Toy-making giant Mattel launches new NFT marketplace amid FTX collapse
Mattel announces plans to launch its own marketplace for digital collectibles, Series 4 of the Hot Wheels NFT Garage all set to release on 15 December.
- First-ever toy company to expand in digital collectibles
- Hot Wheels NFT Garage release on 15 December
- Launch announced amid low NFT sales and FTX crash
By Nidhi Bhardwaj: On 21 November, toy behemoth Mattel announced the launch of its own marketplace for digital collectibles (NFT) on Mattel Creations, the company’s collector and direct-to-consumer platform.
Built on the Flow blockchain, a quick, decentralised, and environmentally friendly blockchain intended to support consumer-scale decentralised applications catering to mainstream audiences, Mattel, is a global toy company that caters to children's and family entertainment franchises throughout the world.
Mattel's partnerships with Hot Wheels and Barbie collection
This is the first-ever toy company to have expanded into digital collectibles and has previously released Hot Wheels NFT Garage, which registered success in the previous three releases, as did Barbie’s collection of digital collectibles in collaboration with fashion house Balmain.
Now, it is all set for Series 4 of the Hot Wheels NFT Garage release on December 15, which will be the first offering of Mattel Digital Collectibles to launch on the new marketplace.
In collaboration with women in the tech organisation Boss Beauties, the company plans to expand this area of its Mattel Creations platform with a new Barbie collection the following year.
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 at Mattel Future Lab said. “This creates incredible value for our vibrant collector community using, for example, IRL redemption opportunities to exclusive die-cast cars that they love," he further mentioned.
Launch decision amid FTX collapse
The launch of NFT technology was announced amid the FTX crash and overall slumping sales of NFT technology. But according to Mattel, the launch is expected to withstand challenges and benefit fans in the real world.
“Mattel remains undeterred in our long-term vision to innovate and deliver value to our customers,” Friedman expressed. “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.”
What to expect?
The marketplace is developed to appeal to people beyond the crypto community with features accessible to mainstream consumers and no requirement that the buyer pay in cryptocurrency, as per Adweek, a news media outlet.
Mattel is pioneering the future of play, constantly deepening our connection with fans of all ages in both the physical and digital worlds,” said 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 endeavours, and we look forward to sharing more drops soon inspired by some of the world’s favourite Mattel brands,” he concluded.