More Toys Go Green as Digital Experiences Change the Game!
If the last decade was anything to go by, humans have started to realize their impact on the world around us. With our oceans full of plastic, and supply chains that lead from harmful sweatshops and factories to overpackaged and consumer goods, we are more than due for a change. Now, with the advent of new digital technologies, the ‘green revolution’ is making its way into games and toys, creating more sustainable products, with less environmental impact.
Plastic Isn’t All It’s Cracked up to Be
The toy industry now generates more than $20 billion in retail revenue every year. Plastic toys make up over 90% of this market, and sadly, most of them end up in landfills within weeks of being purchased. This doesn’t even take into account the copious amounts of packaging and other waste that is generated during their manufacture, delivery, and sale.
Although some manufacturers are making the move to more sustainable materials, or recyclable ones, the fact remains that disposable toys are doing more harm than good.
So How Do We Solve This Problem?
First and foremost, I want to acknowledge that physical toys do, and always will have their place. For many generations, they are the source of some serious nostalgia, the beginnings of imagination and the creative mind, and can serve as an incredible tool for learning and education.
However, we must also take into account that the desires, and attention span, of children and young adults, is rapidly changing. In the western world, iPhones are new pacifiers. Tablets the new TV’s. These interactive and attention capturing devices have become the new plaything, and with them, comes the opportunity to truly revolutionize ‘toys.’
Not only are kids and young adults familiar with technology- but they get the same satisfaction from an in-app digital purchase that we used to from a physical toy. It serves the same purpose, without all the waste.
By changing our understanding, and opinion, of what constitutes a toy or entertainment, we can drastically reduce our environmental impact and create entirely new experiences, to boot!
Take two of the biggest examples of our recent history:
- Fortnight. This online, multiplayer game skyrocketed to more than $2.5 billion, yes with a B, in sales in the first 12 months. What were these sales you might ask? Mostly, new outfits for characters.
- Pokémon Go. Produced by Niantic, and based on the IP of the original Pokémon Company, this app reimagined our understanding of augmented reality, was generating more than $2 million in sales, per day. Users had the option to play for free, or they could shell out some cash on the games in-app currency- Poké Coins. These ‘coins’ were then used to purchase other items, upgrades, etc…
The comfortability of younger generations in buying digital goods has changed our perception of ‘toys,’ and a new realm of green, sustainable kids entertainment is upon us.
Digitization Can Reduce Our Environmental Footprint
The digitization of products has some huge advantages over physical ones:
- Reduced overheads compared to traditional (physical) product development and sales.
- A much, much more targeted audience.
- The potentiality of a truly immersive retail experience, particularly where mixed reality is concerned.
- Ultimate convenience, with instant purchasing (and gratification) the world over.
- Huge reductions in waste, poor manufacturing methodologies, non-recyclables, shipping, packaging, transport.
- The re-use of physical products, like consoles and VR equipment, as opposed to flimsy plastic disposables.
Not only that, it opens up the opportunity for licensors, owners, and creators of intellectual property to access a completely new market, and reduce the environmental and economic impact of counterfeit goods.
What Else Is Impacting This New Market?
Coinciding with this digital revolution, a few other key facts need to be taken into account:
- Smartphones. Digital toys and entertainment are now available, near-instantaneously, to anyone with a smartphone in their pocket. That opens up a market of 1.5 billion people, around the world, and shows no signs of slowing. Never in history has this been available to us.
- By focusing on digital entertainment, we have a plethora of new digital experiences available to us. These experiences can be just as interactive as playing with a physical toy. For example, mixed reality technologies not only create interactive experiences, but they can also be updated and upgraded, reducing our environmental footprint while keeping pace with ever-changing attention spans.
- By delivering these experiences through digital mediums, like iPhones, gaming consoles, headsets and more- we are reducing the packaging, transport, and waste that is prevalent in today's world of toys.
- This isn’t just about toys and gaming. Licensing, education, healthcare, construction, and a whole host of other industries are beginning to realize the potential of augmented and virtual reality, the generation of new ideas, and the impact these new technologies can have on the world around us.
The Collectibles Industry Goes Digital
Digitization isn’t just for new games. It is creating liquidity in markets that, traditionally, have been difficult to re-invent. Take the collectibles industry. This $200bn market encompasses everything from toys to artworks to cars, and yet all of these physical items require storage, handling, costs to move and more.
In addition, ‘displaying’ your collectibles often requires entire rooms, gallery spaces or garages (to use the same examples). More recently, however, licensors and collectors alike have realized the potential of a digital collectibles marketplace, which for the first time ever is now possible, using smartphones and DLT.
Of course, there are inherent characteristics of collectibles and collecting, that drive the industry in the first place. Things like:
- An item's rarity
- Special or limited editions
- Intrinsic or nostalgic value
- Perceived or actual value
Blockchain allows for these values to be maintained when distributing digital collectibles. It also means digital collectibles can be identified as unique, limited editions, rare or otherwise, linked to physical products, and hold their own inherent value that can be transferred peer-to-peer.
Owing to their digital nature- it also means you can play with them! No longer will your 1980s Batman sit in a box on a shelf. Say NO to the mint condition, never opened comic book in your garage.
It’s time to recognize the true value of a digital collectibles ecosystem like VE-VE. You have all of the characteristics of traditional collectibles, with none of the fallbacks. You have the ability to buy, trade and sell digital collectibles and Virtual Goods, peer-to-peer, in seconds. No brokerage. No obscurity. A simple tap of a screen and you can either own or sell, your new collectible- and then actually use it!
Add to that the fact that these platforms are returning property rights to the digital world whilst simultaneously providing a new platform for licensors to market their products, and you have a new medium that will project the collectibles industry into a new era. But don’t just take our word for it, hit the link below to see what two legends of the licensing game have to say about the future of digital collecting.
To summarise:
- Technology is here to stay and offers us a myriad of opportunities to reduce our environmental impact.
- New markets, opportunities, and industries are being created to suit the digital era.
- The opportunity for existing markets, such as the toy industry, to reimagine their intellectual property and move to digital goods is now available and happening.
- With this digitization comes the opportunity to create entirely new forms of entertainment, and experiences. Right now these are in augmented and virtual reality. 10 years from now- who knows?!
About ECOMI
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the VE-VE app bringing pop culture and entertainment into the 21st century.
The VE-VE app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the VE-VE community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class that offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market and the next to join this digital trend is the pop culture and collectibles industry.
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Information on this channel is subjective and should not be considered financial advice and is subject to change. See disclaimer
