Mattel, the global toy company, has officially launched its digital collectibles marketplace one year after the first Hot Wheels non-fungible token (NFT) was mined on the Ethereum network. In January 2022, Mattel’s Barbie launched 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 Hot Wheels Garage NFT owners on the WAX blockchain to eventually transfer their tokens to Flow.
“In launching our own marketplace, we are able to translate Mattel’s iconic IP into digital art, engaging directly with our customers.” said Ron Friedman, vice president at Mattel Future Lab. “This is the latest evolution of our digital endeavors, and we look forward to sharing more drops inspired by some of the world’s favorite Mattel brands soon.”
The launch comes as NFT technology faces uncertainty amid months of declining sales and a collapse in the cryptocurrency market triggered by the collapse of the main exchange FTX. But Friedman said the brand remains focused on providing a digital collectible that stands aside from market volatility and offers fans some form of real-world utility.
According to the company, the NFT marketplace is designed for “mass users” and users do not need to own crypto to make purchases.
There are also plans to integrate a “peer-to-peer trading platform that will allow collectors to trade their digital collectibles with each other.” However, this integration will take place sometime in early 2023.
The marketplace is built on Flow, the blockchain that powers the NBA Top Shot platform.
Mattel focuses on producing merchandise such as games, 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 collections for its Barbie and Hot Wheels franchises. The latter features artwork that includes 60 cars from leading brands such as Aston Martin, McLaren and many more.
The NFTs will be grouped into packs, each consisting of seven hot wheels that cost $25 (roughly Rs. 2,000) per pack. And each pack will include NFTs of different rarity. The rarest can be redeemed for physical die cast copies.