November 28, 2022
By Anjali Kochhar
Global toy company Mattel has launched its own non-fungible token (NFT) marketplace on the company’s direct-to-consumer platform Mattel Creations, expanding its lineup of digital collectables from its portfolio of iconic brands.
The California-based entertainment conglomerate produces goods including dolls, games and action figures, and owns the intellectual property (IP) rights to brands Barbie, Hot Wheels, Matchbox, UNO and Fisher-Price, among others.
The Mattel Creations Digital Collectibles Marketplace is built on the Flow blockchain, which also powers the NBA Top Shot platform.
According to an official statement, the new NFT marketplace was made for “mainstream consumers” and “will not require users to own cryptocurrency to make purchases,”
The marketplace also plans to integrate a “peer-to-peer trading platform that will allow collectors to trade their digital collectables between them” by early 2023.
The first launch on the Mattel Creations Digital Collectibles Marketplace will be Series 4 of the Hot Wheels NFT Garage, which will comprise artwork featuring 60 cars from brands like McLaren, Aston Martin and more.
Each pack, priced at $25 each, includes seven hot wheels NFTs of varying rarity levels, with the rarest collectables redeemable for physical die-cast replicas.
Ron Friedman, vice president at Mattel Future Lab, said in a statement that the development of a homegrown NFT platform will also the company “to translate iconic Mattel IP (intellectual property) into digital art.”
“This is the latest evolution of our digital endeavours, and we look forward to sharing more drops soon inspired by some of the world’s favourite Mattel brands,” he added.
Mattel joins a growing number of physical collectable companies expanding into digital collectables. In September, pop culture retail brand Funko released a physical and digital comic book collectable on the WAX blockchain.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.