Mattel, the American toy manufacturing company, has announced an update to its virtual collectibles platform, Mattel Creations Virtual Collectibles, which is set to go live on April 27th. The new peer-to-peer platform will coincide with the Hot Wheels NFT Garage Series 5, which features some of Hot Wheels’ most popular car designs. The P2P marketplace is powered by the NFT company Rarible, and Mattel collaborated with the wallet-as-a-service provider Magic and its blockchain partner Flow for the addition.
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.
Mattel, 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.
Mattel’s latest foray into the NFT realm with the launch of its peer-to-peer marketplace for virtual collectibles is an exciting development for fans of the brand. The addition of the P2P marketplace feature expands on the company’s virtual collectibles platform, providing an unrivaled experience for collectors.
The launch of the Hot Wheels NFT Garage Series 5 collection, featuring some of Hot Wheels’ most popular car designs, is a great way to kick off the new P2P marketplace. Series 5 includes 40 different cars, and collectors have the chance to receive a physical die-cast replica of the same car if they get a premium or “Treasure Hunt” digital collectible.
Mattel’s move into the NFT industry is not surprising, given the number of toy companies that have released NFT products in the last three years. The company’s collaboration with the Veefriends NFT project and the release of a limited edition UNO deck featuring Veefriends NFT characters are further examples of Mattel’s commitment to the NFT space.
Overall, the launch of the new P2P marketplace feature is a positive development for Mattel and its fans. The platform will provide an easy-to-navigate experience for collectors looking to sell and trade their virtual collectibles, and the addition of the Hot Wheels NFT Garage Series 5 collection is sure to generate excitement among fans of the brand.
