To celebrate its 20th anniversary, American Idol is teaming up with ThetaDrop to release a collection of NFTs which are tied to the events in its ongoing 20th season.
Here, fans of the talent-come-reality TV series will be able to purchase an American Idol NFT ‘pack’ for $99 a piece (from April 22nd), with each pack containing an NFT which depicts one of the last 14 contestants in this year’s competition. The utility of the NFT will then be determined by the progress in which the contestant makes within the show, with the following competition/prize dynamic to take place:
Week 1 (week starting April 25th): Holders of one of the top 10 performers will receive an official 20th anniversary animated logo NFT.
Week 2: Holders of two of the top 7 performers will be airdropped 300 $TDROP tokens.
Week 3: Holders of three of the top 5 performers will receive an ‘exclusive’ American Idol NFT.
Week 4: Holders of two of the top 3 performers will receive ‘VIP Bronze Benefits’.
In the final week, holders of the NFT depicting the American Idol Season 20 winner will receive a ‘Golden Ticket’. From here, those who own a Golden Ticket will be entered into a raffle to win a ‘Ticket to Hollywood NFT’ which, as its name suggests, will be a travel ticket to Hollywood.
Upon analysis of the competition’s prize format, it appears that unless a ‘20th anniversary animated logo NFT’ is what you’re after, you’ll have to purchase multiple NFT ‘packs’ in order to really reap any utility from the NFTs. Even then, your fate will still lie in the hands (or vocal cords) of the contestants which you randomly draw from your ‘packs’.