Toy manufacturer Mattel is launching a dedicated NFT Marketplace
The old toy manufacturer Mattel has not shied away from NFT involvement. They have been one of the most active brands overall – and certainly the most active brand in their product category – to flex their muscles with NFTs. Furthermore, the company has seen some early gains to fuel momentum.
The early momentum is fueling a new dedicated NFT marketplace that Mattel has launched. Let’s take a look at all the details revealed so far.
Mattel’s mission: What we’ve seen so far
Hot Wheels is one of Mattel’s most flagship properties, and has been one of the most successful and impactful IP integrations within the company’s NFT engagement strategy.
Now the toy cars will be the featured element behind the company’s latest announcement.
To date, Mattel has been one of the earliest entrants into the NFT space – certainly at this size and scale. The company was featured in one of our first installments of ‘NFTs In A Nutshell’ content with the initial launch of its Hot Wheels range.
Late last year we covered the details of the company’s launch of “Mattel Creations”, which was the company’s first entry on an owned platform. It also signaled the brand’s shift from the WAX blockchain to its new partner, FLOW. This latest announcement marks a true “double down” on the initial launch.
FLOW (FLOW:USD) has been the blockchain of choice for many unique virtual collectibles, including Mattel and their respective IPs. | Source: FLOW:USD on TradingView.com
The new platform for virtual collectibles
With Mattel Creations now about 6 months in the making, what takes this week’s announcement to the next level?
In a press release obtained by Bitcoinist, details show that Mattel will open up peer-to-peer trading on this new marketplace, powered by Rarible. The company is also working with wallet-as-a-service provider Magic, to facilitate a smooth wallet experience, and will continue to work with Flow for blockchain integration.
Additionally, the release will coincide with the Series 5 release of ‘Hot Wheels NFT Garage’, according to the press release. The new marketplace will signal a major growth step for effectively all stakeholders involved: the brand will take a significant step into the NFT space, Rarible is testing its ability to offer white-label P2P marketplace services, Magic is testing its product at scale, and Flow is adding another notch in their belt with their partnership with Mattel.
In a statement included in the release, the company’s VP of Mattel Future Lab, Ron Friedman, stated:
“When we first set out to launch our own Virtual Collectibles platform, we did so with the intention of creating an unparalleled, best-in-class experience for fans of Mattel’s iconic brands… By adding a marketplace feature to our easy-to-navigate platform that enables users to sell and trade their virtual collectibles, we’ve taken another step towards realizing that vision. Especially as we unveil Series 5 of the Hot Wheels NFT Garage, we can’t wait for fans and collectors of all ages will experience the updated platform.”
