Non-fungible tokens are being introduced to the California and Florida Universal Studios theme parks.
Visitors to the park will be able to take part in a Halloween-themed scavenger hunt through October 31. This activity could result in the production of up to 7 million NFTs. Each of the seven concealed QR codes will produce an NFT when scanned. Visitors who discover and scan every one of the seven will be given a unique NFT, which, according to Moonpay, the cryptocurrency payments firm collaborating with Universal on the initiative, will open up new benefits.
According to MoonPay CEO Ivan Soto-Wright, the new NFT experience offers the company useful consumer data and isn’t just for park visitors.
“If you’re CMO (Chief Marketing Officer), you’re thinking okay, how do I increase the LTV?” he said, referring to the lifetime value of a customer. “How do I deepen the engagement with my end customer? And this is one just really good example.”
The adoption of NFTs as digital collectibles last year contributed to their growth. Major brands like Nike, Dolce & Gabbana, and Tiffany, according to data from Dune Analytics, have sold hundreds of millions of dollars’ worth of NFTs in the last year.
But since then, NFT sales have plummeted.The market as a whole had an annual low in july, according to Be[In]Crypto Research. According to analytics platform DappRadar, the amount of transactions on the largest NFT marketplace, OpenSea, decreased by 13% in the previous 30 days to around $252 million.
According to Soto-Wright, Universal’s NFTs shouldn’t be impacted by contracting markets because their primary use case is fostering repeat business.
“For me,” added Soto-Wright, “this is the next wave, 100%. I mean, I think this is a natural progression.”