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American Idol is Launching a Predictive NFTs Program with Theta Labs

Non-fungible tokens, or NFTs, have been a huge game-changer in entertainment ever since NFTs blew up in early 2021. Influencing and changing things like gaming, digital and physical artwork, collectibles, and more, it started seeing greater adoption by companies and institutions of all kinds, with American Idol being the most recent to join the trend.

According to new reports, American Idol aims to mint NFTs in order to commemorate its 20th season. After two decades on American television, the show has been a huge hit, and now, it teamed up with Theta Labs for its NFT initiative.

According to the press release, the program will be realized in the form of contestant-based trading cards that both, serious collectors and the fans of the show will be able to access on Theta’s eco-friendly, low-cost marketplace. The marketplace is called ThetaDrop, and it will offer NFT Card Packs for $99 per pack. Collectors will also receive an NFT card that represents one of the top 14 contestants.

According to Mitch Liu, the CEO, and co-founder of Theta Labs, the new system would be fully powered by the Theta network, offering real-time predictive Non-Fungible Tokens, that will allow the fans to vote on the contestants, and pretty much become virtual judges of their performances. More than that, NFTs would allow them to celebrate the performances and victories of their favorite contestants, collect various rewards with each new round, and more, as they make their way towards the finals.

Liu also added that this is a huge milestone for Theta Labs, as collaborating with internationally-renowned entertainment brands doesn’t get much bigger than American Idol. This partnership is expected to shine the light on Theta’s project, and bring a lot more exposure and adoption.

How will it all work?

The way the project was set up is pretty simple. As contestants go from one round to the next, some will get eliminated while others will find themselves progressing further and further up, as they get closer to the finals. The season will last for five weeks, during which collectors that hold a stipulated number of contestant cards will earn unique rewards.

After the first week of the contest takes off (starting on April 25th), collectors that end up holding NFTs of the remaining contestants will win an American Idol 20th Anniversary Animated Logo, in the form of an NFT. This will be the first reward that they will get. The second one will include an airdrop featuring $300 of $TDROP, which will be sent directly to the ThetaDrop accounts of users who obtain contestant cards of winning participants.

After the third week’s round is up, collectors who own a minimum of four NFTs representing surviving contestants will gain VIP Bronze benefits for ThetaDrop accounts. Finally, those who end up holding the card of the winner of the season will be rewarded with the exclusive Winner’s Ticket to Hollywood NFT. If they choose to redeem it, they will be given a physical ticket to Hollywood, which will be delivered to their home address by the American Idol organization.

American Idol’s executive producer and showrunner, Megan Michaels Wolflick, commented on the new development saying that the show is constantly seeking a way to challenge itself and surprise its fans by being the leading entity when it comes to innovation. With the NFTs being the hottest thing in entertainment these days, the interactive NFT trading cards will bring that much more of an immersive feeling to the fans, and help them celebrate the 20th anniversary of the show in a way that will never be forgotten.

Plus, of course, the fans will also gain rewards that are definitely worth participating in the new program.

To learn more visit our Investing in Theta guide.

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