Where’s the fun in fungible? | Could the toy industry be key to unlocking the potential of the NFTs market?

For those who remember typing BRB into their MSN chat box, or anyone still wrestling with the WFH concept, there’s a new acronym in town, and it’s potential to shape the future of entertainment and the collectables space is boundless. It’s probably time we all got to know NFTs a little better.

Here’s The Insights Family to help talk us through the concept and what the arrival of Non-Fungible Tokens could mean for the toy industry.

We all know this generation of children are like no other, growing up in a world with an unprecedented level of access to technology.

Even by the age of three, an average 51 per cent of children globally own a tablet device, and by the age of 12, 69 per cent of kids globally own a mobile phone. This generation are as comfortable existing in a virtual world as they are the physical, and they expect a seamless integration between the two.

We have seen many key development milestones just as likely to be reached today in a virtual world as the physical; a child’s first concert for example could just as likely happen within the gaming platform, Fortnite as it could in a real-life venue.

As the physical and digital worlds blur for this generation of kids, we are also seeing children spending and earning money digitally via gaming platforms like Roblox, Minecraft and Fortnite. Kids’ identity now lives online, whether that be on a social media feed or materialised through digital purchases. For these kids, a cosmetic skin they purchased in Fortnite is as much about self-expression and personality, as the t-shirt they put on the same morning.

The speed of innovation in this sector continues to accelerate and its important brands stay ahead of the latest trends and opportunities.

Non-Fungible Tokens (NFT) are currently one of the most popular trends within the cryptocurrency market. A token which verifies legitimacy and singularity of a digital asset, they have primarily been used to sell digital art or assets, such as the first ever Tweet, selling for over $2.9m. The technology has since been adopted by major art auction houses such as Sotheby’s and Christie’s.

According to The Insights Family data, from Q1 2020 vs Q1 2021, there is a 11 per cent increase in kids as young as six to nine who have heard of cryptocurrencies. While information about blockchain is permeating throughout the kids ecosystem, it is still a relatively niche market.

However, as global adoption of cryptocurrencies continues to increase, brands are using the NFT as a real-world use-case for the technology. It’s currently mostly fashion brands – such as Gucci experimenting with NFTs, enabling consumers to buy and ‘wear’ their products via Augmented Reality or in-game on Roblox.

In fact, these fashion sales of clothing for digital versions of yourself are not news anymore. It is a long-standing practice, and a lot of video generate their main income through it. For example, one of the most popular games of recent years – Fortnite, is monetised entirely through cosmetic microtransactions.

What this means to you…

One example of potential NFT integration in the kids’ ecosystem could be as an extension of collectable items – for example, trading cards, a digitised version could be available as a token. The popularity of trading cards in general increased throughout the pandemic – from six per cent of kids aged three to 12 purchasing in Q1 2020 to nine per cent by December.

Within the toy space, in theory, anything in the digital world which has scarcity and value derived from that scarcity could be reimagined as an NFT.

For instance, some collectors are already spending millions on ‘NBA Top Shot’ – a website that allows people to buy, sell and trade basketball highlights as NFTs.

Every year the number of younger kids who spend more of their money online increases. In the UK, since the pandemic began in March 2020 the number of three to 12 year olds has almost doubled from 17 per cent to 28 per cent in February 2021. This, along with fast-paced innovation, means that it’s important brands stay ahead of the latest trends and opportunities.

Therefore, The Insights Family team of researchers, data scientists and developers have created the latest version of our platform, Portal 4.0, which will open more possibilities for brands. The new tools will enable brands to understand the attitudes, behaviours, and consumption patterns of kids, parents, and families.

To learn more about the attitudes, behaviour, and consumption patterns of kids, parents, and families, and to get freemium access to The Insights Family real-time data portal, please visit: https://try.theinsightsfamily.com/toynews

Game streaming platform Antstream adds retro Star Wars slate in new Disney partnership

The retro games platform, Antstream Arcade has struck up a partnership with Disney to add its portfolio of classic Star Wars titles to the extensive library of fully licensed games.

The games slate will be made available on a single platform for the first time and will include the entire Super Star Wars series for the SNES and Star Wars for the NES. Adventure games like Grim Fandango and titles from the Monkey Island series will also be joining the platform.

Starting from today, however, games and subscribers to the Antstream service will be able to play classic Super Star Wars titles: Super Star Wars, Super Star Wars: The Empire Strikes Back, and Super Star Wars: Return of the Jedi.

All the games available via Antstream Arcade’s cloud-based streaming service are available using any 4G connection or better, and are playable on almost any device for the cost of a single flat monthly subscription. Expanding Antstream Arcade’s library of classics and curios, this will take the total number of licensed games to 3786, with five to seven new games being added to the platform every week.

Steve Cottam, CEO of Antstream, said: “We are absolutely thrilled to be bringing the retro Star Wars series to customers, taking us one step closer to delivering thousands of iconic games to the global gaming community through the power of streaming technology.

“The fact will be able to play Star Wars for the SNES on their laptop, Grim Fandango on their TV or Day of the Tentacle is a massive win for both existing and new audiences.”

The Disney partnership follows recent deals struck with retro gaming giants Taito, Atari, and Bandai Namco – making Antstream Arcade’s library the largest collection of retro games in the world.

Thanks to Antstream Arcade’s streaming technology all these games can be played on TVs, laptops, desktops, tablets and of course mobile phones, bringing more iconic games to a wider audience than any platform ever before.

UK video game retailer GAME launches limited edition fragrances Eau De Plumber and FPS

The UK’s largest high street retailer of video games, GAME, has moved in on the fragrances market with the special launch of a limited edition line of luxury perfume: Eau De Plumber and FPS (First Person Scent).

The two unisex fragrances will be available exclusively at GAME.co.uk in time for Christmas and are tipped by the retailer to become collector’s items in the near future. Both fragrances have been expertly curated by some of the UK’s leading perfumers.

The first fragrance, Eau De Plumber has been painstakingly blended with deep, toadstooly undertones, with high tones of peach and daisy, while FPS, the grenade-shaped scent can be described as ‘best appreciated from thirty feet away’ and ‘slightly gunpowdery’ and is a celebration of the nation’s love of popular first person shooter games.

Both scents are extremely limited and priced at £19.99 for a 200ml bottle.

Nick Arran, head of commercial at GAME, said: “Everyone loves to receive perfume at this time of year so we wanted to capture the essence of gaming and Christmas all in one bottle – two presents in one if you like. We would urge people to buy soon though as these are very limited and will soon become collector’s items.”