Warner Bros. is dipping back in on the nonfungible tokens, otherwise known as NFTs, trend. The studio has announced that it's going to launch and sell 100,000 NFTs of the avatars for the upcoming movie, The Matrix Resurrections, just before the film premieres later this year.
Warner Bros. partners with Nifty for Matrix NFTs
NFTs are similar to baseball and basketball cards, as well as other real-life collectibles. The only difference is that they are all digital and that each piece uses blockchain technology to guarantee that it's unique and one of a kind. NFTs have been around since 2015 and the interest surrounding these crypto-based collectibles has only grown ever since then.
Due to the recentl rise in the popularity of cryptocurrencies, the monetary value of NFTs has grown by a significant amount this year. The most recent estimates suggest that NFT transactions exceeded $2 billion in the first quarter of 2021 alone.
Previously, Warner Bros. collaborated with digital NFT marketplace, Nifty, to sell Lebron James and Looney Tunes characters NFTs from 2021's Space Jam: A New Adventure. The studio released a total of 91,000 limited-edition NFTs at the time. It appears that venture was a success because the studio now wants to do it again for The Matrix Resurrections.
Warner Bros. is minting 100,000 NFTs ahead of The Matrix Resurrections' release. Unlike its previous NFT venture, the studio is selling each NFT for $50. If Warner Bros. manages to sell all 100,000 NFTs, then it will make at least $5 million in profit from the digital collectibles alone. In addition, the studio confirmed that this is just part of the multi-year partnership with Nifty, so audiences can expect more movie-inspired NFTs in the future.
When are the Matrix NFTs going to be available?
Warner Bros. will launch the Matrix NFT avatars across two stages. The initial launch on November 30 will allow users to buy "base" avatars at random, with the NFTs being based on ordinary people who found themselves trapped inside the Matrix. These hyper-realistic avatars are all unique from each other, including as to clothing and hairstyles. Meanwhile, for the second phase on December 16, owners can choose to transform their avatars to resistance fighters by taking the "Red Pill" or keep them locked inside the matrix by taking the "Blue Pill".
Avatars that choose the "Red Pill" can transform themselves and wear clothing, accessories, and hairstyles that are inspired by The Matrix characters. Once the two phases are over, Warner Bros. multiyear NFT project will include "frequent challenges" that NFT collectors can participate in so that they can get upgrades for their avatars.
Warner Bros.' partnership with NFT for The Matrix makes a lot of sense. The Matrix's theme is the perfect fit for cryptocurrency. It will be interesting to see just how successful this partnership will be and what will happen for avatars that take the "Blue Pill".