Space Jam Movie Launches With 91,000 NFTs
Warner Bros brought the Looney Tunes and Space Jam world to the NFT market. The company dropped 91,000 limited edition collectibles to promote the movie. The drop included Bugs Bunny, Tweety, Porky Pig — and the pic's star, LeBron James.
Users could claim the Space Jam NFT for free
Warner Bros released the Space Jam: A New Legacy NFT series on Nifty's, a popular NFT marketplace. Users could claim the NFT for free during the sign-up period. Participants earned an additional free NFT by sharing a social media post. After the drop, Nifty's allowed users to buy extra NFTs for $3.What made The Space Jam: A New Legacy NFT drop different from most other launches is that Warner Bros gave away the NFTs instead of auctioning them off for profit. Of course, the NFTs are also sold, and there are 91,000 of the collectibles. But an NFT is rarely given away for free. The NFTs came with five different rarity levels. Every user had the same chance to win the rarest NFTs in the Legendary tier, of which there are just ten copies.
The launch of the NFT was timed with the promotion of the movie
The NFT launch of Space Jam: A New Legacy is timed with the film's promotion, opening in US theaters and on HBO Max on July 16. "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.Because of the environmental concerns, Warner Bros chose to develop the NFTs with the blockchain technology of Palm NFT Studio, a more efficient way to mint NFTs that reduces energy consumption by 99%.
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