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Mattel launches NFT platform through “Mattel Creations” and moves from WAX to Flow Blockchain

Mattel launches NFT platform through "Mattel Creations" and moves from WAX to Flow Blockchain

Toy maker Mattel is doubling down on its NFT efforts by announcing this week the launch of NFT on a new dedicated platform, Mattel Creations. In a press release obtained by Bitcoinist on Monday, Mattel shared its new platform, which is expected to be spearheaded by the toy company’s latest Hot Wheels NFT series.

Let’s take a quick look at what this latest announcement from Mattel is all about, the new blockchain of choice, and what to expect going forward.

Hot Wheels NFT: Pedal to Metal

Hot Wheels NFT has been one of the most successful NFT projects to run on the WAX ​​blockchain, but once Mattel Creations officially launches NFT support (expected early 2023), it will no longer be Mattel’s blockchain of choice and Hot Wheels NFT. The branded toy is approaching its fourth series of NFT releases, and the new platform is a signal to NFT fanatics, reflecting the toy brand’s ongoing and genuine interest in NFTs, which bodes well for the future of blockchain-based collectibles.

Meanwhile, Mattel Creations is already on the way, albeit without NFT support. Creations brings the idea of ​​”toys as art” to life, and digital goods will continue to complement it. In the past, Hot Wheels NFTs were typically sold in packs priced at $25, including a voucher for a physical Hot Wheels car, and usually sold out quickly. Creations is also hosting many toy maker cultural collaborations that are also ripe for NFT participation.

Flow blockchain (FLOW) has found a big winner with Mattel, who is departing the WAX blockchain to move their dedicated platform on Flow. | Source: FLOW:USD on TradingView.com

More from Mattel

As successful as Hot Wheels releases are, expect more intellectual property from the legacy toy brand to potentially hit their NFT marketplace last year. The most likely candidate is Barbie, who previously saw the release of the NFT as part of a collaboration with fashion house Balmain.

Overall, Mattel may have been successful when it comes to introductory NFT strategy among brands. According to data provided by WAXMarketCap and CryptoSlam, Mattel’s Hot Wheels releases have been a hit, generating over $5 million in NFT sales online for over 20,000 users. In addition, Hot Wheels remains relevant online and is still in the top 3 in terms of volume over the past 30 days on WAX. Moving to a dedicated platform will be a big win for Flow and Mattel.

Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.

Written by khirou

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