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Toy maker Mattel is doubling down on NFT activities, announcing the launch of NFTs on a new dedicated platform, “Mattel Creations,” this week. In a press release obtained by Bitcoinist on Monday, Mattel shared its new platform pursuits, which are expected to be led by the latest series of the toy company’s Hot Wheels NFTs.
Let’s take a quick look at what this latest announcement from Mattel is all about, the new blockchain you want, and what you can expect going forward.
Hot Wheels NFTs have been one of the most successful NFT projects to operate on the WAX blockchain, but when Mattel Creations formally launches its NFT support (expected in early 2023), it will no longer be the blockchain for Mattel and it’s Hot Wheels NFTs. The signature toy is entering its fourth series of NFT releases, and the new platform is a bullish signal for NFT fanatics, reflecting a continued interest in NFTs for the toy brand that bodes well for blockchain-based collectibles going forward.
Meanwhile, Mattel Creations is already up and running, albeit without NFT support. Creations bring to life a “toys as art” inspiration, and digital goods will continue to complement it. In the past, Hot Wheels NFTs have generally sold in packs for $25, including a coupon for a physical Hot Wheels car, and have typically sold out quickly. Creations also hosts a number of the toymaker’s culture-first collaborations, which will also be ripe for NFT engagement.
Flow blockchain (FLOW) has found a big winner with Mattel, who is departing the WAX blockchain to move their dedicated platform on Flow. | Source: FLOW:USD on TradingView.com
As successful as Hot Wheels releases have been, expect more IP from the legacy toy brand to potentially hit their NFT market next year. The most likely candidate is Barbie, who has seen an NFT release in the past, as part of a collaboration with fashion house Balmain.
In the big picture, Mattel has arguably hit a home run when it comes to initial NFT strategy among brands. According to data from WAXMarketCap and CryptoSlam, Mattel’s Hot Wheels releases have been a hit, generating north of $5 million in NFT sales on the chain across over 20,000 users. In addition, Hot Wheels has maintained relevance on the chain and remains in the top 3 by volume in the last 30 days on WAX. It will be a big win for both Flow and Mattel to move to a dedicated platform.
Featured image from Pexels, Charts from TradingView.comThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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