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Toy giant Mattel has announced the launch of their own NFT marketplace on Mattel Creations, which is their collector and direct-to-consumer platform.
Mattel is the first toy company to have entered the NFT arena and previously had already released Hot Wheels NFT Garage, which has been a success in the last three releases, along with Barbie’s NFTs, which were in collaboration with fashion house Balmain.
Coming up next is Series 4 of the Hot Wheels NFT Garage release taking place on December 15. This shall be Mattel Digital Collectibles first offering which shall launch on the new marketplace.
“Our Hot Wheels digital collectibles, which are different from most other projects in the space, are built on solid collection dynamics. This creates incredible value for our vibrant collector community using, for example, IRL redemption opportunities to exclusive die-cast cars that they love,” said Ron Friedman, Vice President at Mattel Future Lab.
The launch had been announced amid the much talked about FTX crash and decreasing sales in the NFT space. But Mattel believes that the launch shall not be affected by these upsets. “Mattel remains undeterred in our long-term vision to innovate and deliver value to our customers. While market volatility is out of our control, we are in control of our product and user performance, and excited to continue building best-in-class digital experiences that pioneer the future of play and create stronger relationships with our community,” added Friedman.
“Mattel is pioneering the future of play, constantly deepening our connection with fans of all ages in both the physical and digital worlds. 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,” Friedman further mentioned.