Mattel launches new NFT Marketplace as it expands its digital collectibles business
Quick take:
- Mattel Creations will launch this week on the Flow blockchain.
- Fans will be able to purchase Barbie and Hot Wheels NFTs.
- Consumers can pay for their purchases by debit/credit card.
Mattel is launching a new NFT marketplace as it translates its iconic IP into digital art to expand its digital collectibles business. The new platform, called Mattel Creations, will launch on the Flow blockchain this week.
At Mattel’s new NFT marketplace, fans will be able to purchase digital collectibles related to Mattel’s classic Barbie and Hot Wheels IP. The first collection to hit the market will be the final set in the Hot Wheels NFT Garage Series.
The company’s previous Hot Wheels NFTs, priced at $25 a pack and including a coupon for a physical die-cast model, are all sold out. Previous releases of the WAX blockchain series have traded for thousands of dollars according to the WAX Market Cap.
“Our Hot Wheels digital collectibles, unlike most other projects in the space, are built on solid collectibles dynamics,” Ron Friedman, vice president of Mattel Future Lab. “This creates incredible value for our vibrant collector community using, for example, IRL redemption opportunities for exclusive die-cast cars that they love.”
The launch of Mattel Creations comes as the NFT market is facing a downturn and the broader cryptocurrency market is heading deeper into crypto winter following the shocking collapse of FTX. However, Friedman said Mattel remains steadfast in its long-term vision to innovate and deliver value to its customers.
“While market volatility is beyond our control, we are in control of our product and user performance, and we’re excited to continue building best-in-class digital experiences that pioneer the future of play and create stronger relationships with our community,” he added . .
Mattel previously partnered with Gary Vaynerchuk to launch the VeeFriends UNO deck, and teamed up with Web3 company OnChain Studios to launch Cryptoy’s NFT platform on the Flow blockchain. The company also partnered with luxury brand Balmain to launch exclusive Barbie NFTs in January and plans to launch a new Barbie collection with Boss Beauties, which recently appointed former Mattel senior licensing executive Yael Afriat as its new chief commercial and revenue officer.
“By launching our own marketplace, we are able to translate iconic Mattel IP into digital art,” said Friedman. “This is the latest evolution of our digital endeavors, and we look forward to sharing more drops soon inspired by some of the world’s favorite Mattel brands.”
The marketplace is designed to make it easy for non-crypto natives to purchase digital collectibles as it does not require payment in cryptocurrency, meaning fans can pay for their purchases with a credit/debit card.
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