Mattel announced a new NFT marketplace as it expanded its NFT business. It will be converting its famous intellectual property into digital art. The Mattel Creations portal will be deployed on the Flow blockchain this week.
- Mattel Digital Collectibles will launch with Series 4 of the Hot Wheels NFT Garage on 15 December.
- Mattel Creations Digital Collectibles Marketplace won’t require cryptocurrency for purchases.
- Early 2023 will also bring a one-for-one exchange for Hot Wheels Garage NFTs on the Wax blockchain.
Basically, the California-based entertainment conglomerate manufactures dolls, games, and action figures and owns the intellectual property (IP) rights to numerous brands, including Barbie, Hot Wheels, Matchbox, UNO, and Fisher-Price. It has thus far introduced NFT collections for its Barbie and Hot Wheels franchises.
Mattel NFT Marketplace
On the Mattel NFT marketplace, fans can purchase digital items related to Mattel’s Hot Wheels and popular Barbie IP. Moreover, the most recent set in the Hot Wheels NFT Garage Series will be the first to enter the market.
The initial release on the Mattel Creations Digital Collectibles Marketplace will be Series 4 of the Hot Wheels NFT Garage, which will feature 60 cars from brands such as McLaren, Aston Martin, and others. Each $25 pack contains seven Hot Wheels NFTs of varying rarity, with the rarest collectibles redeemable for physical die-cast replicas.
Previous Hot Wheels NFTs have all sold out, with each pack costing $25 and including a voucher for a real die-cast model. Previous collections of the WAX blockchain series have reportedly sold for thousands of dollars each.
According to a company press release, the new NFT marketplace was designed for “mainstream consumers” and “will not require users to own cryptocurrency to make purchases.” By early 2023, the marketplace also intends to incorporate a “peer-to-peer trading platform that will allow collectors to trade digital collectibles among themselves.”
The launch of Mattel Creations comes as the NFT market is in decline, and the larger crypto market is sinking. The reason for the crypto winter is the aftermath of FTX’s iconic collapse. On the other side, Friedman revealed that Mattel is devoted to its long-term goal of innovating and providing value to its consumers.
Since the marketplace accepts both credit/debit card and cryptocurrency payments, it may make purchasing digital items simpler for those who aren’t familiar with crypto.
You may purchase the collection starting on December 15th.
Although this is Mattel’s first direct venture, the company has long been involved with Web3. Mattel collaborated with Web3 firm OnChain Studios to establish the Cryptoys NFT platform on the Flow blockchain. Also partnered with Gary Vaynerchuk to create the VeeFriends UNO deck.
In addition, the company collaborated with luxury designer Balmain in January to produce unique Barbie NFTs. Moreover, the collaboration plans to launch a new Barbie line with Boss Beauties. They appointed Yael Afriat, a former Mattel senior licensing manager, as their new chief commercial and revenue officer.
Subsequently, the toymaker collaborated with Toekenz Collectibles, an NFT marketplace emphasizing families and child safety. The partnership aimed to manufacture toys based on some of its most popular brands and characters.
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