Barker Specialty (asi/132690) is breathing new life into a 140-year-old toy.

The Cheshire, CT-based distributor transformed the ramp walker – a gravity-powered, cast-iron elephant that can trundle down the slightest incline – into a nonfungible token (NFT). Manufactured by the Ives Toy Company of Bridgeport, CT, in the 1870s, ramp walkers are the oldest toys at the Barker Character, Comic and Cartoon Museum, which includes almost 80,000 items from the Barker family’s personal collection.

Gerry Barker is turning items from his family’s toy museum into digitally traded NFTs. It’s just one of many possibilities he sees for the technology.

Fans can now purchase a “minted” digital version of the toy – bringing it to life with music and animation, says Gerry Barker, president of Barker Specialty.

“It’s not only a way to potentially make money or increase exposure for the museum, but also to bring in a whole new audience of younger people,” Barker adds. “We think this digital world will have a place in promotions.”

NFTs are essentially a digital trading card – one-of-a-kind tokens that can be traded on the blockchain, the technology behind cryptocurrencies like bitcoin and Ethereum. NFTs differ from typical cryptocurrency because they aren’t interchangeable – or fungible. The blockchain gives each NFT uniqueness and a digitally protected certificate of authenticity.

The technology first took the art world by storm. Digital artist Beeple sold an NFT in March for $68 million. NFTs have also invaded the realm of sports. For instance, NBA Top Shot lets fans purchase or trade digital collectibles – highlighting iconic moments from a favorite player or team. Top Shot, created by Canadian blockchain company Dapper Labs, has registered more than 800,000 accounts and made $500 million in revenue since testing began in October. Major League Baseball is also entering the NFT market. Candy Digital was recently launched by Michael Rubin, executive chairman of sports apparel maker Fanatics; Mike Novogratz, founder and CEO, Galaxy Digital; and Gary Vaynerchuk, serial entrepreneur and investor.

Candy is building the MLB’s official NFT ecosystem where fans and collectors can purchase, trade and share officially licensed NFTs. The company plans to release a Lou Gehrig NFT for the July 4 holiday weekend, with proceeds from the sale of the NFT supporting ALS charities.

“At its core, Candy is about allowing everyone to own a piece of their passion – whether that be sports or gaming, fashion or art, music or pop culture, the goal is to broaden the fanbase of digital collectibles,” Rubin says.

Novogratz noted that NFTs “are fundamentally changing the way we think about owning cultural artifacts.”

Candy Digital plans to expand into entertainment and music after tackling sports, according to CNBC.

Gerry Barker, left, president of Barker Specialty, and Max Barker, account executive. Gerry’s parents, Herbert and Gloria Barker, are pictured on the photograph on the wall.

Barker has plenty of ideas – beyond nostalgia – of how NFTs can be used in the promo industry.

“I’m stoked with the idea of NFTs for high school and college graduation,” Barker says. “I really think someone graduating from college would like some cool NFT with their name on it, and it shows that they’re the owner of it.”

 A graduation NFT could include cool artwork and perhaps incorporate the school’s fight song or insignia to make it a memorable digital keepsake, he adds.

Another potential inroad is fundraising. Barker and Lisa Fosdick, vice president of strategic partnerships at Top 40 distributor ePromos Promotional Products (asi/188515), have partnered to create a fundraising platform.

Barker says he was inspired to explore the promo possibilities of NFTs after seeing how they were being used in the art world. “Artists were embracing them as a way of showcasing their artwork,” he says. “They gave the artist the feeling that they were always connected to their art, and they had a kicker where they would receive a royalty whenever the [NFT] art was ever sold.”

“How cool would it be if it was pieces of our own, pieces of our lives,” Barker says.

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