Global toy company Mattel officially launched its digital collectibles marketplace a year after minting the first Hot Wheels non-fungible token (NFT) on the Ethereum network. In January 2022, Mattel’s Barbie released a ready-to-wear NFT collection in collaboration with Balmain, a luxury fashion brand. The current marketplace is built on the Flow blockchain and does not require users to own cryptocurrency to make purchases. This platform also allows holders of Hot Wheels Garage NFTs on the WAX blockchain to eventually transfer their tokens to Flow.
“By launching our own market, we can translate iconic Mattel IP into digital art, communicating directly with our customers,” Ron Friedman saidVice President, Mattel Future Lab. “This is the latest development in our digital endeavours, and we look forward to sharing more drops soon inspired by some of the world’s favorite Mattel brands.”
The launch comes as NFT The technology has faced uncertainty amid months of declining sales and the cryptocurrency market crash caused by the collapse of major exchange FTX. But Friedman said the brand remains focused on offering digital collectibles that deviate from the vagaries of the market and offer audiences some form of real-world utility.
According to the company, the NFT marketplace is designed for “average consumers,” and users do not have to own cryptocurrency to make purchases.
Also, there are plans to incorporate a “peer-to-peer trading platform which will allow collectors to trade their digital holdings among themselves.” However, this integration will happen sometime in early 2023.
The market is built up flowthe blockchain that powers the NBA Top Shot platform.
Mattel focuses on the production of goods such as toys, dolls and action figures. The company also owns the intellectual property (IP) rights to brands such as Hot Wheels, UNO, Fisher-Price, Barbie, and Matchbox.
Mattel plans to create NFTs for all of these brands and has so far released kits for the Barbie and Hot Wheels franchises. The latter consists of artwork of 60 cars from top brands such as Aston Martin, McLaren and many others.
The NFTs will be bundled into packages, each consisting of seven hot wheels at $25 (roughly Rs. 2,000) per package. Each package will contain NFTs of varying rarity. The rarest physical replicas can be replaced.