Is Toys ‘R’ Us just playing around with NFTs or serious about the opportunity?

The new Toys “R” Us has been making more innovative, on-trend moves than it did before its most recent relaunch and that now extends to getting involved in Web 3.0.

The toy retailer is launching a 10,000 item collection of non-fungible tokens (NFTs) available on a blockchain called Solana and purchasable through a marketplace called Magic Eden, according to a press release.

The NFTs, made in conjunction with Web 3.0 company Anybodies, consist of 3-D animations of Toys “R” Us mascot Geoffrey the Giraffe inspired by toys available in-store. People who buy the NFTs will be able to earn “GCoins” to redeem for access to exclusive toys and in-store events, VIP admission to flagship openings and early access to new releases, with more associated loyalty rewards and discounts in the offing.

While NFTs grew in popularity late in 2021, more recent reports are showing that collectors are skeptical of the long-term value of the digital assets.

In the third quarter of 2022, NFT sales were down to $3.4 billion, having peaked at $12.5 billion in the first quarter of 2022, according to a Reuters article. In the traditional art collecting market, where big money was being thrown around at NFTs early on, sales through major auction houses plunged from 127 million British pounds in 2021 to 8.4 million this year.

Toys “R” Us is not the only retailer experimenting with rolling NFTs into a loyalty program.

Starbucks earlier this year announced its revamped Starbucks Odyssey loyalty program, which it has just opened to beta testers, according to TechCrunch. The program allows users to earn NFTs called “Journey Stamps” by carrying out particular activities in-store or on the app. Customers who have collected requisite amounts are able to redeem them for online and real-life experiences.

Brands have succeeded in turning a profit on NFTs, as well. For instance Nike, which acquired an NFT creation studio late in 2021, had by August of this year made $185.3 million from selling NFTs, according to Input.

• Toys”R”Us Partners with Anybodies to Launch Web3 Experiences for Fans – Toys”R”Us/PR Newswire
• NFT sales plunge in Q3, down by 60% from Q2 – Reuters
• Starbucks opens up its web3 loyalty program and NFT community to first beta testers – TechCrunch
• Nike has already made $185 million off of NFTs – Input