The theme parks in California and Florida owned by Universal Studios are in the process of expanding their selection of attractions to use non-fungible tokens.
From now until the 31st of October, guests to the park will have the opportunity to take part in a scavenger hunt with a Halloween-based theme, which has the potential to mint approximately 7 million NFTs in total.
Each park will hide a total of seven QR codes, and when those codes are scanned, the visitor will receive an NFT.
Visitors who locate and scan all seven will be awarded a unique NFT, which, according to Moonpay, the cryptocurrency payments firm that is collaborating with Universal on this initiative, will unlock extra advantages.
Ivan Soto-Wright, CEO of MoonPay, told Fortune that the new NFT experience isn't only for park visitors; rather, it gives the organization access to data that can be used to better serve customers.
He stated, "If you're CMO (chief marketing officer), you're thinking well, how can I enhance the LTV?" LTV stands for "lifetime value of a client," and he was alluding to that concept. "How can I deepen the interaction with my end customer? And this is only one incredibly nice example among many others."
The utilization of NFTs as digital collectibles was a major contributor to their meteoric surge in popularity over the past year.
According to findings provided by Dune Analytics, big companies such as Nike, Dolce & Gabbana, and Tiffany have racked up hundreds of millions of dollars in revenue from the sale of NFTs over the course of the past year.
However, NFT sales have plummeted in recent years. According to the findings of Be[In]Crypto Research, the entire market reached an annual low in the month of July.
According to the analytics platform DappRadar, the transaction volume on the largest NFT marketplace, OpenSea, decreased by 13% in the past 30 days to around $252 million.
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According to what Soto-Wright told Fortune, Universal's NFTs shouldn't be hurt by shrinking markets because the use case is more about encouraging return visitors and engaging customers.
"In my opinion," continued Soto-Wright, "this is absolutely the next wave." I guess what I'm saying is that I see this as the next logical step."
