Toy Titan Mattel Announces Launch of NFT Collectibles on a Major Ethereum (ETH) Rival

Toy maker Mattel has announced the debut of its non-fungible token (NFT) marketplace where fans can buy crypto collectibles tied to the company’s most popular brands.

In a statement, the California-based company says that the Mattel Creations Digital Collectibles Marketplace is aimed at mainstream consumers. 

The platform, built on Ethereum (ETH) rival Flow’s (FLOW) blockchain, will not require users to own any cryptocurrency to buy digital collectibles. The marketplace will also support peer-to-peer trading to allow collectors to trade among themselves by early 2023. 

“Also coming in early 2023, customers who own Hot Wheels Garage NFTs on the WAX blockchain will be able to transfer their tokens to Flow in a 1 for 1 exchange.”

Mattel is believed to be the first toy company to launch NFTs. Its catalog of digital collectibles includes Hot Wheels NFT Garage and a Barbie collection launched in partnership with fashion house Balmain.

The Series 4 of the Hot Wheels NFT Garage will be the first set of collectibles to be offered on the platform, and is slated to be released on December 15th.

Says Mattel Future Lab Vice President Ron Friedman,

“In launching our own marketplace, we’re able to translate iconic Mattel IP into digital art, engaging directly with our customers and providing a best-in-class user experience. 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.”

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Featured Image: Shutterstock/Quardia/Andy Chipus