Iconic global talent show American Idol has announced that it will be launching a range of contestant-based non-fungible tokens (NFTs). The NFTs are part of the show’s 20th anniversary celebrations and will be available on Theta Network’s ThetaDrop NFT marketplace. This is another milestone achievement by Theta Network, and it underpins its status as the go-to network for entertainment-themed NFT drops. Notably, this isn’t the first collaboration between American Idol creators Freemantle and Theta Network.
How to win the NFTs
In this season’s show, each American Idol fan who purchases an “NFT Card Pack” for $99 will get a random Top 14 candidate NFT card. Also, collecting participant cards will offer collectors special gifts over five weeks, as more and more contestants are exit the show.
The first week of rewards will be on Monday 25th April 2022. In the first week, collectors holding an NFT of only one of the remaining American Idol contestants will win an NFT with American Idol 20th Anniversary Animated Logo. In the second week, collectors with NFTs of two surviving contestants will each earn $300 TDROP. The tokens will be credited on their ThetaDrop accounts.
Collectors who still own a total of four remaining contestant NFTs will get VIP Bronze perks in their ThetaDrop accounts during the third week of the competition. To celebrate the season finale, all collectors who have the winning NFT will get a special “Ticket to Hollywood” NFT. If the recipient wishes to redeem their ticket, they will get a physical ticket to Hollywood.
“When you’re collaborating with internationally-renowned entertainment brands, it doesn’t get much bigger than American Idol,” says Mitch Liu, CEO and Co-founder of Theta Labs. “With interactive NFT trading cards celebrating our 20th season, fans will be able to immerse themselves even more into the Idol experience,” says Megan Michaels Wolflick, the series’ Showrunner, and Executive Producer.
About Theta Labs
The Theta Protocol consumes only a fraction of the energy and resources consumed by other networks. This is largely attributable to its use of proof-of-stake (POS). As a result, it is more environmentally friendly and sustainable than other platforms. Producing an NFT on the Theta blockchain, consumes less than 0.001% of the energy for minting the same on Ethereum.
Founded in 2017, Theta Labs is best known for creating Theta Network, a video and entertainment platform built on blockchain. Its other product, THETA.tv, is a premier decentralized live-streaming platform. Using Theta infrastructure, video platforms can generate more money and save CDN costs by delivering content quickly and efficiently. Theta Labs has a dedicated NFT marketplace, ThetaDrop, powered by TDROP token.
About Freemantle
Fremantle is a global leader in creating, producing, and distributing scripted and unscripted content. The company is responsible for some of the most popular shows globally and has a large international audience. It has offices in 26 countries and produces more than 450 shows each year. It also boasts over 460 million social media followers across various platforms. In addition, Freemantle’s content attracts over 40 billion views annually.