ABS-CBN Clarifies News Reports on Metaverse Venture

• ABS-CBN Corp. addresses misunderstandings about its metaverse venture, confirming reports on new partnerships aimed at enhancing viewer experience.
• The entertainment network partners with Web3 media provider Theta Labs Inc. to launch NFT collections for three upcoming shows and explore Web3 technology potentials.
• ABS-CBN has previously collaborated with Theta Labs on “Idol Philippines,” offering fans NFT utilities such as live show passes and a chance to meet the show’s winner.

ABS-CBN Confirms Metaverse Venture

To address misunderstandings regarding their recent metaverse venture, media and entertainment giant ABS-CBN Corp. clarified that the reports were accurate and the initiative aligns with their goal to build new partnerships that will enhance their viewer experience.

“ABS-CBN confirms that the matter quoted in various online sites is consistent with the press release the company issued on the same day. ABS-CBN is continuously exploring and building new partnerships to enhance audience experience and bring innovative features and capabilities to its viewers,” the company confirmed.

Partnership with Theta Labs Inc.

Recently, the entertainment network announced their partnership with Web3 media provider Theta Labs Inc. to launch non-fungible token (NFT) collections for three of their upcoming shows. They will also utilize Web3 video and NFT DRM infrastructure to explore the potential of Web3 technology to improve the viewer’s experience.

NFT Collections for Upcoming Shows

The details about the launch of NFT collections for their superhero show Darna and romantic comedy He’s Into Her remain undisclosed.

ABS-CBN has previously collaborated with Theta Labs for their singing competition “Idol Philippines.” This partnership enabled the show to launch an NFT collection, offering fans utilities such as passes for live shows and a chance to meet the show’s grand winner. NFTs for season 2 are still on sale. (Read more: TV Show Idol Philippines Launches NFT Collection)

Understanding Non-Fungible Tokens (NFTs)

Non-fungible tokens, in simple terms, are items that are not interchangeable, not exchangeable, not transferable, and not replaceable. This means that each NFT is distinct, unique, and easily verifiable. These tokens often come with digital or real-life perks called utilities. (Read more: Non-Fungible Tokens – NFT 101 – Why People are Spending Millions of Dollars on Crypto Art and Digital Items)

For more news and information about NFTs, visit BitPinas page. 

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• Source: https://bitpinas.com/nft/abs-cbn-metaverse-venture-nft-partnership-theta-labs/