Japan’s Sega set to launch NFTs for Sonic the Hedgehog
Sega Corporation, the owner of Sonic the Hedgehog, is set to launch non-fungible tokens (NFTs) through a partnership with Canadian start up, Double Jump. The NFTs are to be commercialized in the coming months.
Sega’s entrance to the NFT market
SEGA is a legendary gaming company that made a name for itself before the introduction of PlayStations in the late 20th century. The company today is no long as prominent in the gaming sector, however, some characters from its games, including Sonic the Hedgehog still enjoy global fame.
SEGA shifted their business models from manufacturing consoles to game development. They have now partnered with double jump to launch NFTs based on SEGA’s IP. The NFTs will be commercialized during summer and with time; the firm will launch other content.
Significant growth of the NFT market
The entry of SEGA to the NFT is another win for this industry. Sonic the Hedgehog is a famous character in the entertainment industry and this move will enhance the adoption of NFTs for the arts sector. Besides, SEGA’s target market is mainly children and this will create a new market for NFTs.
The maker of Barbie, Mattel, is also rumored to be looking into NFTs. By venturing into the children’s market to promote NFTs, it means that the technology will be adopted at an early age and hence ease its implementation over generations.
NFTs have become a popular hype in the art sector. However, highly affluent companies dealing with art and collectibles are also looking for ways they can also launch their own digital collectibles. It will be a challenge for NFT companies to find a way to distinguish their products in the market.
The growth of NFTs and digital collectibles will however attract more customers in the market and they will become more attractive to all customers. Besides, with major brands joining the NFT market, it will remove the idea that NFTs are more of crypto products and this will increase their adoption in the market.
Some famous brands that have recently launched NFTs include Playboy, who will launch digital art NFTs, Tom Brady’s Autograph and sports platform Sportslcon. It is also important to note that double jump is looking into partnering with NBA Top Shot Creator, Dapper Labs to use the firm’s blockchain. This will enable the platform to expand its offering to new markets.
Sega Sammy Holdings (TYO: 6460) rises on Sega NFTs news
In 2004, Sega Corporation merged with South Korean gaming machine developer Sammy Corporation to form Sega Sammy Holdings, which listed on the Tokyo Stock Exchange.
Sega Sammy Holdings stocks have languished over the past decade, falling steeply since they hit a record high of almost 4,800JPY in 2006. The Sega Sammy Holding’s stock price closed at 1,622JPY (+1.3% for the day) yesterday following the Sega NFTs news.