Miss Universe Philippines to launch the world’s first beauty pageant NFTs
The Miss Universe Philippines (MUPH) 2021 is the first beauty pageant in the world to explore NFTs or non-fungible tokens, which can take your pageant fandom to another level.
First, what are NFTs? These are a form of unique digital assets designed to show that someone owns particular virtual items like artworks, viral memes and photos. Historically, NFTs can fetch thousands of dollars in virtual auctions.
MUPH is releasing first-of-its kind NFT collectibles in partnership with Vietnam-based RedFox Labs, a blockchain venture builder.
These collectibles, with the theme “Inspire You,” will feature the Top 30 MUPH finalists. Each of the featured candidate will have four NFT cards made in their image, from head shots to photos wearing RFOX-branded sportswear.
Only 9,900 units of these NFTs will be available for sale, and once sold, these will only be available on the secondary markets, where digital assets increase their value depending on the demand.
These consists of Common (6,000 units), Uncommon (2,700 units), Rare (900 units), and Mythic (300 units). Once owned, these digital assets can be, kept, traded or sold.
According to RedFox Labs, the NFT cards will be sold individually and randomly generated at the point of sale. Meaning, you will not know what you will get until the purchase is complete.
To up the excitement, the company says there will be a limited supply of the extremely rare NFTs called Mythic cards, with only 10 produced for each contestant. If you are lucky to get one of these Mythic cards with the winning Miss Universe Philippines 2021 candidate, you will receive a reward of 1 ETH (ether cryptocurrency that is about P165,000).
These NFTs can also be traded. For example, if you think the candidate in the NFT that you have may or may not win, you can have it traded or sold in the secondary market.
The sale of these NFTs will begin on Sept. 24 at 8 p.m. and is set to take place in a sales platform built by RedFox Labs specially for MUPH.
In order to participate, you need an RFOX currency, which may be purchased through crypto exchange sites like Uniswap, Kucoin and Gate.io.
Each NFT will cost $50 (about P2,500) or about 666 RFOX.
The Miss Universe Philippines 2021 postponed its Sept. 25 coronation night. The final date and other pageant details will be announced once the organization receives the final approval from the Inter-Agency Task Force.
Below are the new MUPH 2021 pre-pageant activities schedule:
- Sept. 23 — National costume competition
- Sept. 24 — Preliminary interviews
- Sept. 26 — Preliminary swimsuit competition
- Sept. 29 — Last day of voting
Banner and thumbnail photos from Miss Universe Philippines Facebook page and RedFox Labs