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The loony-tunes world of digital collectibles known as NFTs is now getting actual Looney Tunes.
Warner Bros., in the biggest drop of NFTs (non-fungible tokens) for a film to date, is releasing a collection of 91,000 limited-edition NFTs featuring characters from “Space Jam: A New Legacy,” including Bugs Bunny, Tweety, Porky Pig — and the pic’s star, LeBron James.
NFTs certify the ownership of a unique digital content asset, based on blockchain technology, though they are mainly for bragging rights, since digital content can be copied an infinite number of times. (The “non-fungible” part means NFTs are not interchangeable in the way currency is.) Like physical artwork or baseball cards, NFTs can be bought and sold. They’ve become a craze in 2021, mainly released in auctions — and garnering some eye-popping sale prices.
But for the “Space Jam” sequel, Warner Bros. is taking a different tack.
Aiming to provide broad access to the digital collectibles, Warner Bros. will give away one limited-edition “Space Jam” NFT to each individual who registers on Nifty’s (niftys.com), the startup that is hosting the launch, while supplies last.
In addition, fans can earn a second free NFT by sharing a social media post about the “Space Jam” giveaway on Nifty’s. Collectors will be able to purchase additional NFTs for $2.99 apiece.
The “Space Jam: A New Legacy” NFT launch, of course, is timed to promote the film, set to debut July 16 in U.S. theaters and on HBO Max. “NFTs are a fun and exciting way for fans to further celebrate their love for our portfolio, and we felt that ‘Space Jam: A New Legacy,’ featuring our iconic Looney Tunes alongside LeBron James, was the perfect film to launch these limited-edition NFTs,” said Pam Lifford, Warner Bros.’s president of global brands and experiences.
While the “Space Jam” NFTs are not being auctioned, there’s still an element of exclusivity. The series will feature eight characters from the Looney Tunes “Tune Squad” plus LeBron James. The digital collectibles will include 2D and 3D-animated versions with five levels of rarity for each one. For the rarest category, “Legendary,” there will be only 10 copies of each. Both free and purchased “Space Jam” NFTs will be randomized and include all levels of rarity — a surprise-egg approach.
The “Space Jam” NFTs were developed with the creative capabilities and blockchain technology of Palm NFT Studio, which provides an energy-efficient way to mint NFTs that the company claims reduces power consumption by 99%.
Eventually, Nifty’s will launch the ability for users to buy and sell NFTs on its platform, and it expects to run auctions for certain collectibles. But the real point of the startup is to bring NFTs to mainstream audiences, said co-founder and CEO Jeff Marsilio.
“We will be the social platform for NFTs,” Marsilio said. “Part of what makes our platform special is it makes NFTs accessible to everybody — we’re emphasizing community, engagement, discoverability… things that go beyond buying and selling.”