Mattel Rolls Out NFT Marketplace
Mattel has launched a marketplace for non-fungible tokens within Mattel Creations, the toymaker’s collector and direct-to-consumer e-commerce platform.
The marketplace, built on the Flow blockchain (a Web3 platform), enables consumers to purchase digital art attached to Mattel’s iconic brands, including Barbie and Hot Wheels. On Dec. 15, the Hot Wheels NFT Garage Series 4 will be the first collection to drop on the Mattel Digital Collectibles Marketplace.
Mattel said in a news release that the marketplace is made for mainstream consumers and will not require users to own cryptocurrency to make purchases. The company said it will integrate a “peer-to-peer trading platform” allowing collectors to trade their digital art between them in early 2023.
Also in 2023, Mattel will make it possible for owners of Hot Wheels Garage NFTs on the WAX blockchain (Worldwide Asset eXchange) to transfer their tokens to Flow in a “one-for-one exchange.”
Ron Friedman, vice president at Mattel Future Lab, said in the release that the goal of the marketplace is to "translate iconic Mattel IP [intellectual property] into digital art."
Series 4 comprises 60 cars from McLaren, Chevrolet, Honda, Aston Martin, Oldsmobile, Pagani and Cadillac, as well as various Hot Wheels originals, sold in packs priced at $25. Consumers will be allowed to purchase up to eight packs per transaction.
Each pack includes seven Hot Wheels NFTs: four basics, two epics and one guaranteed rare car. Some collectors may receive a premium or treasure hunt digital collectible (e.g., Chevy Silverado off road), which can be redeemed for a physical Hot Wheels die-cast car replica or another rare car. The NFTs will be available while supplies last, with no limit to the number of transactions customers can make.
In addition to the Hot Wheels NTF Garage, Mattel launched a Barbie collection of digital collectibles with luxury fashion house Balmain in early 2022 as well as a “Cryptoys x Masters of the Universe” collection and a “Barbie x Boss Beauties” offering.
