The leading global toy company has launched its NFT marketplace on Mattel Creations, its direct-to-consumer platform, as part of plans to expand its digital collectible business. It also announced that the Series 4 of the Hot Wheels NFT Garage would be the first collection of the Mattel Digital Collectibles to launch on the marketplace.
The Mattel Creations Digital Collectibles Marketplace is built on the Flow blockchain, the same network that powers the NBA Top Shot Platform. According to the company’s press release, the NFT marketplace is built for “mainstream consumers,” These consumers will not be required to own cryptocurrency to make purchases. Furthermore, the company plans to launch a peer-to-peer trading platform in early 2023, allowing creators and collectors to trade NFTs among themselves.
Is Mattel’s NFT Marketplace a Good Move?
Mattel isn’t new to the space as it enjoyed success with its Barbie collection, which it released in collaboration with luxury fashion brand Balmain and released another collection with designer Cryptoys. The Hot Wheels collection, which happens to be the inaugural collection on the NFT marketplace, is the fourth of an NFT series that the company claims to have recorded success in the previous three releases.
Although the NFT frenzy seems to have cooled off, the NFT space still provides many opportunities to a brand like Mattel. The company boasts an impressive portfolio of iconic brands. It owns the intellectual property of brands like Barbies, Hot Wheels, Fisher-Price, American Girl, Thomas & Friends, UNO, and MEGA. As such, it is no surprise that the entertainment conglomerate is looking to web3 to monetize its products further and generate more revenue. Speaking of revenue, Nike, which also launched its ‘dot swoosh‘ NFT marketplace last week and has experienced great success in the space, has earned close to $200 million in NFT sales. Therefore, there is no doubt how much digital collectibles can be profitable for these companies.
Furthermore, Mattel is well-positioned to use its NFTs to provide utility to its customers. Considering the company is one of the leading toy companies, it can venture deep into the metaverse, where gaming enthusiasts would be able to use their Mattel NFT avatars to compete in web3 games. Mattel could also decide to create its own web3 game that features characters from its iconic brands.
What You Need to Know About Mattel’s Hot Wheels NFTs
Series 4 of Mattel’s Hot Wheels NFTs, the inaugural collection on the NFT marketplace, will sell in $25 packs, and customers will be allowed to purchase up to eight packs per transaction. The NFT collection, which features some of Hot Wheels’ most popular car designs, comprises 60 cars from McLaren, Aston Martin, Chevrolet, and other Hot Wheels originals. According to Mattel, Collectors lucky enough to receive rare NFTs like the Pagani Huayra, ’82 Cadillac Seville, ’69 COPO Corvette, Chevy Silverado Off-Road, or McLaren F1 GTR will be able to redeem them for a physical die-cast replica.
Collectors can visit Mattel Creations Digital Collectibles Marketplace to learn about these collections.
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