Mattel Launches NFT Marketplace on Flow Blockchain

Mattel, a global leader in children’s toys, has launched an NFT marketplace on the Flow blockchain. The marketplace, a subset of Mattel’s direct-to-consumer platform called Mattel Creations, will initially hold its first coin on December 15: the fourth series in the Hot Wheels NFT set.

Ron Friedman, VP of the Mattel Future Lab, said in a statement that the launch of Mattel’s own marketplace will enable the company to turn Mattel IP into digital art. According to Friedman, the marketplace launch is the latest step in Mattel’s digital endeavors, and the company looks forward to sharing more NFT drops soon.

The Mattel digital collectibles marketplace will be user-friendly from two aspects: customers will not need cryptocurrency to buy digital collectibles and they will be able to trade the NFTs with other users starting in early 2023. Mattel will also allow users to transfer their WAX tokens across to market in 2023. The WAX ​​blockchain was where Mattel originally launched its Hot Wheels NFTs.

Even during the NFT bear market, users can be excited for the fourth series in the Hot Wheels NFT set. The total Hot Wheels collection has grossed over $5 million in sales on the WAX ​​blockchain, and the collection has remained in the top three of all NFT sets on that blockchain for the past 30 days.

The fourth Hot Wheels drop will be just like previous drops, albeit in a new marketplace. Mattel will feature 60 top-brand cars, with users able to purchase a pack for $25. Each pack will contain seven Hot Wheels NFTs: four standard, two epics, and one guaranteed rare car. If a user pulls a premium or treasure hunt car, they can exchange the NFT for an IRL toy car.

NFTs x Toys a strong mesh

Many NFT holders have long said that collecting these digital assets takes them back to their childhood. And NFT companies have noticed this. This year we wrote several stories about the merger between non-fungible tokens and IRL toys. Here are three.

First, there’s the VeeFriends partnership with Macy’s. In September 2022, NFT company VeeFriends announced it had partnered with Macy’s to bring IRL toys to the aisles. 10 VeeFriends NFTs will serve as the basis for the toys and will contain positive messages for children.

Second, there is Mattel’s partnership with Cryptoys. Five months ago, the legendary toy company shared an agreement with the NFT brand and OnChain studios to produce NFT toys. The move was Mattel’s first pivot from the WAX ​​blockchain to Dapper Labs’ Flow.

Third and finally, there are the Cool Cats toys. In April 2022, the team behind the popular NFT collection announced that it is partnering with toymaker Toikido to create Cool Cats plush toys, toys and a wide variety of merchandise. The move was a big hit with Cool Cats holders.

Mattel’s marketplace is likely to excite fans of Mattel digital collectibles, who can now purchase the NFTs using credit or debit cards. If it is successful, perhaps more companies will follow.

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