Mattel Launches NFT Marketplace

Mattel, an American toy and entertainment giant, announced the launch of its NFT marketplace on Mattel Creations in a move to expand its base of customers.

The first collection, Series 4 of the Hot Wheels NFT Garage, is set to be launched on December 15. The Mattel Creations NFT marketplace is built on the Flow blockchain, a fast and low-cost transactions blockchain designed for gaming purposes. The same team behind Hot Wheels die-cast cars developed this digital collection.

According to a press release issued by the global company, Mattel’s NFT marketplace is made for mainstream consumers. In addition, it does not oblige users to own cryptocurrencies to purchase NFTs. By the beginning of 2023, the new marketplace will integrate a peer-to-peer trading platform, allowing digital collectors to trade their NFTs between them.

The Series 4 collection includes 60 cars from Chevrolet, Cadillac, Aston Martin, McLaren, Honda, Oldsmobile, and Pagani, in addition to many Hot Wheels originals. The vehicles are sold in packs at $25 for each as each customer can purchase eight packs per transaction. Each pack comprises seven Hot Wheels NFTs: four basics, two epics, and one guaranteed rare car.

In this regard, Vice President at Mattel Future Lab Ron Friedman said the new marketplace gives the opportunity to turn Mattel intellectual property into digital art, looking forward to launching more digital collectibles inspired by some of the world’s popular Mattel brands.

“Mattel is pioneering the future of play, constantly deepening our connection with fans of all ages in both the physical and digital worlds,” Friedman added.

Mattel was the first toy company that launched NFTs. It collaborated with the fashion house Balmain in launching Barbie’s collection of digital collectibles. Also, previous releases of the Hot Wheels NFT Garage sold out at once.