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On April 20, American toy manufacturing company Mattel announced an update to its virtual collectibles platform, which will go live on April 27. The peer-to-peer platform, called Mattel Creations Virtual Collectibles, will coincide with Hot Wheels NFT Garage Series 5, featuring some of Hot Wheels’ most popular car designs.
Toy maker Mattel, Inc. (Nasdaq: MAT) continues to expand into the non-fungible token (NFT) space with the latest update to its Mattel Creations Virtual Collectibles platform. The add-on is a peer-to-peer (P2P) marketplace powered by NFT company Rarible. Mattel partnered with wallet-as-a-service provider Magic and blockchain partner Flow. The launch of the P2P marketplace will coincide with the launch of Hot Wheels NFT Garage Series 5, a collection of digital collectibles designed by the same team that created Hot Wheels die-cast cars.
Series 5 includes 40 different cars, and the digital collectibles will be sold in packs for $25 each. If a collector obtains a premium or “Treasure Hunt” digital collectible, which includes the Porsche 911 GT3 RS, ’55 Chevy Panel, Aston Martin Vulcan, McLaren F1 and Pagani Huayra Roadster, they will be eligible to receive a physical die-cast replica of same car. The popular toy maker, founded in 1945 and headquartered in El Segundo, California, is among a number of toy companies trying to break into the NFT industry.
Companies such as Funko, Disney, Walmart, Hasbro, Toys R Us and others have released NFT products in the past three years. Last October, Mattel launched an official Masters of the Universe digital toy collection to celebrate the franchise’s 40th anniversary. Mattel also collaborated with the Veefriends NFT project and released a limited edition UNO deck featuring Veefriends NFT characters. Ron Friedman, vice president of Mattel Future Lab, explained that the new P2P marketplace feature expands on the toy company’s virtual collectibles platform.
“When we first set out to launch our own Virtual Collectibles platform, we did so with the intention of creating an unparalleled experience in the class for fans of Mattel’s iconic brands,” Friedman said in a statement Thursday. “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 toward realizing this vision.” When the marketplace feature launches on April 27, owners of Mattel NFTs will be able to “list, trade and sell their assets” in a peer-to-peer fashion.
What are your thoughts on Mattel’s latest foray into the NFT realm with the launch of its peer-to-peer marketplace for virtual collectibles? Share your thoughts on this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Mattel, Hot Wheels,
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