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Mattel Launches New NFT Marketplace Expanding Its Digital Collectibles Business

Mattel Launches New NFT Marketplace Expanding Its Digital Collectibles Business

Quick Reception:

  • Mattel Creations will launch this week on the Flow blockchain.
  • Fans will be able to buy NFTs for Barbie and Hot Wheels.
  • Consumers can pay for their purchases with debit/credit cards.

Mattel is launching a new NFT marketplace as it transitions its iconic intellectual property into digital art to expand its digital collectibles business. A new platform called Mattel Creations will be launched on the Flow blockchain this week.

In Mattel’s new NFT marketplace, fans will be able to purchase digital collectibles related to classic Mattel Barbie and Hot Wheels intellectual property. The first collection on the marketplace will be the latest set in the Hot Wheels NFT Garage series.

The company’s previous Hot Wheels NFT models, priced at $25 a pack, including a voucher for a physical die-cast model, were sold out. Previous editions of the series on the WAX ​​blockchain have sold for thousands of dollars, according to the WAX ​​Market Cap.

“Our digital Hot Wheels collectibles, which are different from most other projects in the field, are based on a solid collection dynamic,” Ron Friedman, VP of Mattel Future Lab. “This creates incredible value for our vibrant community of collectors, using IRL buyback opportunities for the exclusive diecast cars they love, for example.”

The launch of Mattel Creations comes at a time when the NFT market is in decline and the broader cryptocurrency market is sinking deeper into the crypto winter following the shocking crash of FTX. However, Friedman said Mattel remains unwavering in its long-term vision for innovation and service to its customers.

“While market volatility is beyond our control, we control our product and user performance, and we’re excited to continue building best-in-class digital experiences that unlock the future of gaming and strengthen relationships with our community,” he added. .

Mattel previously partnered with Gary Vaynerchuk to launch the VeeFriends UNO deck and teamed up with Web3 OnChain Studios to launch the Cryptoys NFT platform on the Flow blockchain. The company has also partnered with luxury brand Balmain to launch exclusive Barbie NFTs in January and plans to launch a new Barbie collection with Boss Beauties, who recently named former Mattel Senior Licensing Manager Yael Afriat as their new director of commerce and revenue.

“By launching our own marketplace, we can turn Mattel’s iconic intellectual property into digital art,” Friedman said. “This is the latest evolution of our digital endeavors and we look forward to sharing with you new drops inspired by some of the world’s most beloved Mattel brands.”

The marketplace is designed to make it easier for non-crypto users to purchase digital collectibles as it does not require payment in crypto, meaning that fans can pay for their purchases with a credit/debit card.

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Written by khirou

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