Hasbro, which owns Wizards of the Coast, has announced the use of NFT technology to develop its brands. The company did not specify the details, but we are talking about Magic: The Gathering, Dungeons & Dragons and other franchises.Magic: The Gathering Arena
This was told by Hasbro CEO Brian Goldner, answering analysts’ questions during a conference on the results of the first financial quarter (ended March 28).
According to him, the company sees in NFT a great opportunity for the development of its gaming business.
“As you know, we have many brands that are popular among different demographic groups. Among them are “Transformers”, Magic The Gathering, D&D and G.I. Joe. We keep our finger on the pulse and see a lot of opportunities in NFT,” Goldner said.
Hasbro has long been perceived as a toy manufacturer. However, every year the company’s business related to board and video games accounts for an increasingly significant part of its revenue.
Hasbro’s total revenue for the first quarter of 2021 was $1.11 billion. Despite the fact that the growth was only 1% in annual terms, Wizards of the Coast and digital games revenues increased by 15%. The revenue of this segment was $242.2 million.
The main driver of growth in this category was KKI Magic: The Gathering Arena, which has also recently been released on iOS. Its quarterly revenue grew by 24% year-on-year. Other important components of success were the sale of licenses for games under the MTG and Dungeons & Dragons franchises.
The importance of the gaming business for Hasbro becomes even clearer if you look at the company’s financial indicators for the last financial year. The operating profit of Wizards of the Coast and digital games amounted to $420 million, which is 46% of the operating profit of the entire company.
It is not yet known exactly how Hasbro will use NFT for business development. Perhaps we are talking about the sale of exclusive items for various brands. This step seems to be the most logical, since the company’s game franchises are largely tied to collecting.