On April 20, American toy manufacturing giant Mattel revealed an update to its Mattel Creations Virtual Collectibles platform, set to go live on April 27. The platform, which features a peer-to-peer (P2P) marketplace, will be launched alongside the highly anticipated Hot Wheels NFT Garage Series 5, showcasing some of the brand’s most beloved car designs.
Mattel expands NFT presence with P2P market feature
Continuing its foray into the non-fungible token (NFT) space, Mattel has added a P2P marketplace to its Mattel Creations Virtual Collectibles platform. Developed in partnership with NFT company Rarible, wallet-as-a-service provider Magic, and blockchain partner Flow, the marketplace will debut in tandem with the Hot Wheels NFT Garage Series 5.
This collection of digital collectibles, created by the same team behind the physical Hot Wheels die-cast cars, features 40 unique designs sold in packs for $25 each.
Collectors who acquire a premium or “Treasure Hunt” digital collectible, including sought-after models like the Porsche 911 GT3 RS and Aston Martin Vulcan, will also be eligible to receive a physical die-cast replica of the car.
Mattel, among many toy companies exploring NFTs
Founded in 1945 and headquartered in El Segundo, California, Mattel joins a growing list of toy companies venturing into the NFT industry, including Funko, Disney, Walmart, Hasbro, and Toys R Us.
In October last year, Mattel celebrated the 40th anniversary of the Masters of the Universe franchise by launching an official digital toy collection. The company also collaborated with the Veefriends NFT project to release a limited-edition UNO deck featuring Veefriends characters.
Mattel Future Lab’s Vice President, Ron Friedman, emphasized the company’s commitment to offering fans of Mattel’s iconic brands an unparalleled experience with the new P2P marketplace. Launching on April 27, the marketplace will allow Mattel NFT owners to display, trade, and sell their digital assets in a peer-to-peer setting.