Longtime Indian animation company Toonz Media Group has partnered with digital R&D firm Guardianlink to launch an NFT design lab, creating digital assets for brands and celebrities. The new installation will kick off by transforming some of Toonz’s exclusive characters and series into non-fungible tokens.
NFTs, which have taken the art world by storm and are now spreading into entertainment, are blockchain-based digital certificates that certify that the digital asset linked to it is unique and not interchangeable. NFTs can represent photos, videos, audio, or other types of digital files.
They can be bought and sold, with smart contracts depending on their ownership. And, unlike conventional works of art, the original creators can earn additional royalties every time the NFT is traded.
Toonz NFTLabs, which boasts more than 1,000 designers on three continents, will handle the creative and technological aspects of Generation NFT, including conceptualization, development, character design, modeling and asset design, as well as generation of smart contracts for NFTs. Its services include storyboarding, character design, gamification, and an incubation lab for emerging artists. The lab will also offer IP partnerships for TV properties, film properties, games and metaverse.
Founded over 20 years ago, Toonz operated through its first decade largely as an animation outsourcing subcontractor working with major Western studios including Disney, Nickelodeon, and Dreamworks. He produced shows which included: âWolverine and The X-Menâ with Marvel, âSpeedracer Next Generationâ with Lionsgate; âMostly Ghostlyâ with Universal and âPlaymobilâ with Sony.
In the second half of its existence, Toonz also began to develop its own intellectual property and its own series. Current Toonz productions include: âPaddypaws and Palsâ, in partnership with Keith Chapman, âJG & the BC Kidsâ, with acclaimed American actress Janet Hubert, âSunnyside Billyâ, conceptualized by Olivier Jean-Marie; and “Pierre le Pigeon Hawk”.
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Toonz will begin creating NFTs from his characters and content taken from the library show “Lucky Fred”, currently in production “Paddypaws” and the new show “PaJaMa,” the company said. Variety.
It’s also a few months away from the launch of yet another property that will range from a conventional CGI-based computer racing game to alien characters that will launch as NFT and an associated NFT-based racing game.
âThe NFT market offers us the unique opportunity to generate traction for animated IPs even before they are produced or marketed. It offers a whole new world of opportunities for project finance, a model that even independent designers and brands can adopt, âsaid Toonz CEO P. Jayakumar. âWe want to help these creators and brands by producing bespoke NFT assets for them and launching them into the NFT market. “
Singapore-based GuardianLink offers a Guardian-branded MarketPlace product and legitimacy protocol for NFTs. It has developed 45 NFT marketplaces in 30 countries. In collaboration with Beyondlife Club, he recently created an NFT Marketplace for Indian superstar Amitabh Bachchan which sells pictures, posters and poetry recitals.
âNFT is the new medium for digital assets with economic foundations. Its acceptance turned out to be a true testament to the decentralized economy on a large scale. This is the first time in history that a designer, athlete or a known or unknown brand can make a dent and engage in a huge monetization of their own rarity, creativity and uniqueness, âsaid Keyur Patel, President and co-founder of GuardianLink. . The company accepts payments in fiat and cryptocurrency.
NFTs became popular in early 2021 with the auction of assets such as digital artwork by artist Beeple “Everydays – The First 5000 Days” (sold for $ 69 million), the NBA Top music video Shot of LeBron James (sold for $ 208,000) and Twitter founder Jack Dorsey’s first tweet (sold for $ 2.5 million).
Other creators of NFT have included WarnerMedia’s DC, musician Lil Nas X, and Variety. For more explanation, read: The Rise of DTV in Entertainment and Media.
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