Mattel is expanding its digital collectibles business by transforming its renowned intellectual property into digital art and establishing a new NFT marketplace. On the Flow blockchain, the Mattel Creations platform will be released this week.
On Mattel’s new NFT marketplace, fans will be able to acquire digital memorabilia connected to Mattel’s legendary Barbie and Hot Wheels IP. The most current set from the Hot Wheels NFT Garage Series will be the first collection to be released.
All previous Hot Wheels NFTs have sold out, with each $25 box containing a voucher redeemable for an actual die-cast model. WAX Market Cap indicates that prior versions of the series on the WAX blockchain sold for thousands of dollars.
“Our Hot Wheels digital collectibles, which are different from most other projects in the space, are built on solid collection dynamics,” Ron Friedman, vice president of the Mattel Future Lab. “This creates incredible value for our vibrant collector community using, for example, IRL redemption opportunities to exclusive die-cast cars that they love,” explains Mattel Future Lab vice president Ron Friedman.
Mattel Creations is launching at a time when the NFT market is declining and the larger cryptocurrency market is sinking further into crypto winter following FTX’s dramatic crash. Mattel remains dedicated to its long-term strategy of innovating and giving value to its consumers, according to Friedman.
“While market volatility is out of our control, we are in control of our product and user performance, and excited to continue building best-in-class digital experiences that pioneer the future of play and create stronger relationships with our community,” he said.
Previously, Mattel teamed with Gary Vaynerchuk to produce the VeeFriends UNO deck and with Web3 company OnChain Studios to launch the Cryptoys NFT platform on the Flow network. In addition, the business cooperated with premium designer Balmain to offer special Barbie NFTs in January, and it intends to introduce a new Barbie line with Boss Beauties, which just appointed former Mattel senior licensing manager Yael Afriat as its new chief commercial & revenue officer.
“In launching our own marketplace, we’re able to translate iconic Mattel IP into digital art,” said Friedman. “This is the latest evolution of our digital endeavors, and we look forward to sharing more drops soon inspired by some of the world’s favorite Mattel brands.”
The marketplace is meant to make it easy for non-crypto natives to acquire digital collectibles, as it does not need cryptocurrency payment and accepts credit/debit card payments from enthusiasts.