Mattelglobal toy company, officially launched its digital collectibles market. This happens one year after the first Hot Wheels Mining NFT on Ethereum. In January 2022, Mattel’s Barbie launched the NFT ready-to-wear collection in collaboration with luxury fashion brand Balmain.
The current market is built on Flow blockchain and does not require users to own cryptocurrency in order to make purchases. This platform also allows Hot Wheels Garage NFT owners to Blockchain WAX to eventually transfer your tokens to Flow.
“By launching our own marketplace, we can turn Mattel’s iconic intellectual property into digital art by interacting directly with our customers,” said Ron Friedman, VP of Mattel Future Lab.
In fact, several companies have seen an advantage in launching their own marketplaces. This includes DC comicswhich recently allowed the sale of NFTs on its website, including for Batman.
Companies with larger communities choose to host their marketplaces to control their own brands and protect fans from scams on other marketplaces. Trading on secondary NFT markets such as OpenSea involves the risk of owning fake NFTsalthough these platforms are also taking the necessary steps to address these issues.
In addition, internal marketplaces make it easier for brands to build a community that can provide exclusive benefits to members. For example, .Swoosh by Nike gives members access to participate in events with world-famous athletes and designers.
Mattel has seen a surge in profits since 2018 as the company focused on leveraging its intellectual property and entertainment businesses. In 2022, Mattel’s Q2 sales were up 20% year-over-year, indicating strong demand for toys and giving the company confidence to invest in NFTs. However, his recent results were not so rosy.
In line with the strategy of expanding the range of its intellectual property partnership with Cryptotoysto turn Barbie and Hot Wheels into avatar-like digital collectibles in games. His NFT investment was further spurred by several series of Hot Wheels Garage digital collectibles that sold out immediately, with the last Series 3 sale in July 2022 bringing in about $350,000 in revenue. The fourth series is planned to be launched in December.