Mattel Is Launching a Hot Wheels NFT Collection And a Brand New Marketplace
Despite the negative news surrounding the crypto ecosystem, NFTs continue attracting large entertainment companies’ attention.
This November 21, Mattel, one of the world’s largest toy companies, announced the launch of its own NFT marketplace, “Mattel Creations,” which will offer direct-to-consumer services.
According to the company’s press release, the first collection to be launched by the toy giant will feature NFTs of the Hot Wheels Garage Series 4, which will go on sale on December 15.
Mattel Bets Expanding Its Legacy To The Web3
The Hot Wheels NFT collection was developed by the same team in charge of manufacturing the physical collectible cars. This will make it possible for Mattel to offer valuable collections and rare digital artworks of Hot Wheels’ most popular vehicles, continuing its legacy on the Web3.
Despite being on the market for more than 54 years, the Hot Wheels brand has remained a leading vehicle franchise that, according to Mattel, “has proven its influence on automotive and pop culture with legendary design and epic performance.”
Hot Wheels vehicles have become the number one selling toy in the world, with more than 8 million vehicles sold and collected by fans of all ages.
Mattel is known for attracting customers through sponsorship of live events, worldwide competitions, digital games, movies, and TV shows, so it would not be surprising if they began launching campaigns promoting the new NFT market.
Mattel’s NFT Collections Sell Out “Instantly.”
An NFT is a unique token representing ownership over a specific asset. Even if they are part of a collection, each one has a specific set of characteristics that makes it possible to identify on the blockchain. Normal ERC20 tokens are fungible because they can be swapped by a similar token. However, NFTs standards such as the ERC721 are designed for tokens that behave more as assets than currency.
According to Mattel, previous NFT collections launched in conjunction with other companies, such as the Cryptoys x Masters of the Universe collection and the Barbie x Boss Beauties, have been so successful that they “sold out instantly.”
In addition to Hot Wheels, Mattel has a portfolio of iconic brands, such as Barbie®, Fisher-Price®, American Girl®, Thomas & Friends®, UNO®, and MEGA®, which, if launched in the new NFT marketplace, could compete on par with some well-known brands.
As Cryptopotato reported, while some celebrities like Justin Bieber have lost more than a million dollars investing in NFT, others like Cristiano Ronaldo are just entering this world. The football superstar just launched a new NFT collection with Binance.