American toy manufacturer Mattel announced that its Mattel Creations Virtual Collectibles platform would soon feature a peer-to-peer (P2P) marketplace, set to go live on April 27. The launch will coincide with the introduction of the Hot Wheels NFT Garage Series 5, showcasing some of the iconic brand’s most popular car designs.
The P2P marketplace, developed in collaboration with NFT company Rarible, wallet-as-a-service provider Magic, and blockchain partner Flow, aims to enhance Mattel’s non-fungible token (NFT) offerings.
The Hot Wheels NFT Garage Series 5 consists of 40 car designs, with digital collectibles available in packs for $25 each. Collectors lucky enough to obtain a premium or “Treasure Hunt” digital collectible featuring sought-after car models like the Porsche 911 GT3 RS or the McLaren F1 will also be eligible to receive a physical die-cast replica of the car.
Mattel’s move into the NFT market and future plans
Mattel’s foray into the NFT market follows the steps of other major toy companies, such as Disney, Walmart, Hasbro, and Toys R Us, which have also launched NFT products over the past three years.
In October last year, Mattel released an official “Masters of the Universe” digital toy collection to mark the franchise’s 40th anniversary and later collaborated with the Veefriends NFT project for a limited edition UNO deck featuring Veefriends characters.
Ron Friedman, vice president of Mattel Future Lab, expressed the company’s commitment to providing a superior experience for fans of Mattel’s iconic brands with the new P2P marketplace. Launching on April 27, the platform will enable Mattel NFT owners to display, trade, and sell their digital assets seamlessly.
