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In Partnership with Sweet, Build-A-Bear enters Web3 with its first collection of digital bears and commemorative plush bears to celebrate its 25th Anniversary
ST. LOUIS, Sept. 28, 2022 /PRNewswire/ -- Build-A-Bear Workshop, Inc. (NYSE: BBW), today, announced it is entering the new Web3 realm with the release of its first non-fungible tokens (NFTs) which are unique, ownable and transferrable digital items. Build-A-Bear's offering will feature both digital and real-life collectible components. In partnership with NFT platform Sweet, the company will launch the first of three phases of this unique NFT collection as part of its ongoing 25th anniversary celebration on Tuesday, October 4.
The offering will kick off with an auction of the first NFT featuring a Limited Edition Build-A-Bear 25th Celebration NFT Collectible Featuring Swarovski® Crystals. Along with this NFT, the auction winner will receive a physical teddy bear* - with only one produced - making this an extremely rare digital and physical collectible. The winner will also receive a complimentary trip for two to Build-A-Bear's 25th Anniversary Gala on October 22 in St. Louis, where the company is headquartered**. The auction winner will be presented the rare physical plush during their trip to the gala celebration. The auction will be accessible via buildabear.com/nft with a starting price of $2,500. The auction will start Tuesday, October 4 at 12:00 PM ET and will run through Thursday, October 6 at 7:00 PM ET.
Sharon Price John, President and Chief Executive Officer of Build-A-Bear Workshop commented, "We are thrilled to enter Web3 as we celebrate our silver anniversary which is not only an acknowledgement of the accomplishments over our first 25 years, but a look ahead to new ground-breaking opportunities for our company. This announcement speaks to our future in a world that is increasingly about the physical blending with the digital. Every aspect of this multi-dimensional collection is designed to capture the appeal of our brand and the collectability of our furry friends. With our ongoing digital transformation, we are bringing our brand into the metaverse, and we are pleased to collaborate with Sweet and Swarovski for this initial offering."
In honor of this groundbreaking NFT collection, 10% of the sale price (in USD) of the first sale of the Limited Edition Build-A-Bear 25th Celebration NFT Featuring Swarovski® Crystals will be donated to Build-A-Bear Foundation, the philanthropic entity for Build-A-Bear Workshop***. Since its founding in 2004, Build-A-Bear Foundation has contributed more than $22 million and 1.5 million furry friends to charitable organizations around the world.
A month after the launch of the only one-of-its-kind Collectible Swarovski Crystal-encrusted bear NFT and plush, Build-A-Bear will offer a second NFT auction opportunity in November. At that time, bidders will compete to win five 1/1 Silver-themed Bear NFTs that will also be accompanied by a unique matching physical Build-A-Bear Plush Bear inspired by the NFT*.
The final phase of the Build-A-Bear and Sweet collaboration will commence in December. Instead of an auction, users can purchase bear-themed generative NFTs. Each of these NFTs will have unique, randomly generated features, traits, and rarity tiers.
The NFTs will be minted on the carbon-neutral Polygon network.
"Sweet is proud to partner with Build-A-Bear to help them realize the vision of their first-ever NFT collection honoring this Silver Anniversary. With a huge community of collectors across a wide demographic, we're excited to see Build-A-Bear fans introduced to Web3 and all that it has to offer by collecting one of these Build-A-Bear NFTs, many of whom will be purchasing an NFT for the very first time," said Tom Mizzone, founder and CEO at Sweet.
About Build-A-Bear®
Build-A-Bear is a multi-generational global brand focused on its mission to "add a little more heart to life" appealing to a wide array of consumer groups who enjoy the personal expression in making their own "furry friends" to celebrate and commemorate life moments. Nearly 500 interactive brick-and-mortar retail locations operated through a variety of formats provide guests of all ages a hands-on entertaining experience, which often fosters a lasting and emotional brand connection. The company also offers engaging e-commerce/digital purchasing experiences on buildabear.com including its online "Bear-Builder", the animated " Bear Builder 3D Workshop " and its age-gated adult-focused " Bear Cave ". In addition, extending its brand power beyond retail, Build-A-Bear Entertainment, a subsidiary of Build-A-Bear Workshop, Inc., is dedicated to creating engaging content for kids and adults that fulfills the company's mission, while the company also offers products at wholesale and in non-plush consumer categories via licensing agreements with leading manufacturers. Build-A-Bear Workshop, Inc. posted total revenue of $411.5 million in fiscal 2021. For more information, visit the Investor Relations section of buildabear.com
ABOUT SWEET
New York-based Sweet is a highly flexible, Non-Fungible Token (NFT) platform and marketplace used by top creators, sports, entertainment, and consumer brands worldwide. Sweet delivers immersive NFT programs driving revenue, consumer engagement, and gamified experiences reaching both sophisticated and novice NFT collectors in ways never before possible. For more information, please visit: https://sweet.io/
*Physical bear offer valid only for the first purchaser of the NFT from Build-A-Bear Workshop. Subsequent purchasers of the NFT are ineligible. Physical bears may not be an exact replica of the digital collectible. If the NFT owner (i) does not respond to any communication from Build-A-Bear within five (5) days of such communication; (ii) refuses the physical bear offer; and/or (iii) any communication to the NFT owner regarding the physical bear offer is rejected or returned as undeliverable, the physical bear offer is void.
** Offer valid only for the first purchaser of the NFT from Build-A-Bear Workshop. Subsequent purchasers of the NFT are ineligible. Gala Trip Offer is valid only within the continental United States and includes: One (1) night's hotel accommodations (one (1) standard double occupancy room) at a hotel selected by Build-A-Bear; Round trip coach class airfare for up to two (2) individuals within the continental United States (from a major getaway airport closest to the NFT owner's home in the continental United States to/from St. Louis, MO); and two (2) tickets to the Build-A-Bear Workshop Silver Celebration Gala. All other expenses not stated herein as part of the trip offer are the NFT owner's sole responsibility. Except where prohibited by law, NFT owner and guest may be required to execute a liability and publicity release as a condition of receiving the Gala Trip Offer. Offer excludes all other expenses or incidentals including, but not limited to, ground transportation, food (except during the Silver Celebration Gala), baggage fees, alcoholic beverages, gratuities and tips, insurance, laundry service, merchandise, parking, room service, service charges, souvenirs and telephone calls. NFT owner and guest must possess and are responsible for obtaining and must have valid ID or other required documentation for travel. All guests must be 18 years of age or older at time of travel unless guest is a child or legal ward of the NFT owner. NFT owner and guest are responsible for obtaining any travel insurance (and all other forms of insurance) that they may wish to obtain at their own expense and hereby acknowledges that Build-A-Bear has not and will not obtain or provide travel insurance or any other form of insurance. NFT owner and guest are bound by the terms and conditions of all airlines, hotels and other third-party service providers. NFT owner and guest must be available to travel on the dates specified by Build-A-Bear (currently planned for October 22 – 23, 2022) or trip offer is void. If the NFT owner (i) does not respond to any communication from Build-A-Bear within five (5) days of such communication; (ii) refuses the trip offer; and/or (iii) any communication to the NFT owner regarding the offer is rejected or returned as undeliverable, the Gala Trip Offer is void. By accepting the Gala Trip Offer, NFT owner agrees to release, indemnify, defend and hold harmless Build-A-Bear Workshop, Inc., Build-A-Bear Foundation and each of their respective promotional partners, agencies, parents, affiliates, subsidiaries, and each of their respective agents, representatives, officers, directors, franchisees, shareholders and employees from and against any injuries, losses, damages, claims, actions and any liability of any kind resulting from or arising from participation in the Gala Trip Offer (including any travel or travel-related activity thereto).
****Beginning on October 4th at 12PM Eastern Time through October 6th at 7PM Eastern Time, 10% of the sale price of the United States first sale of the Limited Edition Build-A-Bear 25th Celebration NFT Featuring Swarovski® crystals will be donated to Build-A-Bear Foundation, Inc., 415 South 18th Street, St. Louis, MO 63103.314-423-8000. Maximum Donation: $10,000. Not valid for first sales that occur outside the United States or where prohibited by law.
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SOURCE Build-A-Bear Workshop