Mattel launches NFT Marketplace with Hot Wheels Collection

Mattel Creations has launched its non-fungible token ( NFT) marketplace. This is Mattel’s direct-to-consumer platform. It expands its digital collection from its iconic brands and adds a new non-fungible token.

The entertainment conglomerate, based in California, produces toys such as action figures and games. It also owns the intellectual Property (IP) rights for the brands Barbie, Hot Wheels, and Matchbox. Mattel has so far released NFT collections for Barbie, and Hot Wheels franchises.

The Flow blockchain powers, the NBA Top Shot platform. According to a company press release, the new NFT marketplace is designed for “mainstream consumers” and will not require users to have cryptocurrency in order to purchase. In early 2023, the marketplace will integrate a peer-to-peer trading platform to allow collectors to trade digital collectibles among themselves.

Series 4 from the Hot Wheels NFT Garage will be the first product to launch on the Mattel Creations Digital Collectibles Marketplace. It will feature artwork featuring 60 cars by brands such as McLaren, Aston Martin, and many more. Each pack includes seven hot-wheel NFTs with varying rarities. The rarest collectibles can be exchanged for physical die-cast replicas.

Ron Friedman, Mattel Future Lab vice president, stated in a statement that Mattel will develop a local NFT platform to help “translate iconic Mattel IP (intellectual properties) into digital art.” Friedman spoke out about future releases of Mattel’s toy brands and said, “This is our latest evolution in digital endeavors, we look forward to sharing many more drops soon inspired by some of the most beloved Mattel brands around the world.”

Mattel joins an increasing number of physical collectible businesses expanding into digital collectibles. Pop culture retailer Funko launched a digital and physical comic book collection on the WAX Blockchain in September. Marvel and Veve, a licensed NFT marketplace, have teamed up to make their comics viewable in augmented Reality. Hasbro, a gaming giant, has also released a limited-edition collection of Power Rangers NFTs.

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