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On April 20, the 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 the Hot Wheels NFT Garage Series 5, featuring some of Hot Wheels’ most popular car designs.
The toy manufacturer Mattel, Inc. (Nasdaq: MAT) is continuing to expand into the non-fungible token (NFT) realm with the latest update to its Mattel Creations Virtual Collectibles platform. The addition is a peer-to-peer (P2P) marketplace powered by the NFT company Rarible. Mattel collaborated with the wallet-as-a-service provider Magic and its blockchain partner Flow. The P2P marketplace launch will coincide with the launch of the Hot Wheels NFT Garage Series 5, a collection of digital collectibles designed by the same team that created the 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 gets 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 the same car. The popular toy manufacturer, founded in 1945 and headquartered in El Segundo, California, is among a slew of toy companies attempting to break into the NFT industry.
Companies such as Funko, Disney, Walmart, Hasbro, Toys R Us, and others have released NFT products in the last three years. In October of last year, 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 unrivaled, best-in-class experience for the fans of Mattel’s iconic brands,” Friedman said in a statement on Thursday. “In 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 that vision.” When the marketplace feature launches on April 27, owners of Mattel NFTs will be able to “display, 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 about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Mattel, Hot Wheels,
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