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Mattel launches new NFT marketplace to turn toys into digital collectibles

Mattel launches new NFT marketplace to turn toys into digital collectibles

Mattel is launching a new non-fungible token (NFT) marketplace as it looks to expand its digital collectibles business.

This week, the toy giant is launching the Mattel Creations platform on the Flow blockchain, where fans can purchase digital artwork related to classic products like Hot Wheels and Barbie. The Marketplace’s first collection will be the latest set in the Hot Wheels NFT Garage series, which the company claims has been successful in the previous three editions.

“By launching our own marketplace, we can turn Mattel’s iconic intellectual property into digital art,” said Ron Friedman, VP of Mattel Future Lab. “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 launch comes as NFT technology faces uncertainty amid months of plummeting sales and a crash in the cryptocurrency market, fueled by the collapse of major exchange FTX. But Friedman said the brand remains focused on releasing a digital collectible that is unaffected by market volatility and offers fans some form of real-world utility.

“Mattel remains unwavering in our long-term vision to innovate and deliver value to our customers,” Friedman said. “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 shape the future of gaming and strengthen relationships with our community.”

Friedman said that Mattel’s Hot Wheels NFTs, which are sold in $25 packs and include a voucher for a physical die-cast model, have sold out in every previous release of the brand.

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

Mattel has also had success with a collection based on Barbie in collaboration with luxury fashion brand Balmain and a collection called Masters of the Universe in collaboration with designer Cryptoys. The company plans to complement its Mattel Creations platform with a new Barbie collection later this year, teamed with women from tech organization Boss Beauties.

The marketplace is designed for people outside the crypto community, with features available to mainstream consumers, and does not require the buyer to pay in cryptocurrencies.

As the initial wave of hype in the NFT space seems to be subsiding, many brands still committed to the technology are doubling down on turning tokens into loyalty programs, creating real experiences and rewards or tying them to valuable intellectual property.

Written by khirou

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