Mattel Launches NFT Marketplace With Hot Wheels Collection
The premiere drop features brands including McLaren and Aston Martin. The company hinted at future releases inspired by other iconic toy brands.
Global toy company Mattel has launched its own non-fungible token (NFT) marketplace on Mattel Creations, the company's direct-to-consumer platform, expanding its lineup of digital collectibles from its portfolio of iconic brands.
The California-based entertainment conglomerate produces goods including dolls, games and action figures, and owns the intellectual property (IP) rights to brands Barbie, Hot Wheels, Matchbox, UNO and Fisher-Price, among others. So far, Mattel has released NFT collections for its Barbie and Hot Wheels franchises.
The Mattel Creations Digital Collectibles Marketplace is built on the Flow blockchain, which also powers the NBA Top Shot platform. The new NFT marketplace was made for "mainstream consumers" and "will not require users to own cryptocurrency to make purchases," according to a company press release. The marketplace also plans to integrate a "peer-to-peer trading platform that will allow collectors to trade their digital collectibles between them" by early 2023.
The first launch on the Mattel Creations Digital Collectibles Marketplace will be Series 4 of the Hot Wheels NFT Garage, which will comprise of artwork featuring 60 cars from brands like McLaren, Aston Martin and more. Each pack, priced at $25 each, includes seven hot wheels NFTs of varying rarity levels, with the rarest collectibles redeemable for physical die-cast replicas.
Ron Friedman, vice president at Mattel Future Lab, said in a statement that the development of a homegrown NFT platform will also the company "to translate iconic Mattel IP (intellectual property) into digital art." Hinting at future releases with the company's roster of toy brands, Friedman said: "This is the latest evolution of our digital endeavors, and we look forward to sharing more drops soon inspired by some of the world’s favorite Mattel brands.”
Mattel joins a growing number of physical collectible companies expanding into digital collectibles. In September, pop culture retail brand Funko released a physical and digital comic book collectible on the WAX blockchain. In addition, Marvel has teamed up with licensed NFT marketplace Veve to make its comic books viewable in augmented reality, while gaming powerhouse Hasbro has released a collection of Power Rangers NFTs that could be redeemed for a limited-edition action figure.
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