The marketplace uses Flow blockchain technology and is part of Mattel’s existing direct-to-consumer website.
The marketplace will debut with the latest installment of Mattel’s Hot Wheels NFT collection.
Mattel is launching a marketplace for its digital collectibles on its existing direct-to-consumer (DTC) platform.
The famed toy retailer in a Nov. 21 release said the platform would launch Dec. 15 and would first feature Series 4 of its Hot Wheels NFT Garage collection. The new non-fungible token (NFT) marketplace will exist as an extension of its Mattel Creations DTC platform, according to the retailer.
The new NFT marketplace is built using Flow blockchain technology, which the retailer said was “a fast, decentralized and eco-friendly blockchain designed to support consumer-scale decentralized applications serving mainstream audiences.” The platform will not require consumers to own cryptocurrency to purchase the NFTs and Mattel said it planned to enable peer-to-peer NFT trading on the platform early next year.
The retailer said consumers who own a previous NFT from its Hot Wheels Garage collection on the WAX blockchain would be able to exchange it for a new NFT on the new platform also sometime early next year.
“Mattel is pioneering the future of play, constantly deepening our connection with fans of all ages in both the physical and digital worlds,” said Ron Friedman, vice president at Mattel Future Lab, in the release. “In launching our own marketplace, we’re able to translate iconic Mattel IP into digital art, engaging directly with our customers and providing a best-in-class user experience. This is the latest evolution of our digital endeavors, and we look forward to sharing more drops soon inspired by some of the world’s favorite Mattel brands.”
The Series 4 Hot Wheels NFT Garage collection features digital versions of some of its most popular car designs of all time. In total, the collection includes 60 cars from brands such asMcLaren, Chevrolet, Honda, Aston Martin, Oldsmobile, Pagani, Cadillac and Hot Wheels originals. The collection will be sold in packs that cost $25, the retailer said. Each pack has seven NFTs included with at least one “guaranteed rare car,” according to Mattel. Customers are limited to purchasing eight packs during a single transaction.
Customers who receive a “Premium or Treasure Hunt digital collectible” will be able to redeem the NFT for a physical die-cast replica of the car, which the retailer said were some of the rarest Hot Wheels in existence.
The launch of the new platform comes following several previous NFT collections from Mattel, including previous releases of the Hot Wheels NFT Garage collection and Barbie NFT collections.