ABS-CBN hops on blockchain, to sell NFTs of popular shows

MANILA, Philippines — Media giant ABS-CBN Corp. has hopped on the blockchain bandwagon by entering into a tieup with a California-based developer that uses new technology to make merchandise and video.

ABS-CBN yesterday said it signed a partnership with Theta Labs Inc., a blockchain provider for Web3 media, for the production and distribution of new forms of entertainment.

ABS-CBN and Theta Labs will kick off their collaboration by coming up with blockchain assets for three shows set for release in the next few months.

According to ABS-CBN, Theta Labs will manufacture non-fungible token (NFT) collectibles for Filipino superhero Darna and romantic comedy He’s Into Her. In turn, ABS-CBN will sell the NFTs to fans of the popular franchises who want to own digital items of their favorite characters.

NFTs, in the blockchain world, are collectibles assigned with unique codes and designs, making each one of them unique from one another. Given their value, NFTs can be exchanged for money, whether cash or cryptocurrency, depending on how much the market appraises them.

Apart from NFTs, ABS-CBN will work with Theta Labs and use its Video API in producing new forms of entertainment materials.

Through the platform, ABS-CBN can experiment and explore the potential of Web3 technology in improving viewer experience, especially as it transitions into becoming a content creator.

Using Video API, the Lopez-led network can encode, host and stream materials worldwide, infiltrating various apps and channels to expand its audience.

ABS-CBN head of digital Jamie Lopez said the media giant’s decision to enter blockchain allowed it to widen its tools in reaching viewers. After losing its legislative franchise in 2020, ABS-CBN shifted to airing its shows, movies and music in digital platforms.

“We’re looking forward to testing and exploring Theta’s Web3 video and NFT infrastructure and how it can enhance our audience experience across various businesses and intellectual properties. Working with Theta would bring new features and capabilities to viewers and push entertainment boundaries,” Lopez said.

Prior to this, ABS-CBN and Theta Labs collaborated on the production of digital collectibles for talent show Idol Philippines to explore the appetite for new forms of media consumption.

After ABS-CBN failed to get its free TV franchise renewed in 2020, the network decided to shift its focus in becoming a content creator for digital sites such as Netflix, Spotify and Viu.