Japan’s NFT Naruto Museum has signed an exclusive deal with the Jackson Family Foundation, which will see the museum getting exclusive rights to “Michael Jackson Wonder World Toys.”
The NFT Naruto Museum, located in Naruto City, Tokushima Prefecture in Japan, has just signed an exclusive agreement with the Jackson Family Foundation Japan. Taisei Yamaguchi, the museum’s CEO, and Kenji Koga, JFFJ’s president, signed the deal.
The exclusive agreement gives NFT Naruto Museum the NFT and Metaverse rights to Michael Jackson Wonder World Toys for the museum DAO.
It has been 13 years since Michael Jackson’s passing, but there is no denying how the King of Pop’s popularity has endured over the years. Even with him gone, there have been posthumous albums (Michael released in 2010 and Xscape released in 2014), Broadway shows (MJ: The Musical), and sustained cultural relevance to make him live on in people’s minds.
He dominated the physical world almost his entire life as one of the most commercially successful entertainers in history. However, even with him gone, he is still making waves, especially with his impending entry into the Metaverse.
NFT Naruto Museum x Michael Jackson’s Estate
The NFT Naruto Museum was initially named Naruto Galle Forest Museum. Nevertheless, when it reopened on March 1, 2022, its name was changed to NFT Naruto Museum of Art since it became the first Japanese museum dealing with NFTs. It specializes in the publication, examination, sale (primary sales), and distribution (secondary sales) of NFTs related to art and artwork.
On the other hand, the Jackson Family Foundation Japan is the official Japanese brand of the Jackson Family Foundation, a charitable non-profit organization that the parents of the late King of Pop established. Meanwhile, the Michael Jackson Wonder World Toys project is something Jackson conceptualized when he was still alive.
For ten days in 1992, the famous entertainer sketched a fictional world, an amusement facility “to liberate the world’s poor children.” Jackson drew his idea for Michael Jackson Wonder World Toys while keenly discussing his concept with Koga. Jackson’s vision is now coming to life, albeit in the Metaverse.
The Michael Jackson Wonder World Toys NFT and Metaverse project, through the joint efforts of Jackson Family Foundation Japan and NFT Naruto Museum, will make Metaverse recreations of Jackson’s initial concept for Michael Jackson Wonder World Toys. It would provide the world and Jackson’s fans a look at the King of Pop’s visions before his death.
It will be remembered that Jackson succumbed to cardiac arrest on June 25, 2009, due to a fatal combination of drugs that his personal doctor gave him. The singer was 50 at the time.
Before his death, Jackson’s estate declared its total value was $5.1 million. On the other hand, the IRS’s initial estimation valued the estate at more than $500 million before reducing it to $481.9 million. It is still unclear how the estate administrators and the IRS estimated portions of the estate differently.
There are speculations that sometime before his death, Jackson went bankrupt and that his net worth at the time of his death was over $7 million, while his assets worth was somewhere around $111 million, per the U.S. tax court.
Whatever the case is, the late singer’s estate is still earning money, and eight months into 2022, it has apparently already made $75 million. Hence, there is money to finance the NFT and Metaverse project.
Although NFT Naruto Museum and the Jackson Family Foundation Japan have not given an official release date, what is clear is that museum members will have the Michael Jackson Wonder World Toys whitelisted for their asset wallets. However, talks are rife that the NFT and Metaverse project will release sometime next year.
Meanwhile, holders can use their NFTs to access priority events and exhibitions. The information is based on the press release announcing the collaboration.
“NFT Naruto Museum of Art will work with JFF (Jackson Family Foundation) and JFFJ (Jackson Family Foundation Japan) to realize museum DAO, museum 3.0, which will connect museums around the world, transcending the ideology of ‘country’ and ‘time’ to connect with the past,” said the press release.
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