It's Morphin' Time: Power Rangers NFTs — The First But Likely Not Last — From Hasbro

A leading toy company is jumping into the non-fungible token space in a move that could add value to the company given its portfolio of well-known brands.

What Happened: Toy company Hasbro Inc HAS launched its first non-fungible tokens, highlighting the Power Rangers brand.

Hasbro has partnered with WAX Blockchain (The Worldwide Asset eXchange) to release the NFTs.

Hasbro Pulse Premium members will have exclusive access to purchase the NFTs before others.

“We are thrilled to partner with WAX to offer Hasbro’s first-ever NFT collection with the Power Rangers franchise,” Hasbro Pulse Vice President and General Manager Kwamina Crankson said.

Some of the rarer NFTs will include a physical redemption element, using WAX’s vIRL technology.

Related Link: Could Hasbro Stock Get A Boost From NFTs, Wizard Of The Coast Growth? 

Why It’s Important: Hasbro launched the NFTs through its Hasbro Pulse initiative, which could see a boost in sign-ups given the early access. Hasbro Pulse Premium members will get early access to future NFT drops from the company as well.

The company is also using WAX, a well-known NFT platform used by Topps for digital trading cards and Funko Inc FNKO for its similar digital collectible cards with a physical redemption element.

“WAX is the trailblazer in NFT innovation and we are going big with global play and entertainment company, Hasbro to integrate one of their most iconic brands, Power Rangers, into the blockchain ecosystem,” WAX co-founder William Quigley said.

Hasbro highlighted it was exploring NFT options earlier this year.

“NFTs are a real opportunity for us,” Hasbro CEO Brian Goldner said. “We have so many brands that really operate on multiple demographic levels; whether it’s Transformers, whether it’s Magic and the D&D brand, and brands like G.I. Joe.”

Hasbro has more than 1,500 brands and the launch of NFTs could become a catalyst for future growth and a natural extension for the company.

The company reported third-quarter revenue of $1.97 billion, up 11% year-over-year. Wizards of the Coast and Digital Gaming was a bright spot in the third quarter with revenue up 32% year-over-year compared to the consumer products category that saw a year-over-year decline of 3%.

HAS Price Action: Hasbro shares are up 3.35% to $91.41 on Tuesday afternoon

Disclosure: Author is long shares of FNKO.