Mattel Introduces the Hot Wheels Collection on the NFT Marketplace

The launch drop includes manufacturers like McLaren and Aston Martin. Future products from the company may be influenced by other well-known toy companies.

To expand its selection of digital collectibles from its portfolio of iconic brands, the multinational toy company Mattel has launched its own non-fungible token (NFT) marketplace on Mattel Creations, the company’s direct-to-consumer platform.

The entertainment conglomerate, based in California, manufactures goods like dolls, games, and action figures and is the owner of the intellectual property (IP) rights to several brands, including Barbie, Hot Wheels, Matchbox, UNO, and Fisher-Price. NFT collections for Mattel’s Barbie and Hot Wheels brands have so far been made available.

The Flow blockchain, which also powers the NBA Top Shot platform, serves as the foundation for the Mattel Creations Digital Collectibles Marketplace. According to a press statement from the business, the new NFT marketplace was designed for “mainstream customers” and “would not need users to hold bitcoin to make purchases.” By the beginning of 2023, the market also intends to incorporate a “peer-to-peer trading platform that will allow collectors to exchange their digital collectibles between them.”

The Mattel Creations Digital Collectibles Marketplace is built on the Flow blockchain, which also powers the NBA Top Shot platform. The new NFT marketplace was created for “mainstream customers” and “would not require users to hold bitcoin to make purchases,” according to a press release from the company. By the start of 2023, the market also plans to include a “peer-to-peer trading platform that will allow collectors to exchange their digital collectibles between them.”

The creation of a proprietary NFT platform will enable Mattel Future Lab, according to vice president Ron Friedman, to “translate iconic Mattel IP (intellectual property) into digital art,” and Friedman also hinted at upcoming releases with the company’s lineup of toy brands, saying: “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.”

As more physical collectable businesses enter the digital collectible market, Mattel is one of them. Funko, a retailer of pop culture goods, produced a collectible comic book on the WAX blockchain in September that was both physical and digital. In addition, gaming giant Hasbro offered a collection of Power Rangers NFTs that could be exchanged for a limited-edition action figure, while Marvel collaborated with licensed NFT marketplace Veve to make its comic books readable in augmented reality.

About Mattel

Mattel, Inc. is an American multinational toy manufacturing and entertainment company founded in January 1945 and headquartered in El Segundo, California. The company has presence in 35 countries and territories and sells products in more than 150 countries.