Mattel is introducing a new non-fungible tokens (NFTs) market in an effort to expand its digital collectibles business. As part of its direct-to-consumer e-commerce platform, Mattel Creations, the toy manufacturer will this week, launch an Mattel’s NFT Platform marketplace on the Flow blockchain where customers will be able to buy digital artwork associated with classic products like Hot Wheels and Barbie. With the opening of the market, the company’s Hot Wheels NFT Garage Series, which it claims has seen success in its previous three releases, will get its newest set.
According to Ron Friedman, vice president of the Mattel Future Lab, “by establishing our own marketplace, we’re able to transfer classic Mattel IP into digital art.” “This is the most recent progression of our digital initiatives, and we anticipate delivering additional drops shortly inspired by some of the most well-known Mattel brands throughout the globe.”
The premiere takes place at a time when the future of NFT technology is questionable due to months of dropping sales and a collapse of the cryptocurrency market spurred on by the loss of a crucial exchange, FTX. However, according to Friedman, the business is still dedicated to giving collectors a digital item that is unaffected by market swings and has some kind of useful application in the real world.
“Mattel remains resolute in our long-term desire to develop and give value to our customers,” claims Friedman. While we have no control on market volatility, we do have complete influence over how well our products and users perform. We are excited to continue creating top-notch digital experiences that define the future of play and deepen links with our neighbourhood.
Even yet, Mattel Creations is already under development without NFT support. Digital goods will continue to complement Creations’ concept of “toys as art.” In the past, packs of Hot Wheels NFTs were frequently sold for $25 and included a voucher for a real Hot Wheels car. There was usually a shortage of these packets. At Creations, where NFT involvement is also encouraged, there are also a number of the toymaker’s collaborations with an emphasis on culture.
Over $5M in NFT sales from more than 20,000 users were produced by Mattel’s Hot Wheels releases, which were favourably appreciated. In addition, Hot Wheels has remained significant to the chain and has maintained its third-place volume ranking on WAX over the past 30 days. For Flow and Mattel, switching to a dedicated platform will be a great success.
