Mattel launches NFT Marketplace, New Hot Wheels Collection
- Mattel launches its own NFT marketplace.
- The marketplace uses Flow blockchain technology and is part of Mattel’s existing direct-to-consumer website.
- The marketplace will debut the latest installment of Mattel’s Hot Wheels NFT collection.
Mattel is launching a marketplace for its digital collectibles on its existing direct-to-consumer (DTC) platform.
The famous toy retailer in a release on November 21 said that the platform would launch on December 15 and will initially feature Series 4 of the Hot Wheels NFT Garage collection. The new non-fungible token (NFT) marketplace will exist as an extension of that Mattel Creations DTC platform, according to the dealer.
The new NFT marketplace is built using Flow blockchain technology, which the retailer said was “a fast, decentralized and environmentally friendly blockchain designed to support consumer-scale decentralized applications serving mainstream audiences.” The platform will not require consumers to own cryptocurrency to buy the NFTs, and Mattel said it planned to enable peer-to-peer NFT trading on the platform early next year.
The retailer said that consumers who own a previous NFT from the Hot Wheels Garage collection on the WAX blockchain will be able to exchange it for a new NFT on the new platform sometime early next year as well.
“Mattel is pioneering the future of gaming, constantly strengthening our connection with fans of all ages in both the physical and digital worlds,” Ron Friedman, vice president of Mattel Future Lab, said in the release. “By launching our own marketplace, we are able to translate iconic Mattel IP into digital art, engage directly with our customers and provide a best-in-class user experience. This is the latest evolution of our digital endeavors and we see looking forward to sharing more drops soon inspired by some of the world’s favorite Mattel brands.”
The Series 4 Hot Wheels NFT Garage Collection features digital versions of some of the most popular car designs of all time. In total, the collection includes 60 cars from brands such as McLaren, Chevrolet, Honda, Aston Martin, Oldsmobile, Pagani, Cadillac and Hot Wheels originals. The collection will be sold in packs costing $25, the retailer said. Each pack has seven NFTs included with at least one “guaranteed rare car,” according to Mattel. Customers are limited to purchasing eight packs in a single transaction.
Customers who receive a “Premium or Treasure Hunt digital collectible” will be able to redeem the NFT for a physical die-cast replica of the car, which the dealer said was some of the rarest Hot Wheels around.
The launch of the new platform follows several previous NFT collections from Mattel, including previous releases of the Hot Wheels NFT Garage collection and the Barbie NFT collections.
