One of the top toy companies, Mattel, announced that it is going to launch a new NFT marketplace to turn toys into digital collectibles. Toy lovers can buy digital collectibles that are connected to Mattel’s classic Hot Wheels and Barbie IP. This new concept from Mattel will help to expand the NFT business on the platform. Mattel is currently working on a variety of designs across various brands to introduce creative NFTs on the network.
Among brands, Mattel has a high success rate in releasing NFT strategies. Mattel created a record by selling its Hot Wheels NFTs to more than 20,000 customers for a profit of $5 million (USD). In terms of revenue, after the Lego Group, Mattel stands as the world’s second-largest toymaker. This American-based manufacturing company sells its products to more than 150 countries.
This new creation of the NFT marketplace on Mattel will convert its iconic intellectual property into digital art that helps to develop the NFT business. Mattel stated that NFTs will launch on a new platform called Mattel Creations. If Mattel Creations officially launches NFT support on its platform, then it will not be considered as the blockchain of choice for Hot Wheels NFTs and Mattel.
“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.”
The vice president of the Mattel Future Lab, Ron Friedman, stated that “Our Hot Wheels digital collectibles, which are different from most other projects in the space, are built on solid collection dynamics.” He further added, “This creates incredible value for our vibrant collector community using, for example, IRL redemption opportunities for exclusive die-cast cars that they love.”
The Hot Wheel, a popular Mattel NFT product, is regarded as one of the most successful NFT projects on the Wax blockchain. WAX is the world’s top blockchain, designed to bring NFTs to the mass market in the safest, most secure, environmentally friendly, and easy-to-use marketplace possible. In the past, the market price of Hot Wheels NFTs was $25 with a voucher for a toy Hot Wheels car.
“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 Hot Wheel, a popular Mattel NFT product, is regarded as one of the most successful NFT projects on the Wax blockchain.
Currently, the top 5 NFT trending platforms are:
- Silks
- Decentraland
- AdRunner
- Vee Friends
- Axie Infinity
NFT is continuously gaining popularity among crypto users. Recently, Meta honored the LGBT community by announcing new NFT collections that are dedicated to the LGBT pride celebration in Taiwan. Recently, in an event called “Digi Takoshein in the summer of 2022,” the Japanese Secretariat awarded the nine mayors in Japan with non-fungible tokens (NFTs). The NFTs used in the award ceremony are based on the Ethereum blockchain platform, Proof of Attendance Protocol (POAP) technology.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/11/22/mattels-digital-collectible-business-will-be-expanded-by-a-new-nft-marketplace/