Mattel Inc. has announced an upcoming update to the Mattel Creations Virtual Collectibles Platform. The update will change its virtual platform into a peer-to-peer marketplace for collectors.
A New Peer-To-Peer MarketplaceMattel announced the update in a press release on Thursday. According to the statement, owners of Mallet virtual collectibles will be able to display, trade, and sell their collectibles starting from the 27th of April on the Mattel Creations Virtual Collectibles Platform. The vice president at Mattel Future Lab, Ron Friedman, stated,
“When we first set out to launch our own Virtual Collectibles Platform, we did so with the intention of creating an unrivaled, best-in-class experience for the fans of Mattel’s iconic brands. In adding a marketplace feature to our easy-to-navigate platform that enables users to sell and trade their virtual collectibles, we’ve taken another step toward realizing that vision. Especially as we unveil Series 5 of the Hot Wheels NFT Garage, we can’t wait for fans and collectors of all ages to experience the updated platform.”
The marketplace will be powered by Rarible, a blue-chip company specializing in virtual collectibles. Wallet-as-a-Service provider Magic will assist Rarible. Thanks to Magic’s non-custodial wallet, SDK, Mattel could greatly simplify the wallet-generation experience and give users a seamless onboarding experience.
Mattel To Debut Its Hot Wheels NFT GarageMattel also revealed that it is debuting the fifth iteration of its Hot Wheels NFT Garage to coincide with the marketplace’s launch. According to Mattel’s press release,
“Developed by the same team behind Hot Wheels die-cast cars, Series 5 of the Hot Wheels NFT Garage is the latest way for fans to collect digital artwork featuring Mattel’s iconic IP, and features some of Hot Wheels’ most popular car designs in an all-new, digital format.”
The Series 5 of Hot Wheels NFT Garage features 40 unique cars, which include Aston Martin, Pagani, Mclaren, Porsche, and Chevrolet, along with several Hot Wheels Originals. All are sold in packs which are priced at $25 each. The IP (Intellectual Property) has been especially valuable to Mattel, especially when the company had stated earlier in the year that it was working on a strategy to leverage its IP in new areas such as theme parks and entertainment. CEO Ynon Kreiz had stated back in February,
“We continued to strengthen our relationships with the major entertainment companies with additions or extensions of key licenses, including Disney Princess and Disney Frozen, Pokémon, and Universal’s Trolls. We have grown Mattel Creations, our collector [D2C] business, which is capitalizing on the strength of our franchises and built-in fan base, increasing traffic by over 40% and volume by over 85%.”
Mattel’s Virtual Collectibles Platform made its debut in November 2022, offering a range of collectibles that drew inspiration from the company’s iconic brands, offering a seamless user experience and a practical price point. Every prior release of the company’s Hot Wheels NFT Garage digital collectibles have sold out instantly, with Series 4 selling thirty thousand packs in less than twelve hours. Mattel currently owns one of the strongest catalogs of family and children’s entertainment franchises in the world.
Other Retailers Moving Away?Mattel was the first toy company to launch NFTs and continues to expand in the digital ecosystem. Mattel’s investment into a digital marketplace comes at a time when other retailers are moving away from the digital and virtual worlds. Walmart shut down its Universe of Play metaverse experience on Roblox mere months after launch. However, the retail giant stated it always intended to shutter the experience after some time. Disney has also shuttered its division tasked with creating metaverse strategies and experiences. The decision came shortly after Meta announced that its Metaverse arm had seen a staggering $4.3 billion loss in the fourth quarter.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
