Mattel is launching its NFT marketplace. They want to convert the physical IP into digital assets and use Dapper Labs’ Flow blockchain for their NFT marketplace. The Hot Wheels NFT collection will be launched on December 15 and will be the first collection to be officially on the Mattel NFT marketplace. The biggest advantage of this marketplace is that customers don’t need to use crypto for online purchases. The Mattel NFT marketplace will employ the peer-to-peer workflow where mutual trading between collectors will occur.
Ron Friedman, the vice president of the Mattel Future Lab, mentioned in a statement that Mattel wants to connect to customers of all ages through all means, physically or digitally. They want to keep innovating and reinventing themselves to continue serving their customers. A Mattel hot wheels NFT collection was launched previously and comprised packs with vouchers for the physical products. The packs were sold out within minutes, which gave the company the confidence to launch the hot wheels NFT garage series. The Flow blockchain hosts the NBA Top Shot Platform, one of the smoothest marketplaces.
The Hot Wheels NFT Garage Series 4 collection, which includes artwork depicting 60 vehicles from manufacturers including McLaren, Aston Martin, and others, will be the first item to be released on the Mattel Creations Digital Collectibles Marketplace. Seven Hot Wheels NFTs of various rarities are included in each $25 bundle, with the most valuable treasures redeemable for actual die-cast replicas.
According to Friedman, this is just the beginning. He mentioned that, “This is the most recent development in our digital efforts, and we anticipate revealing more drops shortly that were inspired by some of the most well-known Mattel brands in the world.”
As more physical collectible businesses enter the digital collectible market, Mattel is one of them. Funko, a retailer of pop culture goods, produced a collectible comic book on the WAX blockchain in September that was both physical and digital. In addition, gaming giant Hasbro offered a collection of Power Rangers NFTs that could be exchanged for a limited-edition action figure, while Marvel collaborated with licensed NFT marketplace Veve to make its comic books readable in augmented reality.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash