Japanese electronics giant Casio is partnering with Ethereum ETH -0.17% scaling developer Polygon MATIC -2.70% Labs to launch its virtual G-SHOCK watch on Polygon's protocols, kicking off with an NFT-based collection of community access passes.
Starting Sept. 23, users can claim one of 15,000 NFT-based G-SHOCK creator passes, granting them access to a dedicated Discord channel for the project, according to a statement. Casio customers already registered for a CASIO ID at the company’s membership site can particpate in the pre-distribution stage from Sept. 23-26. A public distribution phase will then follow on Sept. 26-29.
The news comes two weeks after Casio filed a trademark application with the U.S. Patent and Trademark Office on Aug. 22, covering virtual clothing and watches, NFT-backed media and stores for virtual goods. Casio is hoping to harness the popularity of the shock-resistant watch; the company says it has shipped over 100 million units of the watch since 1983.
During the first community initiative, Casio will invite users to submit design ideas for the G-SHOCK creator pass and vote on its appearance, with the winning design becoming a variant of the NFT pass.
Casio said it selected Polygon to launch its web3 venture as it enables “lightning-fast transactions to make the process of minting and managing their NFTs seamless, convenient and carbon-neutral.”
“At its core, our virtual G-SHOCK was built to be accessible, innovative and inclusive, meaning that user experience must be frictionless and simple. This is why Polygon was the most natural and logical choice for us,” Casio Senior General Manager of Timepieces Takahashi Oh said. “The goal is for the company and users to work together and develop the G-SHOCK brand, which celebrated its 40th anniversary this year.”
The collection will be available to residents of the U.S., UK, Germany, Italy, Netherlands, Spain, Portugal, Austria, Japan, India, Singapore, Indonesia, Malaysia, Thailand, Philippines and Vietnam, Casio said.
Casio joins other brands launching NFTs on Polygon
Casio joins other major brands like DraftKings, Adidas and Starbucks in launching initiatives on the Ethereum scaling solution. Sports betting firm DraftKings launched an NFT marketplace on Polygon in 2021, with its first drop featuring NFL star Tom Brady. It then became a full validator for the network later that year.
“It is inspiring to see that more and more global brands are embracing decentralization by expanding their presence in the web3 world,” Polygon Labs co-founder Jordi Baylina said.
Weekly trading volumes of Polygon-based NFTs fell to their lowest levels in a month last week amid a broad slump of activity in the NFT sector.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.