFTs
Why It’s Important: Theta Network has previously collaborated with Katy Perry, Dionne Warwick, the World Poker Tour and “The Price is Right” for entertainment-themed NFTs previously.
Theta Network is a green and low-cost NFT marketplace.
The 20th season of “American Idol” premiered Feb. 22 on ABC, a unit of Walt Disney Co (NYSE: NYSE:DIS). This marked the fifth season of “American Idol” on ABC, after the show ended previously on Fox, a unit of Fox Corp (NASDAQ: FOX)(NASDAQ: FOXA).
The premiere of “American Idol” season 20 had 6.3 million viewers. The season is averaging 5.5 million viewers per episode in the current season.
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