The 32-year-old Singaporean, Mighty Jaxx, has incorporated blockchain into his products. His company manufactures collectibles and lifestyle items that can be customized by its users with the use of cryptocurrency payments online or at physical retailers across Asia.
When Jackson Aw was introduced to blockchain technology in 2018, he thought it would be some kind of game-changing update for his business. He didn't understand why people were so excited about something that seemed unnecessary and confusing at first glance - until one day, everything changed.
The company is an innovative toy giant that's using cryptocurrency for its latest lineup.
Mighty Jaxx is a company that was founded in 2012. They have partnered with some of the biggest global brands and visual artists, producing trendy collectibles such as pop culture-inspired designs.
The company has been able to sell millions of toys in over 80 countries since they started making their collectible figures.
It is also known for its high-quality collectibles, but many customers don't understand that these items can cost up to $1,200 on the company's website. However, in secondary markets like eBay or ReverbNation, they fetch "five times" more than Mighty Jazz’s original value.
However, there is one issue. When it comes to selling a product, the number one concern is always, is it authentic?
"For collectibles, sellers take photos of the figurine and post them on Facebook groups, asking the public to do an authenticity check," he continued.
However, this authentication approach did not satisfy him. "Whose side is it?" What is its provenance? So we decided that's what we needed."
Mighty Jaxx has created a toy that can be connected with other toys through NFC technology. This new near-field communication chip will allow for short-range wireless communications.
The platform uses blockchain to issue tamper-proof certificates for every product. It also provides a digital footprint of ownership when it changes, ensuring authenticity and security in an era where people have become increasingly concerned about designer goods flooding onto the market or being fake.
The company is looking to provide reliable authentication through blockchain technology, but it is just "the beginning."
A phygital advantage
Aw predicted that the non fungible token market would explode in 2021, causing "a change in culture as we knew it."
“Being an artist and a creator has always been more of a service-oriented job. But it has now flipped. "Now, content and intellectual property are critical because that technology does nothing without any of this visual representation," he explained. "There is nothing more powerful than visual form," he added.
Mighty Jaxx is no stranger to NFTs, which are crypto-based digital assets that also function as collectibles.
As a result, it makes sense for Aw to enter the space by combining unique digital experiences with physical collectibles.
"When you purchase our NFTs, you gain access to and the option to acquire the physical manifestation of that design." So only this group of individuals could buy this figure." "Because only they can do it and combine both asset classes, it generates even more value for them," Aw explained.
Aw believes Mighty Jaxx's "phygital" advantage over competitors is the potential to provide both physical and digital assets.
"Because we create digital assets before producing physical toys... we can also go to market faster. "I can't think of ten other companies in the world doing that, simply because the work that goes into creating hardware or a [physical] collectible is naturally just a steeper learning curve," he added.
In 2021, he launched the first collection of NFT trading cards featuring cats that look like they're having some delicious Chinese cuisine.
Mighty Jaxx is one of the companies that got its big break with DC Comics by scoring a licensing partnership. This allowed them the freedom and ability to redesign creative intellectual property.
Since then, it has collaborated with well-known brands to reach fandoms worldwide, including Adidas, Hasbro, Nickelodeon, Formula 1, Sesame Street, and Netflix.
"There's a lot more work to be done," says Aw, who plans to expand its intellectual property partnerships into the metaverse as well.
A metaverse is a place where people can live without physical constraints or limitations. It's an entirely new concept in which we all have the potential to explore and discover.